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Global Oil Prices News
Global Oil Prices
Saudi 2019 budget boosts spending in bid to spur sluggish economy
Tue, Dec 18, 2018
The economy shrank last year and, although the government estimates it grew 2.3 percent in 2018, that is much slower than the boom years early this decade - and not enough to put much of a dent in a record jobless rate of 12.9 percent among Saudis.
Oil hits 2018 lows on emerging supply glut, OPEC expected to cut
Fri, Nov 23, 2018
Oil prices slumped to 2018 lows on Friday in choppy trading, pulled down an emerging crude supply overhang amid a bleak economic outlook.
Diesel price hits record high of Rs 69.46 a litre, petrol inches towards Rs 78 mark
Mon, Aug 27, 2018
Diesel prices today hit a record high of Rs 69.46 per litre while petrol rates inched towards Rs 78 a litre mark after a fall in rupee made imports costlier.
Oil stable as U.S.-China trade row weighs, Iran sanctions cut supply outlook
Mon, Aug 27, 2018
Oil prices dipped slightly on Monday on concerns that a U.S.-China trade dispute will erode global economic growth, although looming U.S. sanctions against Iran`s oil sector kept crude from falling further, traders said.
Oil gains after surprise drop in Saudi crude output
Mon, Aug 06, 2018
Saudi Arabia pumped around 10.29 million barrels per day (bpd) of crude in July, two OPEC sources said on Friday, down about 200,000 bpd from a month earlier. That came despite a pledge by the Saudis and top producer Russia in June to raise output from July, with Saudi Arabia promising a "measurable" supply boost.
Oil prices fall on concerns of oversupply, low investment
Wed, Aug 23, 2017
Oil prices fell early on Wednesday, squeezed between concerns of oversupply, sparked by rising Libya output, and fears of reduced future investment in the industry.
Oil prices pinned near five-month low as supply glut weighs
Fri, May 05, 2017
"So far OPEC`s strategy to draw down inventories has not worked ... It seems obvious to us that OPEC will need to keep the cuts in place for longer than the next 6 months if their strategy is to have any chance of success," Neil Beveridge, senior oil and gas analyst at AB Bernstein in Hong Kong said in a note to clients on Friday.
Oil bounces off November lows, but bloated U.S. stockpiles pressure market
Thu, Mar 23, 2017
Prices for front-month Brent crude futures, the international benchmark for oil, were at $50.94 per barrel at 0146 GMT, up 30 cents, or 0.59 percent, from their last close. That came after Brent briefly dipped below $50 a barrel the previous session for the first time since November.
Oil prices hit three-month low as U.S. rig count climbs
Mon, Mar 13, 2017
U.S. drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday, as energy companies increased spending to take advantage of a recovery in crude prices since the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut output.
Oil prices edge up despite unexpected U.S. crude inventory build
Fri, Dec 30, 2016
Oil prices rose in early Asian trade on Friday shrugging off a second consecutive week of U.S. crude oil inventory builds, with a U.S. Energy Information Administration (EIA) report late on Thursday indicating an unexpected rise in crude stocks.
Oil prices dip but stay near 1-year highs on expected output cut
Tue, Oct 11, 2016
Oil prices jumped as much as 3 percent on Monday, with Brent hitting a one-year peak, after Russia and Saudi Arabia both said a deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members like Russia in curbing crude output was possible.