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19/05/2016 04:36 AST
Oil prices rose about 1 percent on Wednesday, hitting new 2016 highs, as the market focused on large drawdowns in US refined fuel inventories and ignored a surprise build in crude stockpiles.
WTI’s front-month contract rose 49 cents, or 1 percent, to $48.80 a barrel by 1552 GMT. The session high was $48.95 — its highest since mid-October.
Brent’s front-month was up 37 cents at $49.65 a barrel. It reached $49.85 earlier, its highest since November.
Arab News
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Brent | 68.12 | -2.02 | -2.88 |
WTI | 63.51 | 0.5 | 0.79 |
OPEC Basket | 64.98 | -1.5 | -2.26 |
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Opec crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry. Output from the 14 members of Organisation of Petroleum Exporting Countries fell by 170,000 barrels to
Gulf News
03/04/2018
Oil’s rally above $65 a barrel is being propelled by a sign that American explorers have curtailed drilling activity as well as ongoing speculation that the US could reimpose sanctions on Opec produc
Gulf News
29/03/2018
The Organization of the Petroleum Exporting Countries (Opec) is seeking “very long-term” cooperation with other crude exporters, the secretary general of the oil exporting group said on Wednesday.
The Gulf Today
28/03/2018
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Arab News
27/03/2018
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Oman Daily Observer