Crude oil rose sharply on Friday as Brent and US futures posted their first monthly gains since June, supported by an improving demand outlook and supply outages.
On its way to contract expiration, March New York ultra-low sulfur
A deal aimed at resolving a dispute between Baghdad and Kurdish regional authorities over crude oil exports looked fragile with the semi-autonomous region's Prime Minister threatening to withhold exports.
Both sides reaffirmed their
Brent crude held steady below $79 a barrel on Wednesday as data showed Saudi Arabia increased crude exports in September despite signs of an oversupplied market and divisions between Opec members seemed to grow ahead of a meeting next week.
Brent crude fell to $79 a barrel on Monday following news Japan, the world's fourth-biggest crude importer, had slipped into recession and after comments from the West's energy watchdog that a return to high oil prices was unlikely soon.
Kuwait's plans to boost refining capacity by over 50 per cent are still on track, a senior oil official said, despite having to extend tenders to build a 615,000-barrel-per-day refinery that has faced delays and political opposition in the p
Brent crude continued to fall on Monday and stayed below $101 a barrel after disappointing US jobs data outweighed buoyant Chinese export and oil import figures.
Brent and U.S. crude futures both fell more than $1 on Friday after
Brent crude slipped towards $102 a barrel on Thursday, reversing some of the sharp overnight gains, as US industry data showed fuel stocks rose last week in the world's biggest oil consumer, raising fresh doubts on the strength of demand.
A tanker carrying disputed Iraqi Kurdish crude oil reappeared on satellite tracking on Monday near Texas, days after having gone silent with a $100 million cargo, but the latest vessel data showed it had not offloaded at sea.
A high-stakes dispute over a tanker carrying $100 million in Iraqi Kurdish crude took a surprising turn on Tuesday when a US judge said she lacked jurisdiction given the ship's distance from the Texas shore and urged that the case be s
Egypt is offering to swap some of its domestic oil production for Iraqi crude better-suited to its ageing refining system, as Cairo's budget woes restrict its ability to buy on international markets.
Egypt's state-owned Eg