Brent crude slumped to a more than two-year low under $97 per barrel on Monday as a slew of lacklustre economic data from China, the world's top energy consumer, cast a shadow on the outlook for oil demand amid abundant global supplies.
Saudi Oil Minister Ali Al Naimi on Thursday played down concerns about the recent fall in oil prices below $100 per barrel.
"Have you ever seen me concerned?" Al Naimi said when asked if the fall was a matter for concern
Brent crude eased for a fourth straight session on Tuesday but held above $100 a barrel after dropping below that level on the previous day for the first time in 16 months, with prices supported by hopes of production cuts by Opec.
Saudi Arabia’s oil buffer is ample and Brent will not likely fall below $100 per barrel for long, unless Saudi wants it to, said a report released by BofA Merrill Lynch Global Research.
If oil averages $105 per barrel, Saudi
Brent oil fell by more than $1 to $103 a barrel, just above its year low, as higher US jobless claims and a German economic contraction highlighted weak demand, while supplies are ample despite conflicts in Iraq and Libya.
The number of
Brent crude slipped below $103 a barrel on Wednesday to trade near its lowest level in more than a year as ample supplies countered any disruption risks posed by lingering tensions in Iraq and Libya.
It was the fourth day of losse
Saudi Arabia and Kuwait said yesterday they expect Opec to keep oil production levels stable so as not to alter prices at a meeting of the cartel this week.
Saudi Oil Minister Ali Al Nuaimi said the market was "stable and bal
Oman may have to start selling foreign assets or borrow on international markets in coming years if government spending rises during a period of lower oil prices and economic growth, a report in a magazine published by its central bank said.
Ample supplies boosted by the US shale oil revolution and anaemic demand growth are expected to pressure crude oil prices next year, a Reuters poll of analysts forecast.
The monthly survey of 27 analysts projected Brent crude oil
Saudi Arabia's oil revenues provide a sizeable asset cushion to long term oil price risks, according a new report by Moody's Investors Service.
In a report published today, Moody's said Saudi Arabia's Aa3 gov