Oil News

Oil set for weekly drop as IEA warns OPEC faces looming surplus

Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.

Oil rises as US, China swap concessions in trade war, inventories fall

The rise came after China moved to exempt some US anti-cancer drugs and other goods from tariffs, while President Donald Trump announced a delay to scheduled tariff hikes on billions of dollars' worth of Chinese goods.


Oil drops as US Federal Reserve signals rate cuts may be limited

The Federal Reserve cut interest rates on Wednesday, but against expectations the head of the US central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against risks including global economic weakness.

Explained: Three factors that could impact oil prices

Since mid-May, and especially over the past few weeks, oil prices have seen renewed fluctuations. The fluctuations reflect the ups and downs in the factors determining crude oil prices. Here are three key factors likely to affect the movement of crude oil prices.

Oil prices rise for second day after Middle East tanker attacks

Tensions in the Middle East have escalated since U.S. President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, especially targeting Tehran's oil exports.

Explained: Volatility in crude prices this week and its impact on the rupee

It was a volatile week for global crude oil prices, and in turn for the Indian rupee which reacts negatively to a rise in crude oil prices and vice-versa.


Oil set for strongest quarter in a decade on OPEC cuts, sanctions

Despite the surging prices, analysts are expressing concerns about future oil demand amid worrying signs the global economy may move into a recession.

Oil climbs on US-China trade deal hopes, OPEC's deepening supply cuts

The rally came on reports that the United States and China are close to ending their trade disputes, which have weighed on global economic growth.

Venezuela turns to India for oil exports as US sanctions bite

Venezuela has sent its oil minister, Manuel Quevedo, to India to convince refiners, including Reliance Industries Ltd and Nayara Energy Ltd, to double their oil purchases.

Oil prices resume fall, shed most of their gains from last session

Oil prices are down more than 30 per cent from peaks seen in October.