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Oil prices claw back losses, but oversupply still weighs

A gas station attendant pumps fuel into a customer’s car at PetroChina’s petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon Oil prices regained some ground on Thursday after steep losses the previous day, as Kuwait said it expected an OPE... More »

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Kuwait says expects extension of OPEC, non-OPEC oil deal

The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger Kuwait’s oil minister Essam al-Marzouq said on Thursday he expected a global pact to cut oil supplies to be extended beyond June, su... More »

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ConocoPhillips takes slow, steady route in race for oil profits

FILE PHOTO: ConocoPhillips CEO Ryan Lance attends Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan on April 4, 2017. REUTERS/Toru Hanai/File Photo ConocoPhillips (COP.N) has beaten its 2017 asset sales target less than four months into t... More »

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Oil near flat in strong week for crude

FILE PHOTO: A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo Oil prices were little changed in modest volume on Thursday, during a week in which crude benchmarks rec... More »

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Oil prices rise on potential extension of output cuts

FILE PHOTO: A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to b... More »

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Oil prices fall on bloated U.S. crude storage

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite ... More »

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Oil prices dip as doubts remain over OPEC supply cuts

An oil derrick and wind turbines stand above the plains north of Amarillo, Texas, U.S., March 14, 2017. REUTERS/Lucas Jackson Oil prices dipped on Friday as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supp... More »

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Oil prices fall to three-month low as U.S. rig count climbs

Fuel pump nozzles are pictured at a Helios petrol station in Almaty, Kazakhstan, June 10, 2016. REUTERS/Shamil Zhumatov Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept a... More »

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Oil edges off three-month low but glut worries persist

A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver Oil prices recovered a little on Friday after dropping to their lowest in more than three months, pressured by heavy oversupply despite OPEC-led production cuts. More »

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Volkswagen, Tata Motors plan to cooperate in India

FILE PHOTO: A Volkswagen logo is pictured at Volkswagen’s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo German carmaker Volkswagen (VOWG_p.DE) said on Friday it had signed a memorandum of understanding to explore a pa... More »

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Oil executives cautiously optimistic about Trump policies

U.S. President Donald Trump faces a news conference at the White House in Washington, U.S., February 16, 2017. REUTERS/Kevin Lamarque Oil executives cautioned it is too soon to gauge the impact of President Donald Trump’s policy proposals on their businesses, ... More »

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U.S. shale plots production growth despite OPEC`s warning

FILE PHOTO – Pump jacks drill for oil in the Monterey Shale, California, U.S. on April 29, 2013. REUTERS/Lucy Nicholson/File Photo U.S. shale oil producers are plotting ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgen... More »

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Peak gasoline demand looms with engine efficiency gains

A car is filled with gasoline at a gas station pump in Carlsbad, California August 4, 2015. REUTERS/Mike Blake Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more ... More »

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Oil drops for second day- market awaits U.S. stocks data

Chevron Corp’s refinery is shown in Richmond, California August 7, 2012. REUTERS/Robert Galbraith/File Photo Crude oil lost more ground on Wednesday with rising U.S. oil output adding pressure on the market, although OPEC production cuts continued to offer sup... More »

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Oil gains on supply cuts, but rising U.S. output caps gains

A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota January 21, 2016. REUTERS/Andrew Cullen Oil prices rose on Monday, with the market set to rise for five of seven sessions as a global supply glut appears to ease, b... More »

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Libya`s PM to visit Russia soon: Interfax

Prime Minister of Libya’s unity government Fayez Seraj addresses the United Nations General Assembly in the Manhattan borough of New York, U.S., September 22, 2016. REUTERS/Eduardo Munoz Fayez Seraj, the Libyan Prime Minister of the U.N.-backed government in T... More »

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Funds prepare $2 billion oil market play as supply tightens

Used oil barrels are seen outside a garage in Cuevas del Becerro, near Malaga, southern Spain February 16, 2015. REUTERS/Jon Nazca Passive investment funds are poised to shift an estimated $2 billion from far-term to near-term crude futures over the next week,... More »

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Top banks` commodities revenue drops 7 percent in 2016: survey

The offices of international finance companies are seen in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh Commodities-related revenue at the 12 biggest investment banks fell by 7 percent last year, mainly due t... More »

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Oil slips but close to multi-week highs

A woman pumps gas at a station in Falls Church, Virginia December 16, 2014. REUTERS/Kevin Lamarque Global oil prices slipped on Wednesday as the U.S. dollar [.DXY], in which payments for crude are made, rose but they traded broadly at multi-week highs after OP... More »

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Goldman says global crude stocks likely to keep falling

An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014. REUTERS/Todd Korol Goldman Sachs expects global crude oil inventories to keep falling due to production cuts and strong growth in demand, although stocks are likely to rise in the Unit... More »

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Oil slips further below $56 on report of U.S. inventory jump

FILE PHOTO – A drop of diesel is seen at the tip of a nozzle after a fuel station customer fills her car’s tank in Sint Pieters Leeuw December 5, 2014. REUTERS/Yves Herman Oil slipped further below $56 a barrel on Wednesday as an industry report showing a larg... More »

