Crude oil prices were broadly unchanged in early trading on Tuesday, as firm demand supported and ample supply dragged, but analysts said there were signs that a recent rally was running out of steam.
Robust demand in Asia as well
Asia's largest refiner, Sinopec Corp, said on Monday it expects prolonged weakness in global oil prices, forcing it to cut spending and turn more cautious about acquisitions.
"This year's oil prices won't be high.
Oil prices have probably touched bottom and should recover in the second half of 2015 as the collapse in the market over the last year begins to curb production, a survey of analysts showed yesterday.
Oversupply is likely to keep
Iran and Venezuela yesterday called on fellow crude producers to shore up prices that have plunged more than 30 per cent to four-year low ahead of an Opec meeting later this month.
Oil prices have fallen to below $79 on abundant s
Crude oil prices in Kuwait edged higher in February on the back of supply disruptions, particularly within Opec in addition to the geopolitical tensions, said a report.
After dropping to a seven-month low of $100 bpd early in the
Sustained high oil prices, expansive fiscal and accommodative monetary policies led to a strong rally in the first half of 2013 in GCC markets, according to research by Kuwait Financial Centre Markaz.
All the GCC markets gained am
Rising oil prices and massive government spending are likely to boost economic growth throughout the Middle East this year.
But it will not be enough to keep pace with the world's most dynamic emerging market economies, a survey of for
Iran's Opec governor Mohammad Ali Khatibi said on Sunday that the oil market was stable and the crude prices could reach $100 per barrel, the Oil Ministry's website Shana reported.
'It is unlikely that Opec holds an emergency m
Top oil exporter Saudi Arabia has lowered the August official selling price (OSP) for its Arab Heavy crude oil grade to Asia, traders said on Tuesday.
Saudi Arabia cut its Arab Heavy crude to Asian customers by 5 cents from July to the Oma
Oil producer Oman's trade surplus more than quadrupled to RO493.7 million ($1.28 billion) in January from a year ago as higher crude prices spurred a surge in exports, data showed on Tuesday.
Last year, the global crisis slashed oil ou