Oil prices diverged on Friday, with Brent hitting 4-1/2-month highs on continued fighting in Yemen as US crude fell on concerns of another upcoming stock build, though both benchmarks headed toward weekly gains.
Fighting between Y
Oil prices extended gains on Thursday as renewed fighting in Yemen brought focus back on potential supply disruptions in the Middle East.
Saudi-led coalition warplanes continued bombing Yemen on Wednesday despite an announcement b
Oil prices extended declines on Wednesday as Middle East tension eased after Saudi Arabia ended a military campaign in Yemen, while industry data showed that a larger-than-expected build in US oil inventories.
Saudi Arabia announc
Oil prices eased on Tuesday on expectations of another rise in US stockpiles and as Saudi Arabia keeps output near record highs, but prices remained near a 2015-peak reached last week.
Crude prices have climbed around 18 per cent
Saudi Arabia's National Industrialization Company (Tasnee) said on Monday it would cut costs and revise foreign exchange and derivatives contracts at a subsidiary after swinging to a first-quarter loss.
The diversified industr
Oil prices rose on Monday, extending last week's gains as a drop in the number of US rigs drilling for crude pointed to lower supply later in the year, while China's latest stimulus measure also underpinned the market.
Brent crude oil hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 per cent the previous session and analysts said more price rises were likely despite market oversupply.
Front-month Brent crude futures r
Oil prices rose on Wednesday after signs of a dip in US production, but gains were capped by Chinese quarterly growth slowing to a six-year low.
Front-month Brent crude futures were trading up 47 cents at $58.90 a barrel by 0310 G
The current low price of crude oil and natural gas is unlikely to have a widespread impact on the credit quality of global project finance debt over the next year to 18 months, a report said.
However, if prices remain in the $50 p
Crude prices rose on Tuesday after the US Energy Information Administration said it expected US shale oil output to record its first monthly decline in over four years.
Front-month Brent crude futures were trading up 34 cents a $5