Brent crude futures for September settlement rose 69 cents. or 0.7%, to $101.85 a barrel by 0421 GMT. U.S. West Texas Intermediate (WTI) crude futures were also up 0.3%. The next meeting of the OPEC and allies on Aug. 3 will be closely watched. The existing output pact expires in September. Global markets are focused … Read more
Global benchmark Brent crude settles at $102.77 a barrel, losing $10.73, or 9.5%. West Texas Intermediate (WTI) crude ends 8.2%, or $8.93, lower at $99.50 a barrel. Fears of potential lockdowns in China that could deepen cuts to oil consumption. Oil fates sank alongside gaseous petrol, fuel and values, which frequently act as request marker … Read more
LONDON: The UK North Sea has been in a state of perpetual transformation in recent years. As oil majors left the aging basin for less expensive and larger fields across the globe it has been forced to sharply cut costs to compete for investment, Arab News reported. Then the US fracking boom upset global prices. If that … Read more
RIYADH: Brent crude passed $85 a barrel and WTI was headed for an eighth consecutive weekly advance as Saudi Oil Minister Abdulaziz bin Salman Al Saud insisted Opec+ will stick to its plan to increase output at a steady pace in the coming months, Arab News reported. Brent gained one per cent to $84.82 a … Read more
