Benchmark Brent crude held above $59 in Asia on Friday, up more than three per cent this week as news of deeper industry spending cuts and a sinking US dollar revived buying.
Brent crude for April delivery was trading up 48 cents
Iran is cutting the oil price on which it bases its next budget to $40 a barrel, the semi-official Fars news agency quoted Finance and Economy Minister Ali Tayyebnia as saying on Thursday.
"We will revise the oil price in the
Oman has no specific plans to reduce state spending this year, its minister for financial affairs said on Wednesday, despite the plunge in oil prices to well below the level assumed in its government budget.
"There are no spe
Saudi Arabia steeply cut its January oil prices for Asian and US buyers yesterday, a move some analysts said showed it was stepping up a battle for market share a week after refusing to support Opec output cuts.
Official Selling P
Brent crude oil rose to near $81 a barrel on Friday after China cut interest rates and on speculation that Opec could agree next week to reduce oil production.
China's central bank cut its benchmark interest rates for the firs
Struggling gold producers plan increasingly drastic measures such as scrapping dividends, cutting jobs, halting projects and shutting mines to survive the latest price plunge, but not all of them will make it.
Gold tumbled to a mo
Indian Prime Minister Narendra Modi has pledged to slash red tape and harness the benefits of a huge young population as he launched a campaign to attract global business to manufacture in the sub-continent.
Bahrain has registered an 85 per cent drop in the average duration of power cuts this year, the lowest number of blackouts ever in Bahrain's history, said Minister of State for Electricity and Water Affairs Dr Abdulhussain Mirza.
Bahrain’s national airline Gulf Air has claimed that it has cut year-on-year losses by nearly a third and increased overall revenue by 10 per cent in the first half this year.
However, the airline declined to provide figures
Malaysia Airlines , the country's loss-making flag carrier, will cut 30 per cent of its workforce as part of a sweeping restructuring that will cost six billion ringgit ($1.9 billion), majority investor Khazanah Nasional said.