EghtesadOnline: Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help alleviate global oversupply as the coronavirus pandemic pummels demand.
EghtesadOnline: Oil prices extended declines on Monday, dragged down by worries about lower demand in the world’s largest oil importer China following the coronavirus breakout.
EghtesadOnline: Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a US air strike which martyred a top Iranian military commander in Iraq.
EghtesadOnline: The letter of association drawn up to clarify the terms of cooperation between OPEC and non-OPEC members is not binding and will not impact the half-a-century old organization.
EghtesadOnline: Oil prices dropped by more than one % on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese exports and imports slumped last month.
EghtesadOnline: Oil prices rose on Tuesday, with Brent edging closer to $80 per barrel, on concerns that Venezuela’s crude output could drop further following a disputed presidential election and potential U.S. sanctions on the OPEC-member.
EghtesadOnline: OPEC members do not want Brent oil to rise above $60 a barrel because higher prices could bring more supply from shale output, Iran’s oil minister said.
EghtesadOnline: Listen to Saudi Arabia and hear the oil market is rebalancing. Look at the screen, and Brent is indeed holding above $50 a barrel. But dig deeper into the world of physical oil, and bearish signals abound, at least in the European market that helps dictate global prices.
EghtesadOnline: Crude prices extended gains on Tuesday, buoyed after top producers Russia and Saudi Arabia agreed to cooperate on stabilizing the oil market, but a lack of immediate action to rein in output capped gains.