Tuesday 3 May 2016

Brent oil in biggest monthly gain in 7 years

Brent crude was heading for its biggest monthly rise in seven years on Friday, touching 2016 highs as a weak dollar and falling U.S. production tempered concerns about an excess of physical oil. A looming rise in Middle East output capped gains, but investor sentiment held the op


Opec oil output near record high in April

Opec's oil output rose in April to close to the highest level in recent history, a Reuters survey found on Friday, as production increases led by Iran and Iraq more than offset a strike in Kuwait and other outages. Top exporter Saudi Arabia, however, made no major change to o


Exxon, Chevron earnings slide on low oil prices

Exxon Mobil Corp and Chevron Corp on Friday reported their most dismal quarterly results in more than a decade on low oil prices and an oversupplied fuel market that hurt what had been lucrative refining margins. As crude prices slid 60 per cent from mid-2014, large integrated en


Oil prices hit fresh 2016 highs on weak dollar

Oil prices edged to new 2016 highs on Friday, lifted by a weak dollar and falling production in the US, although a looming rise in Middle East output capped gains. Brent crude futures were trading at $48.30 a barrel at 0644 GMT, up 16 cents from their last close. US crude was up


World Bank revises 2016 oil price forecast to $41 per barrel

The World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook as an oversupply in markets is expected to recede. Amid improving market sentiment and a weakening dollar, the World Bank has raised its


Saudi Arabia to push oil output higher: sources

Saudi Arabia's oil output will edge up close to record highs in coming weeks to meet summer demand for power but is unlikely to be pushed to the limit and flood global markets, Saudi-based industry sources said. Production may rise to around 10.5 million barrels per day (bpd)


UAE raises May gasoline, diesel prices

The UAE will raise domestic prices for gasoline and diesel in May after global oil prices increased, the ministry of energy said on Thursday. The price of a litre of octane 95 gasoline will rise to Dh1.67 ($0.46) at the start of next month from Dh1.51 ($0.41). The domestic diesel


Almansoori announces key Mideast appointments

AlMansoori, the leader in oilfield services in the Middle East, has enhanced its senior management team with the appointment of three key personnel to its operations. Mousa Kiwan has been appointed as corporate supply chain manager for the company, while Erhan Saygi has named the


Masdar celebrates 10 years of clean energy success

Masdar, a major renewable energy company based in Abu Dhabi, UAE, marked ten years of its achievement in advancing the clean energy industry in the emirate and across the globe this week. Masdar employees and alumni gathered in Masdar City to celebrate the feat under the banner &


Oil prices ease after hitting 2016 highs

Oil futures slid after setting a 2016 high on Thursday as traders locked in profits, though analysts said supply disruptions, strong investor appetite and a weakening dollar could push prices higher soon. Brent crude futures were trading at $47.05 per barrel at 1129 GMT, down 13

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