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Tag: Opec

Output cuts, healthy demand support oil near three-year high

Brent crude oil prices held near $70 a barrel on Tuesday, a level not seen since 2014’s dramatic market slump. Prices have been driven up by production curbs in Opec nations and Russia, as well by strong demand thanks to healthy economic growth. Brent crude futures dipped 30 cents, or 0.4 per cent, to $69.96 […]

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Oil hits new highs as Opec members calls for output curbs to continue

Oil reached new highs in London as Opec members called for output curbs to continue, allaying concerns that the recent rally could weaken their commitment. Brent crude closed above $70 a barrel for the first time in three years after Iraqi oil minister Jabbar al-Luaibi said on Saturday that production curbs had contributed to stability […]

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Oil hits highs as Opec members calls for output curbs to continue

Oil reached new highs in London as Opec members called for output curbs to continue, allaying concerns that the recent rally could weaken their commitment. Brent crude closed above $70 a barrel for the first time in three years after Iraqi oil minister Jabbar al-Luaibi said on Saturday that production curbs have contributed to stability […]

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Oil trades above $61 amid optimism that surplus is abating

Oil traded above $61 a barrel as signs of slowing US drilling added to optimism that the global crude surplus is abating. Futures were little changed in New York following a 1.7 per cent increase lastweek. Working rigs drilling for crude fell by five in the seven days ended Jan.5, bringing the total to 742, […]

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Oil prices hit two-year highs as market tightens

Oil prices on Thursday hit their highest in more than two and a half years, boosted by tensions in key producer Iran and by ongoing Opec-led output cuts. Prices were also buoyed by Asia’s stock markets, which flirted with 10-year highs on Thursday amid strong data from leading economies including the United States, Japan and […]

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Wall Street hits record as European stocks trade higher

On the day Mifid II launched Ireland saw relatively strong trading volumes according to Dublin traders and the Iseq overall index closed up 0.02 per cent with Ryanair and Bank of Ireland leading the pack. Britain’s main stock index rose 0.4 per cent to within a whisker of its recent record high, reversing an earlier […]

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Oil dips away from mid-2015 highs as higher output looms

Oil prices on Wednesday dipped away from the mid-2015 highs reached the previous session as high output in the United States and also Russia undermined ongoing efforts led by Opec to tighten the market. US West Texas Intermediate (WTI) crude futures were at $60.34 a barrel at 0739 GMT, down 3 cents from their last […]

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Oil’s revival persists as prices set for a second annual gain

Oil’s revival from the biggest crash in a generation persisted, with prices set for a second annual gain after weathering everything from hurricanes and Middle East conflict to the tussle between Opec and US shale. Benchmark futures are up more than 11 per cent in 2017, after going into a bull market in September. While […]

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Oil producers agree to extend supply cuts

The world’s biggest oil producers have agreed to extend a deal to curb oil production throughout 2018 to shrink swollen stockpiles and keep prices above $60 a barrel. Saudi Arabia and Russia, whose combined production makes up a fifth of global supplies, have together led an effort by 24 countries inside and outside the Opec […]

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Oil producers agree to extend supply cuts, keep prices above $60 a barrel

The world’s biggest oil producers have agreed to extend a deal to curb oil production throughout 2018 to shrink swollen stockpiles and keep prices above $60 a barrel. Saudi Arabia and Russia, whose combined production makes up a fifth of global supplies, have together led an effort by 24 countries inside and outside the Opec […]

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