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HuaweiGlobal oil prices dipped Wednesday amid a strong dollar and as traders looked ahead to more testimony from Federal Reserve Chairman Ben Bernanke and the latest snapshot of US energy inventories.
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Kuwait Energy, Dubai-based Dragon Oil and Turkiye Petrolleri signed an agreement in Baghdad to explore for crude in southern Iraq along the Iranian border.
WASHINGTON - US consumer prices were flat in June as the cost of gasoline dropped, offering some relief for cash-strapped Americans and scope for the Federal Reserve to ease monetary policy further to help the faltering recovery.
Oil hovered above $88 a barrel on Tuesday amid hopes China and the US will take new steps to bolster their economies.
World oil prices rebounded Friday, reversing earlier losses, as traders speculated that the Chinese government could implement more stimulus measures to combat weaker economic growth.
Oil fell below $85 a barrel on Thursday on expectations of just a small rise in global demand for crude in 2013 and as signs of slowing global economic growth offset hopes that central banks will soon implement stimulus measures.
LONDON - Oil prices fell below $99 per barrel on Thursday, retreating after a 2 percent rally the previous session, as the International Energy Agency said a slowdown could cap prices while investors waited for China’s GDP data due on Friday.
VIENNA — OPEC kept its world oil demand forecast for 2012 stable on Wednesday, despite warning of continued economic uncertainty.
European oil futures rose towards $99 a barrel on Wednesday, undergoing a slight correction from Tuesday’s losses after Norway’s government ordered an end to a strike which was threatening to cut off over 2 million barrels per day.
LONDON - Oil fell to $99 a barrel on Tuesday after Norway ended a strike that threatened to halt oil output and prospects for demand growth dimmed after China bought less oil.