For The First Time Since 2014 Oil Hits $71 Global oil benchmark, Brent crude, surged above $71 per barrel on Thursday for the first time since 2014 on support from a weaker United States dollar, tighter global supplies and a record run of declines in...

Oil rose to above $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd),...

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. Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and...

The Group Managing of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, said the firm lacked international oil trading skills. According to him, several attempts made by the national oil firm’s management in the past to have a stronghold on oil trading have not yielded...

The head of the OPEC oil cartel has warned that sharp cutbacks in investment by petroleum firms poses a threat for future supplies. Mohammed Barkindo said that after plunging by 26 percent last year, a further 22 percent drop in investment was expected this year. Oil...

Global oil benchmark, Brent crude, extended its declines on Wednesday, trading around $43 per barrel, down from a 2016 peak of $52.54. Oil prices plummeted over $1 per barrel within minutes after official United States energy data showed an unexpected glut of oil in storage,...