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Oil up on U.S. gasoline stocks, but market bloated

FILE PHOTO: An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone/File Photo Oil prices rose on Thursday, supported by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain u... More »

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Controversial Dakota pipeline to go ahead after Army approval

A North Dakota National Guard vehicle idles on the outskirts of the Dakota Access oil pipeline protest camp near Cannon Ball, North Dakota, U.S., January 29, 2017. REUTERS/Terray Sylvester The U.S. Army will grant the final permit for the controversial Dakota ... More »

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Oil prices stable, but kept in range by mixed price signals

FILE PHOTO: An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo Oil was stable on Tuesday after falls the previous session, with markets torn between mixed price indicators that have kept crude r... More »

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Syria`s Assad sees Trump`s Islamic State view as promising

Syria’s President Bashar al-Assad speaks during an interview with Venezuelan state television TeleSUR in Damascus, in this handout photograph distributed by Syria’s national news agency SANA on September 26, 2013. REUTERS/SANA/Handout via Reuters Syrian Presid... More »

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Oil steadies as Iran and OPEC offset by U.S. drilling rebound

A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/Files Oil steadied near $57 barrel on Monday as OPEC supply cuts and rising tensions between the United States and Iran were count... More »

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Trading giant Glencore extends major Libyan oil deal: sources

FILE PHOTO: Pipelines are seen at the industrial zone at the oil port of Ras Lanuf, Libya January 11, 2017. REUTERS/Esam Omran Al-Fetori/File Photo Swiss-based commodities giant Glencore has extended a deal with Libya’s state oil firm to be the sole marketer o... More »

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Oil extends declines on rising U.S. output

A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver Oil prices extended declines on Monday, dragged down by signs of growing production in the United States that could partly offset output cuts by OPEC and other producers. More »

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Canada is not the focus of Trump team`s trade worries: envoy

U.S. President Donald Trump speaks during the Inaugural Law Enforcement Officers and First Responders Reception in the Blue Room of the White House in Washington, U.S., January 22, 2017. REUTERS/Joshua Roberts The Trump administration’s main concerns about tra... More »

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Ministers laud strong start to OPEC, non-OPEC oil output cuts

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader OPEC and non-OPEC countries have made a strong start to loweri... More »

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Oil prices rise as markets eye OPEC, non-OPEC production cuts

A flame rises from a chimney at Taq Taq oil field in Arbil, in Iraq’s Kurdistan region, August 16, 2014. REUTERS/Azad Lashkari Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, ... More »

Oil prices rise in anticipation of tighter 2017 market

An employee at a Total fuel station waits for customers in south Jakarta February 12, 2015. REUTERS/Darren Whiteside Oil prices rose on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut out... More »

Oil prices soar on global producer deal to cut crude output

An employee holds a gas pump at a petrol station in Sao Paulo, Brazil, November 8, 2016. REUTERS/Paulo Whitaker Oil prices shot to their highest levels since mid-2015 on Monday after OPEC and other producers reached their first deal since 2001 to jointly reduc... More »

Rick Perry a leading candidate for U.S. energy post: source

Former Texas Governor Rick Perry exits after meeting with U.S. President-elect Donald Trump at Trump Tower in Manhattan, New York City, U.S., November 21, 2016. REUTERS/Brendan McDermid Rick Perry, who proposed eliminating the U.S. Energy Department during his... More »

Credit Suisse lowers hurdle to redeem delisted oil ETNs

The Credit Suisse logo is seen at the headquarters in Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini/File Photo Credit Suisse on Friday said it would lower investors’ hurdle to redeeming two popular exchange-traded notes, used to bet on the price of o... More »

Baker Hughes shares set to rise on GE deal: Barron`s

The ticker and logo for General Electric Co. is displayed on a screen at the post where it’s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2016. REUTERS/Brendan McDermid Shares of oilfield services company Baker Hug... More »

Oil prices fall over doubts of planned crude output cut

An employee holds a gas pump at a petrol station in Sao Paulo, Brazil, November 8, 2016. REUTERS/Paulo Whitaker/File Photo Oil prices fell on Monday, adding to Friday’s steep losses as doubts re-emerged over the ability of major producers to agree output cuts ... More »

Trump calls Green Party vote recount request a `scam`

U.S. President elect Donald Trump walks up a staircase to depart the lobby of the New York Times building after a meeting in New York, U.S., November 22, 2016. REUTERS/Lucas Jackson U.S. President-elect Donald Trump on Saturday called a request for a recount o... More »

Oil prices climb on expectation of OPEC-led production cut

The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger Oil prices rose around 1 percent on Monday as OPEC moved closer to an output cut to rein in oversupply that has pressured prices for... More »

Oil pinned near three-month lows as gloom grows over OPEC

A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver Oil fell to its lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output... More »

Oil prices drop as Iraq says doesn`t want to join OPEC cut

Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq October 14, 2016. REUTERS/Essam Al-Sudani Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop u... More »

Oil prices fall on rise in U.S. drilling, strong dollar

A pumpjack drills for oil in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson Oil prices fell early on Monday, pulled down by a rising rig count in the United States, a strong dollar and record OPEC-output which comes amid slowing global ... More »