EghtesadOnline: Oil prices surged on Monday, with Brent crude posting its biggest intra-day percentage gain since the Persian Gulf War in 1991, after an attack on Saudi oil facilities on Saturday shut over 5% of global supply.
EghtesadOnline: Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the International Monetary Fund said on Saturday, and she cautioned against spending money on "white elephant projects."
EghtesadOnline: After ending the past week 3.5% lower, the Tehran Stock Exchange continued to reel under selling pressure on Saturday. Falling global stocks, US-China trade war, declining oil and commodity prices and the effects of US sanctions all weighed on sentiment.
EghtesadOnline: Saudi Arabia wants to get oil prices near $80 a barrel to pay for the government’s crowded policy agenda and support the valuation of state energy giant Aramco before an initial public offering.
EghtesadOnline: Low crude prices severely restricted government revenues that fell far short of expectations in the first half of this year, raising alarms about the future growth in the economy of OPEC's No.3 exporter.
EghtesadOnline: Saudi Arabia canceled bonus payments for state employees and cut ministers’ salaries by 20 percent, its latest steps to rein in a budget deficit that ballooned amid the oil price slump.
EghtesadOnline: Oil extended its retreat from a seven-week high on supply concerns, while the dollar weakened versus major peers as traders weighed prospects for a U.S. interest-rate hike this year. European shares rose as data showed economic activity in France picked up this month.
EghtesadOnline: U.S. oil prices topped $50 a barrel in June, boosting optimism a two-year price rout might end. Six weeks later, the long hoped for recovery has yet to take hold.