The world will still have a surplus of oil by end-March next year, Saudi Arabia’s energy minister said, signalling a willingness to extend output cuts when Opec meets at the end of November on whether to extend caps well into 2018.
The rally in oil prices is a potential game changer for inflation in Asia and will pressure central banks to lift interest rates after years of easy money.
With oil prices trading near their highest level in two years, some traders are betting that the price rise could have more room to run.
State-run Hindustan Petroleum Corporation Ltd (HPCL) is entering a new phase, with Oil and Natural Gas Corporation (ONGC) expected to take over the firm by March-end.
Crude was down slightly on Friday as expectations that OPEC and other producers will extend their production cut agreement were offset by U.S. drillers adding the most oil rigs in a week since June, indicating output will continue to grow.
Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high-profile arrests.
Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
The Russian rouble firmed on Monday thanks to rising oil prices but its gains were limited by local demand for dollars needed to repay foreign debt.
Petrol, Diesel Prices To Rise Sharply? Crude Oil Rallies Just Below $60 A Barrel, Highest Since Mid-2015
Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from Saudi Arabia’s crown prince for extending OPEC-led output cuts created a floor.
Oil prices inched higher on Friday, with Brent crude approaching $60 a barrel amid tightening market expectations, buoyed by comments from Saudi Arabia’s Crown Prince backing the extension of OPEC-led output cuts.