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,...