World oil prices extended gains in Asian trade on Wednesday on supply concerns after the OPEC cartel reported a drop in crude production last month.
World oil prices extended gains in Asian trade on Wednesday on supply concerns after the OPEC cartel reported a drop in crude production last month.
OPEC’s oil exporters look set this week to avoid a quarrel about how much crude they produce and argue instead about who should be the group’s next secretary-general.
Oil prices rose moderately, clawing back some of the ground lost during a sharp sell-off the day before, as traders awaited a slew of economic data from China.
The price of oil rose on Wednesday as worries receded over whether US political leaders would reach a budget deal before a year-end deadline.
Brent crude oil slipped towards $110 a barrel on Tuesday as weak manufacturing data and protracted U.S. budget negotiations fanned concerns about the health of the global economy and the prospects for energy demand.
The price of oil hovered around $89 a barrel Monday as investors focused on signs that China’s economy may be picking up after a prolonged slowdown.
The price of oil rose above $89 a barrel on Monday as investors focused on signs that China’s economy may be picking up after a prolonged slowdown.
Global oil prices fell on Friday with traders taking profits ahead of the weekend pause and amid US budget talks, eurozone uncertainty and tensions over Iran’s nuclear programme, analysts said.
The price of oil rose Thursday as US leaders voiced optimism that a budget deal would be reached before the end of the year.
LONDON - Brent crude oil futures fell on Wednesday on fears of a looming budget crisis in the United States, the world’s top oil consumer.