Oil rose above $49 a barrel on Friday, supported by renewed violence in Iraq but with a persistent global supply glut keeping the market on course for a seventh straight month of declines, its longest bear run on record.
Dmg events, an international exhibition company, has launch conference to focus on the heavy oil sector, in partnership with the National Oil and Gas Authority (NOGA), Bahrain’s leading government organisation for oil and gas.
There will be further short-term weakness in the price of crude oil, UBS Wealth Management's latest research has revealed.
But it indicates that gains in the latter half of the year will take the price to between $67-72 per ba
Middle East funds are turning positive on Saudi Arabia's stock market because of signs that oil prices are starting to stabilise, the latest Reuters survey of asset managers shows.
Many fund managers became bearish on Saudi Ar
Libya's recognised government has released a tanker forced to dock at a port under its control after originally banning it from delivering fuel to its rival administration, a port official said.
Oil fell more than 1 per cent on Wednesday as the dollar strengthened in early Asian trade, while an industry report showing a larger-than-expected rise in US crude inventories also dragged on prices.
Crude futures settled up more
Oil prices at current levels may have reached a floor and could move higher very soon, the Organization of the Petroleum Exporting Countries (Opec's) secretary-general said, his first public comment that oil's second-biggest decline on
Kuwait's finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues.
The draft budget for the year starting
Saudi Aramco will renegotiate some contracts and postpone some projects due to falling oil prices, the head of Saudi Arabia's state oil company said on Tuesday.
"We will have to adjust to the realities of today, we will p
Oil slid in early Asian trade on Monday, with US crude falling close to a six-year low, after Greece's election results heightened uncertainty in the euro zone and depressed the bloc's currency against the dollar.