Crude oil futures fell on Wednesday as investor focus shifted back to a deep global supply glut and away from the threat of escalating violence in the Middle East, which pushed prices to two-week highs the previous day.
Saudi Arabia raised its oil exports in September by 113,000 barrels per day (bpd) to 7.111 million bpd from 6.998 million bpd in the previous month, official data showed on Wednesday.
The Organization of the Pe
Crude oil prices were on track to post weekly losses on Friday as an oversupply of physical oil and a strong dollar bedevilled the market.
Benchmark prices regained some ground in early trading, but any sustain
Oil prices fell on Tuesday, extending losses into a third week, on worries over a supply glut and with US inventory data expected to show another increase in crude stocks.
Brent for December delivery had fallen
Oil steadied at $48 a barrel on Thursday, as investors sought bargains after a sharp fall the previous day on an unexpectedly large buildup in US gasoline stocks and a tepid demand outlook.
Brent crude climbed
The speed of decline in Saudi Arabia's foreign reserves slowed in July after the government began issuing domestic debt to cover part of a budget deficit created by low oil prices, central bank data showed on Thursday.
International roaming rates between Bahrain and other GCC countries will drop next year. The move was announced as His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa chaired the weekly Cabinet meeting yesterday (August 24)
Gold fell one per cent on Thursday, snapping five sessions of gains, as the dollar strengthened on the back of upbeat US data and concerns eased over further losses in the yuan after the devaluation of the currency by China.
Oil prices fell in Asian trade on Friday as concern over global oversupply intensified after the head of oil producers' cartel Opec indicated there would be no cut-back in production, although a fall in the US dollar put a floor under prices