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Business Oil Price Gears Up To $65 Per Barrel
Oil prices in the international market sustained their rally on Tuesday, with the Brent crude, the international benchmark for crude oil, trading at $65.24 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded at 58.21 dollars a barrel. The last time oil prices exceeded the...- ProfRem
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Business Oil Prices Edge Towards $59 On Expected Tensions in Iraq, Iran
Oil prices rose to $59 on Wednesday, following a fall in U.S. crude inventories and concerns that tensions around oil rich Iraq and Iran could disrupt supplies. Brent crude futures, the international benchmark for oil prices, were at 58.27 dollars at 0131 GMT, up 39 cents, or 0.7 per cent from...- ProfRem
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Business Global Oil Price Rises To $57.8 Per Barrel
Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq. An explosion at a U.S. oil rig and reduced exploration activity also supported prices hike. Brent crude futures, the international benchmark for oil prices, were at 57.85...- ProfRem
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Business Crude Oil Price Hits $57 Per Barrel
Oil prices rose on Wednesday in spite of a rise in US crude inventories with the market heading for its largest 3rd quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose to 56.20 dollars a...- ProfRem
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Business Crude Oil Price Rises to $56
Crude oil prices regained ground after the Saudi oil minister discussed the possible extension of a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts. U.S. crude was trading 36 cents firmer at 47.84 dollars a barrel, while Brent rose 22 cents to 56.00...- ProfRem
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Business Crude Oil Price Hits $53 Per Barrel
Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures were 52.90 dollars per barrel earlier in the day, their highest since May 25. U.S. West Texas Intermediate (WTI) futures were up 16...- ProfRem
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Business Oil Edges Above $49, Threatens 2017 Budget Benchmark
Oil edged up to about $49 a barrel on Monday after fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. A sharp drop in U.S. crude inventories in the week to July 7 supported prices last week...- ProfRem
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World Crude Oil Prices Rise As Exporters Cut Ties With Qatar
Oil prices rose more than 1 per cent early on Monday, pushed up by tensions in the Middle East where top crude exporters are cutting ties with Qatar. Saudi Arabia, United Arab Emirates, Egypt and Bahrain have cut ties with top Liquefied Natural Gas and condensate exporter, Qatar accusing the...- ProfRem
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Business Oil Prices Rise, Favours Buhari's 2017 Budget As Production Cuts Begin
Oil prices rose on Tuesday, the first trading day of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production would drain a global supply glut. The deal to cut production kicked in on Sunday. The rise in oil prices continued to favour President Muhammadu Buhari's...- ProfRem
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Business Oil Prices Soar To $58, Highest Since 2015
Oil prices spike over four per cent to their highest level since 2015 early on Monday after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001 . They jointly reduced output in order to rein in oversupply and prop up the market. Brent sweet crude...- ProfRem
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Business Crude Oil Prices Rise Ahead Of OPEC Meeting
Oil prices rose on Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply. International Brent sweet crude was trading at 46.85 dollars per barrel . U.S. West Texas Intermediate (WTI) crude was up at $45.52...- ProfRem
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Business Oil Prices Rise As OPEC Moves To Cut Production
Oil prices rose to their highest level since October on Tuesday as the market planned a potential output cut led by producer cartel OPEC. International Brent crude oil futures rose as high as 49.43 dollars per barrel early on Tuesday, their highest since Oct. 31. U.S. West Texas Intermediate...- ProfRem
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Business Crude Oil Prices Bounce as Nigeria's Barkindo Promises Cut in Output
Oil rose more than 1 percent on Monday, boosted by a commitment from OPEC to stick to a deal to cut output, but prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan. Brent crude LCOc1 traded at $46.20 per barrel at 1157 GMT, up...- ProfRem
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Business Crude Oil Price Gears Towards $60 Per Barrel
OPEC's proposed deal to cut production has "put a floor" under the oil price at around $50 a barrel, Reuters reports International benchmark Brent crude dropped to a little above $52 from nearly two per cent gain of $52.67 last night. West Texas Intermediate, hit a year-high of close to $52 at...- ProfRem
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Business Crude Oil Price Hits $50 on OPEC deal
Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year. Oil prices have been on an uptrend since the Organisation of Petroleum Exporting Countries decided to cut output for the first time in eight years. Brent, which Nigerian...- ProfRem
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Business Crude Oil Prices Fall Below $50 Per Barrel
Oil prices fell Friday as OPEC's key producers cast doubt on the need to cut output, denting hopes of a deal to tackle a global supply glut. Iranian Oil Minister Bijan Zanganeh on Friday said his country wanted its pre-sanctions share of the crude market. His comments followed a warning by...- ProfRem
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Business Crude Oil Price Drops to $49
Oil prices dropped more than three per cent yesterday due to return of Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years. According to Reuters, the market soared more than 25 per cent in the second quarter, as part of an...- ProfRem
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Business Crude Oil Prices Dip on Stronger Dollar
Crude prices dipped further in Asia on Friday on a stronger dollar, dampening a rally that saw the commodity hit 11-month highs earlier in the week. The losses were in line with a sell-off on equities markets from Asia to the Americas fuelled by worries about the state of the global economy...- ProfRem
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Business Crude Oil Prices Drop Below $50 Ahead Of OPEC Meeting
As traders await the outcome of a meeting of the Organization of the Petroleum Exporting Countries later in the day, where discussion on a collective output ceiling could be revived, crude-oil prices have dropped below US$50. On the New York Mercantile Exchange, light, sweet crude futures for...- ProfRem
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Business Crude Oil Prices Drift Lower on Stronger Dollar
Oil dipped today as a stronger US dollar and progress in controlling wildfires in Canada's crude-producing Alberta province dampened prices. US benchmark West Texas Intermediate for July delivery was down 20 cents at $47.88. Brent North Sea oil, the European benchmark, for July delivery slid...- ProfRem
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