Brent crude fell for a second session running on Thursday, hitting a one-week low just above $84 a barrel as a sharp rise in crude inventories in top oil consumer the United States reinforced oversupply concerns.
US crude inventor
Iran has accused fellow Muslim countries in the Middle East of plotting with the West to bring down oil prices as a tactic to further undermine its sanctions-hit economy.
With oil losing a quarter of its value
Standard Chartered Bank oil analyst Paul Horsnell, renowned for having called the market's long rally a decade ago, is back, and sticking with a more bullish bias even as prices slump to four-year lows.
Brent crude futures steadied above $86 a barrel on Wednesday, clinging to gains from the previous session as buyers gradually returned to a market hammered to four-year lows by abundant supply.
Expectations that oil demand may pic
Iraq's cabinet has approved a $278.5-million drilling deal with US oil service company Halliburton for the southern West Qurna- 1 oilfield, according to a government statement.
Under the 30-month contract, Halliburton is to drill 30
Oman's government is studying ways to limit spending in the wake of the plunge of oil prices, but it does not intend to cut back infrastructure projects, a senior finance ministry official said.
Among the wealthy Gulf oil exporters,
Brent edged up on Tuesday, holding above $85 a barrel as robust China oil demand supported prices, although gains were capped by oversupply and lingering fears of a weak global economy.
Implied oil demand at the world's larges
Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three years, official data showed, as the top oil exporter fights for market share amid weak demand and ample supplies from rival producers.
GE Oil and Gas said it is showcasing its advanced technologies to maximise the production efficiency of ethylene at the Ethylene Middle East Technology Conference and Exhibition 2014 in Bahrain.
The three-day event started yesterd
A self-styled rival government controlling Libya's capital announced its own oil policies this week, drawing a rebuttal from Prime Minister Abdullah Al Thinni who said oil revenues continued to go to the elected government.