Asian shares stepped back from two-month highs on Tuesday and commodity currencies retreated as a big fall in oil prices triggered profit-taking, though fading expectations of an imminent US rate hike lent some support.
Scores of officials and industry leaders from the Gulf and other countries are set to meet in Bahrain next month to discuss the latest developements in the heavy oil industry.
The Middle East Heavy Oil Congress
The top three oil-dependent sovereign wealth funds have been selling European equity holdings since May, a study showed on Monday, another sign of petrodollars being withdrawn from world markets.
However, Asian funds have continue
An official in Iran's oil ministry said on Saturday that Tehran will announce new oil and gas contracts at conferences in Tehran and London on November 21 to 22 and February 22 to 24 respectively according to the ministry's news agency.
The lack of a clear leader or ‘anchor’ in the global oil market is fueling uncertainty and leading to sharp swings in crude prices, but this uncertainty is unlikely to continue for long, a senior Saudi oil adviser said.
Noble Group, the manager of a gloal supply chain covering a range of industrial and energy products, has hired Wael Amer, a former Trafigura senior oil trader, as deputy head of the Middle East, North Africa and East Africa, as the Asian commo
Saudi Arabia kept its crude oil production steady in September, an industry source told Reuters, maintaining high output as part of a strategy to defend market share.
Saudi Arabia pumped 10.225 million barrels
Oil prices headed for their largest weekly rise in six weeks on Thursday, although an unexpectedly large increase in US inventories may temper some of the optimism among investors that global demand and supply could soon be in balance.
Asian shares rose on Friday, taking their cue from a jump in oil prices as well as gains on Wall Street after minutes of the Federal Reserve's latest meeting led investors to further pare bets that the central bank will hike interest rates
Chinese stocks surged on Thursday after a week-long break as they tried catching up to a global rally, while most regional markets stepped back with Japanese equities hitting the skids on weak data.
MSCI's broadest index of As