Top oil exporter Saudi Arabia is expected to raise the official selling price (OSP) for most of its crude grades to Asia in April, including a hike in the OSP for Arab Light to a four-month top, in line with a stronger Dubai market.
Oil prices fell on Monday as worries about oversupply in North America and a strong dollar pushed Brent futures towards $59 a barrel and US contracts below $49 a barrel.
After an initial rise along with global markets on optimism
Shale oil producers are throttling back so quickly on drilling that US crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Arabian Gulf rivals.
Brent crude oil fell towards $60 a barrel on Friday as oversupply, underlined by record-high US crude stocks, weighed on the market.
US crude inventories rose 7.7 million barrels to 425.6 million barrels last week, rising for a si
A tanker has loaded 600,000 barrels of crude from storage at the Libyan port of Hariga, an energy official said, the first vessel to pick up oil for export from the country in more than a week.
The official said crude supplies from the
Opec heavyweight Saudi Arabia's crude oil exports dropped in December by 362,000 barrels per day to 6.934 million bpd from 7.296 million bpd in the previous month, official data showed on Wednesday.
In December, the kingdom ma
Libya's oil exports have collapsed to just a trickle from two small offshore platforms, officials and industry sources said, as violence in the country has shut all major ports.
Not a single crude oil tanker has departed Libya
Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in US output.
Egypt on Monday bombed Islamic State targets in Libya, whe
Oil markets opened stronger on Tuesday, continuing a rally that has seen Brent crude futures soar 8 per cent since mid-January, yet analysts are increasingly saying that price rises have been overblown and are due a downward correction.
Oil rose above $60 a barrel on Friday for the first time this year, bringing its gain this week to almost four per cent, supported by signs that deeper industry spending cuts may curb excess supply.
Also supporting oil, growth in