Oil markets are improving as supply and demand are almost balancing, Saudi Arabia's energy minister said in comments aired on Thursday.
"We see that the market has returned into balance. Supply and dem
Oil prices fell on Friday, as a stronger dollar pulled crude off 2016 highs hit this week.
Brent oil futures were trading at $51.15 per barrel at 0910 GMT, down 80 cents while US West Texas Intermediate (WTI) f
Oil prices fell on Friday, as a stronger dollar pulled crude off the 2016 highs hit this week, although strong refinery demand and global supply disruptions lent some support.
International Brent crude oil futures were trading at
Kuwait set its July official selling price (OSP) for crude sales to Asia at $1.50 a barrel below the average of Oman/Dubai crude, up 30 cents a barrel from June, trading sources said on Thursday.
This is the highest selling price
Oil investors are finally buying into the notion that the biggest risk to the price now is likely to be supply falling short of demand, rather than from any stubborn overhang of unwanted crude, the options market shows.
Oil prices hit their highest in eight months on Tuesday, buoyed by the dollar nearing one-month lows and by falling Nigerian oil output after a spate of attacks on infrastructure.
Brent crude futures were up 67 cents on the day at
Oil futures fell below $49 on Friday, easing from a seven-month high hit this week, with analysts predicting range-bound markets for the next few months as supply outages slowly help to clear a global glut of crude.
Prices also ca
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing.
Oil prices have rallied in recent week
Oil rose towards $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in US inventories.
Oil prices rose on Tuesday as investors anticipated a weekly drawdown in US crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support.
"We're gearing up on