LONDON: Global oil demand will grow by less than 1 percent in 2012, the International Energy Agency (IEA) said on Friday, cutting its oil growth demand forecast for a sixth consecutive month due to a weak global economy.
The agency, which (...)
LONDON: Oil prices rose to near $111 on Monday after EU foreign ministers agreed to ban imports of Iranian oil from the start of July, eliciting further threats from Iran to close the key shipping channel the Strait of Hormuz.
Brent crude oil (...)
LONDON: Investors' dash for cash has overwhelmed gold's traditional status as a haven from risk, putting the metal on course for its first quarterly fall since end-September 2008, when the global credit crunch was at its worst.
Investors said (...)
LONDON: Global energy exploration and production (E&P) spending will reach the record high level of $598 billion in 2012 helped by high oil prices, Barclays Capital said on Monday, with the potential for more spending if higher oil prices are (...)
LONDON: Brent crude oil futures rallied to over $109 on Friday, helped by a weaker U.S. dollar and after posting steep losses in the previous session, but analysts and traders said the risk remained to the downside given the economic weakness in (...)
LONDON: Brent crude fell by more than a dollar on Monday to around $107 a barrel with traders and investors anticipating the resumption of oil exports from OPEC-member Libya as a six-month civil war there appeared close to an end.
Rebels swept (...)
LONDON: Oil's sharp sell-off paused on Friday as the impact of a surprise announcement of emergency fuel stocks from consumer nations faded.
Brent crude futures eased 54 cents to $106.72 a barrel by 1308 GMT, while US crude futures recovered 24 (...)
LONDON: Oil rebounded by more than $2 on Monday due to bargain hunting after Brent crude lost almost $17 last week, but earlier bigger gains were pared after S&P cut Greece's debt rating and the dollar rallied against the euro.
At 1410 GMT Brent (...)
LONDON: Crude oil rose on Friday, with Brent above $116 a barrel, as Libyan security forces began a violent crackdown on protesters in Tripoli and clashed with rebels near a major oil terminal.
By 1314 GMT, Brent crude futures for April delivery (...)