Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela.
Brent crude futures were 52.90 dollars per barrel earlier in the day, their highest since May 25.
U.S. West Texas Intermediate (WTI) futures...
Nigeria has agreed to cut its crude oil output when production reaches 1.8 million barrels per day inline with the directive of the Organisation of Petroleum Exporting Countries (OPEC).
OPEC on Monday called on several members to ensure compliance with production cuts to help clear...
Nigerian crude for August loading is proving slow to find buyers amid rising supply, Reuters quoting oil trading sources has reported.
Reuters said the supply glut is a sign that an expected second-half rebalancing of the global market is getting off to a slow start.
An...
Oil prices rose about two per cent yesterday and hit a one-week high, boosted by a weaker dollar, short covering and expectations that crude inventories in the United States (U.S.) may decline for the third consecutive week.
Brent crude futures, the international benchmark for oil...
Crude oil has edged up from multi-month low, but prices remained under pressure from a supply glut that has persisted despite the efforts led by the Organisation of Petroleum Exporting Countries (OPEC) efforts to balance the market.
Since peaking at $55 per barrel in late...
Increased oil production in the United States is hampering efforts to balance out market supply and demand, OPEC has complained.
While a “rebalancing of the market” was “underway,” it was “at a slower pace than originally anticipated,” the Organization of Petroleum Exporting Countries wrote in...
