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Brent Crude

Oil price jumps above $65

Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts.

China’s Sinopec to sell Nigeria investment

Sinopec, China’s oil giant and world’s second largest corporate organisation is planning to sell off its oil sector investment in Nigeria, and totally divest from the country.

OPEC, Russia extend oil output cut till 2018

Oil producer nations agreed Thursday to keep a lid on output for all of next year, despite Russia starting to get cold feet and tensions between Iran and Saudi Arabia in the Middle East.

Oil price rises to $61 per barrel

Global oil benchmark, Brent crude, rose above $61 per barrels on Tuesday after a week of gains as the prospect of increasing United States exports dampened bullish sentiment that has driven Brent crude to more than two-year highs above $60 per barrel.

Oil price nears $70 per barrel

Oil markets were firm on Monday, with Brent crude opening above 60 dollars per barrel on expectations that OPEC-led production cut, due to expire next March would be extended.

Oil price tops $60 for first time in more than two years

The price of a barrel of oil has topped $60 for the first time in more than two years on rising expectations of a renewed deal to cut supplies.

Iran wants OPEC to ask Nigeria, Libya to cut output

OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, Iran’s Oil Minister Bijan Namdar Zanganeh said.

Oil prices stable as OPEC meets in Vienna

Oil prices remained above the $56 mark on Thursday and Friday morning as traders await the outcome of the meeting between members of the Organisation of Petroleum Exporting Countries and other oil producers.

Oil rises to $55 as hurricanes damage refineries

Oil-markets on Friday saw Brent crude supported by Saudi Arabia hoping to cut October supplies, while United States crude was curbed by refinery-outages due to Hurricane-Harvey damages, which dented demand.

Hurricane Harvey pushes oil prices to $54 per barrel

Oil prices rose on Wednesday and remained so on Thursday due to the closure of refineries as a result of Hurricane Harvey, which knocked out refineries, pipelines, and ports in some parts of the United States.

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