Oil prices were trading near 2016 highs on Wednesday, as supply disruptions and output cuts continued to tighten the market, although traders cautioned that high global crude inventories were still weighing on markets.
OPEC today said a global crude glut that has squeezed the market and sent prices plunging over the past year "may be easing" as a result of countries outside the oil producing cartel dropping their production.
Asia's refined product markets are being swamped by a wave of gasoline as a long-lasting crude oil glut spills into the one fuel market refiners had hoped would save them, ruining margins and dragging down share prices across
Crude prices pulled back from 2016 highs early on Thursday as traders locked in profits after April's sharp rally, but analysts said falling U.S. production and strong investor appetite could push prices higher.
Crude prices fell early on Thursday as concerns over a global glut took centre stage after Russia and Iran said they were ready to raise oil production further, while inventories in the United States climbed slightly.
Oil futures fell in Asian trade on Friday as oversupply, a strengthening dollar and falls in regional stock markets all weighed on sentiment. But another fall in U.S. oil output in January helped to limit the losses.
Oil prices rose early on Wednesday after falling in the previous session, with U.S. producers showing increasing signs of financial distress and as focus shifted to U.S. inventory data due later in the day.
U.S. crude oil prices were steady in early Asian trading on Tuesday after lower domestic production as well as dipping output from OPEC tightened the market just as China further eased its monetary policy in a bid to boost co
Crude oil prices dipped in early trading on Friday as reports of a meeting by oil producers to freeze output failed to convince traders that enough effort was being made to rein in ballooning global oversupply.
Oil prices slid in early trading on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles.
Oil prices dipped slightly in early trading on Tuesday after posting strong gains the previous session on the back of an expected drop in U.S. production, but which analysts expect to be countered by rising output from Iran.
Declining crude production in its core asset is a major concern for Oil India in our view, especially since the reasons for the decline are now more operational in nature, being related to natural decline in its mature fields
Overseas investors have pulled out a massive Rs 4,600 crore from the Indian capital markets this month so far, primarily on account of continuous fall in crude oil prices and fears of a global slowdown.