Brent crude oil fell on Friday after hitting an eight-week high, as weak fundamentals countered a lift in sentiment over talks next month on a possible output freeze, though futures remained on track to rise for a third consecutive week.
Brent crude oil prices rose above $51 a barrel on Friday to hit an eight-week high and were on track to rise for a seventh trading day, as hopes that producers could agree measures to support crude buoyed sentiment.
Oil prices could set new highs for 2016 over the next four to six weeks if Brent crosses the $50-a-barrel threshold and US crude pierces the $48 mark, technical analysts said.
During the session, both benchmark
Hotels in the GCC have experienced a downturn in performance and overall profitability that correlates with a decline in oil prices, according to data and analysis from STR.
Through the first half of 2016, the GCC hotel industry r
Oil prices dipped on Friday, ending a two-day rally, as a glut of crude and refined products weighed on markets and investors eyed a possible stutter in China's imports.
US West Texas Intermediate (WTI) crude futures fetched $
Oil prices fell by 1 per cent on Friday as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China's imports, ending a two-day short-covering rally.
US West Texas Intermediate (WTI) c
Crude futures dipped below $47 a barrel on Friday on concerns that a persistent global glut of crude oil and refined products will impede any price recovery.
Losses were capped by slightly better-than-expected Chinese economic dat
Oil prices rallied from sharp losses on Thursday but brokers said the downtrend could resume soon as record-high stocks and worries over slowing economic growth dampened sentiment.
Brent crude oil was up 60 cen
Oil prices continues to rise on Thursday with Brent crude oil futures trading at $49.30 per barrel at 1208 GMT 50 cents above their last settlement but lower than the day's high of $49.53.
US West Texas Intermediate (WTI
Oil rose after the biggest quarterly gain since 2009 as falling US supply added to speculation the global surplus is easing, said a report.
Futures gained 0.6 per cent in New York, taking its advance for the week to 2 per cent. US