Brent crude fell more than $1 on Wednesday, resuming its fall caused by a glut of oil in the market after a short-lived reprieve the previous day when a weaker dollar had provided some support.
Worries about oversupply have pushed
Benchmark Brent crude slipped to its lowest in five years on Tuesday, dropping below $66 a barrel after plunging more than 4 per cent the day before on worries over a deepening supply glut.
The chief executive of Kuwait's nati
Oil prices fell by more than a dollar on Monday to near their lowest levels since 2009 after Morgan Stanley cut its price forecast for Brent, saying oversupply will likely peak next year with Opec deciding not to cut output.
A panel of national representatives reviewed Opec's oil market outlook for 2015 this week, Opec sources said, preparing the ground for a policy-setting meeting next week that will decide how to address a looming oversupply of crude.
UAE energy minister Suhail bin Mohammed Al Mazroui said that oil market fundamentals had not changed, and the Organisation of the Petroleum Exporting Countries (Opec) had not contributed to oversupply.
Qatar said on Tuesday that its economy would not be affected by the slide in oil prices, while a senior UAE government official declared that oil market fundamentals have not changed and Opec has not contributed to oversupply.
Brent crude oil fell by more than a dollar to around $85 a barrel on Friday as a firmer dollar and a well supplied oil market pushed the benchmark towards its steepest monthly decline since 2012.
The dollar rose to its highest lev
Bahrain’s office market has been suffering from an oversupply of office stock and weak occupier demand since the 2008-09 global economic turndown, a report said.
Not surprisingly, this has led developers to scale back office
Middle Eastern unrest is seen putting a floor under oil prices this year, while increasing supply and a stronger dollar driven by an expected easing of U.S. stimulus will push prices lower in 2014, a Reuters poll showed.
Residential rates in Abu Dhabi have fallen over the past 18 months due to oversupply and low demand, especially in older areas which continue to experience falling rents as people upgrade to more modern developments, a report said.