Oil prices edged to new 2016 highs on Friday, lifted by a weak dollar and falling production in the US, although a looming rise in Middle East output capped gains.
Brent crude futures were trading at $48.30 a barrel at 0644 GMT, u
Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil slump started.
The average for the 12 futures contr
The World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook as an oversupply in markets is expected to recede.
Amid improving market sentiment and
Saudi Arabia's oil output will edge up close to record highs in coming weeks to meet summer demand for power but is unlikely to be pushed to the limit and flood global markets, Saudi-based industry sources said.
A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that have brought chaos since the fall of Muammar Gaddafi.
Saudi Aramco made new appointments to its executive ranks at its board meeting last week in Japan, while reappointing president and chief executive Amin Nasser, the company's weekly magazine the Arabian Sun reported on Wednesday.
Oil hit its highest level this year on Wednesday, driven by a falling dollar and evidence of declining US supply, putting the price on course for its strongest monthly performance since last April.
Brent crude futures were up $1.0
International Monetary Fund (IMF) has welcomed the substantial fiscal measures Bahrain has implemented, including on energy price reform, to safeguard macroeconomic stability.
Nonetheless, additional efforts are needed to further
GE Oil & Gas has entered into a first-of-its-kind agreement with the Iraqi Ministry of Oil to enhance the operational efficiency of all the ministry’s assets.
GE Oil & Gas will strengthen the performance of the nation&rsqu
Saudi Arabia Deputy Crown Prince Mohammed bin Salman today unveiled ambitious economic plans aimed at ending the kingdom's "addiction" to oil and transforming it into a global investment power.
Prince Mohammed said R