Oil prices fell on Friday amid worries that Washington will not act in time to stop the United States from going over the “fiscal cliff” by an end-of-year deadline.
Oil prices fell on Friday amid worries that Washington will not act in time to stop the United States from going over the “fiscal cliff” by an end-of-year deadline.
British oil giant BP said on Wednesday that it had agreed to sell its stake in China’s Yacheng gas field to the state-owned Kuwait Foreign Petroleum Exploration Company (KUFPEC) as part of a divestment programme.
The price of oil pushed towards $88 a barrel on Tuesday amid hopes that US leaders can reach a budget deal and avoid automatic tax and spending cuts that might dampen growth and crimp demand for crude.
Oil was up in Asia on Monday on trader expectations of a hike in Chinese crude demand after a key survey showed its manufacturing activity hitting a 14-month high in December, analysts said.
Brent crude slipped toward $109 a barrel on Thursday on rising U.S. oil stockpiles, while fears that the world’s largest economy might miss a deadline for next year’s budget and risk a recession also kept bulls in check.
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.