Saturday 27 December 2014
 
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oil price

Oil sinks below $60 amid strong dollar, US oversupply

Oil prices fell below $60 on Friday, tumbling as the dollar strengthened and as a supply glut in top consumer, the US, trumped worries about falling production from Libya. The market had come under pressure from Wednesday's En

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Saudi plans to raise spending in 2015 budget, run deficit

Saudi Arabia plans to raise government spending by 0.6 per cent to a record high next year while covering a large budget deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. S

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Oil drops near $61 as dollar firms on strong US data

Brent futures fell toward $61 per barrel on Wednesday, giving up some of the previous session's gains, as the US dollar held near its highest level in nearly nine years on strong data. The dollar index stayed close to its high

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Iran's support for Syria tested by oil price drop

Syrian businessmen and trade officials say they are worried the economic lifeline provided by Iran is under strain from plunging oil prices, despite public messages of support from Syria's strongest regional ally. Syrian Presi

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Oman sovereign fund boosts buying of local stocks

Oman's State General Reserve Fund (SGRF) has boosted its buying of shares in the local stock market as prices have slid to attractive levels, the fund's executive president said. The Muscat Securities Market's (MSM) ma

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Oil sees biggest gain in 2 years as bears book profits

Oil closed up as much as 5 per cent on Friday, its biggest gain in over two years, as some traders took profits on short positions after prices this week hit their lowest since 2009. A sharp bout of short-covering prior to expiry

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Despite pain, Opec hawks come round to merits of riding out oil slump

Opec members which backed an output cut at the group's meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to de

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Iran oil minister says oil price drop a political plot

Iranian Oil Minister Bijan Zangeneh said the continuing slide in the price of oil is a political plot, the ministry's news agency Shana reported.   "The prolongation

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Naimi says oil price slide 'temporary', remains optimistic

Saudi Oil Minister Ali Al Naimi sees the current slide of oil prices as temporary and said he remains optimistic about the future of the industry, state news agency SPA quoted him as saying. &

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Big role seen for unconventional oil and gas

Unconventional oil and gas resources will play an important role in the global fuel mix with technological advancement across the entire value chain shaping the profitability of the industry in the long term, a report said. While

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