Chinese oil firms will keep the amount of crude they buy from Iraq unchanged in 2015 for the first time in almost a decade, as the need for imports falls and concerns over the quality of the oil persist, five sou
Crude oil supplies from Saudi Arabia inched up in November from a month earlier, an industry source said, signalling no change in the kingdom's supply, despite a global oil glut and a steep fall in prices.
Saudi supplied 9.420
Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook.
Brent is down roughly nine per cent this week, some
Oil prices tumbled as much as 5 per cent on Wednesday, pushing US crude to five-year lows near $60 a barrel after data showed a spike in US inventories and Saudi Arabia's oil minister reiterated that he has no plans to cut output.
Oil rose more than 1 per cent on Wednesday with Brent climbing above $71 a barrel, recovering slightly from losses in the prior session as a turbulent market struggled to find a price floor.
The market has swung between sharp gain
US crude fell more than $2 to a five-year low in Asian trade on Monday, while Brent futures touched a fresh four-year low, extending a steep sell-off after Opec decided not to cut production last week, keeping markets well supplied.
Brent crude fell to a fresh four-year low under $72 a barrel on Friday after Opec decided not to cut output, a move investors said would leave oil markets heavily oversupplied.
Saudi Arabia blocked calls from poorer members of the