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Oil market News

11 Aug 2023

Oil Prices Up In July By 16 Percent; Highest Since Jan 22

The crypto market was an exception to the green wave, as Bitcoin & Ethereum fell by 4 percent, followed by the collapse of FTX, one of the largest global cryptocurrency exchanges.

22 Mar 2022

Oil mixed as dollar rises, EU looks less likely to ban Russian oil

A strong dollar makes crude more expensive for other currency holders and tends to weigh on risk appetite. Earlier this month, Brent hit $139 a barrel, the highest since 2008. Oil prices drew support from threats to supply as Yemen`s Iran-aligned Houthi group attacked Saudi energy and water desalination facilities.

16 May 2017

Oil market 'almost balanced' despite rising US supply: IEA

Supply and demand in the oil market are close to matching up, the IEA said on Tuesday, but rising US supply could mitigate landmark OPEC-led production cuts.

08 May 2017

Oil prices rise on expectation of output cut extension

Brent crude futures were at $49.82 per barrel at 0323 GMT on Monday, up 72 cents, or 1.47 percent, from their last close.

09 Feb 2016

Oil slumps on IEA’s gloomy market outlook

Oil resumed heavy falls on Tuesday, erasing earlier gains in highly volatile trade, after the International Energy Agency issued a gloomy market outlook.

24 Jan 2016

Air ticket fares reduced due to dip in fuel rates

18 Jan 2016

Oil slides to lowest since 2003 as Iran sanctions are lifted

Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country at the weekend.

20 Oct 2015

Oil prices plunge amid strong US dollar

Oil prices dropped on Tuesday as the stronger US dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

12 Oct 2015

OPEC chief confident of a balanced oil market in 2016

Venezuela -- which has been trying hard to persuade oil producers to cut output to boost prices -- said Thursday a technical meeting of OPEC and other crude-producing countries would take place on October 21.

24 Jun 2015

India's oil import bill to fall 21.7% to $88 bn in FY16

India's crude oil import bill is likely to fall by 21.7 percent this fiscal to USD 88 billion on falling international oil prices, according to latest Petroleum Ministry estimates.

09 Jun 2015

Oil prices rise on hopes for China stimulus

Front month U.S. crude climbed 24 cents to $58.38 a barrel by 0320 GMT, after ending the previous session down 99 cents. Brent for June delivery rose 19 cents to $62.88 a barrel, having settled down 62 cents in the previous session.

08 Jun 2015

Oil slips after OPEC keeps output high, China slowdown

Oil prices fell on Monday on news of a slide in China`s fuel imports and as markets digested OPEC`s decision to maintain its production target, which analysts said could prolong a supply glut for the rest of the year.

06 May 2015

Oil market strikes 2015 highs on Libya tensions

Global oil prices hit 2015 peaks today as fresh tensions in oil producer Libya raised concerns about a supply disruption in the Middle East, analysts said.

27 Apr 2015

Oil's 45%t rebound could be markets' next headache

Whisper it, but the next challenge for financial markets and policymakers may not be deflation, but the remarkable surge in oil prices from the six-year low touched in January.

16 Mar 2015

Oil prices drop as spare storage capacity runs low

Oil prices fell on Monday, with US crude dropping nearly 3 percent to a six-year low as the dollar hit fresh highs and spare oil storage capacity runs low around the world.

27 Jan 2015

Aramco CEO says oil market imbalance has nothing to do with Saudi

The imbalance in the oil market has nothing to do with Saudi Arabia, and a fair oil price is what would ultimately balance supply and demand, the head of state oil company Saudi Aramco said on Tuesday.

17 Jan 2015

Oil market rebounds, lifted by IEA report

World oil prices rebounded Friday after the International Energy Agency declared there were signs "the tide will turn" in the battered market following recent multi-year lows.

15 Jan 2015

Oil market tumbles after OPEC boosts output

The oil market tumbled Thursday after OPEC said it produced more oil in December than its limit, despite sharply falling prices, and lowered its global demand outlook for its crude.

15 Jan 2015

Oil market slips as US crude reserves rebound

Oil slid Wednesday on news of soaring crude inventories in the United States, and after major producers stressed they will maintain output levels despite global oversupply.

15 Dec 2014

Brent rises above $62.50 after earlier crash in volatile trading

Oil markets saw volatile trading in Asia on Monday as Brent prices first fell to a 5-1/2 year low after the IEA cut its outlook and then rose on hopes of improving manufacturing data.

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