The safe money for oil traders is betting that Venezuela's plan to resurrect Opec's old price band mechanism, attempting to set a $70 floor for the battered market, will be doomed from the start.
Saudi Arabia, the group
Global oversupply and more Iranian production are likely to keep a lid on oil prices next year, offsetting any slowdown in US shale output, a Reuters poll showed.
Benchmark North Sea Brent crude is exp
Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would give a new boost to the US shale industry
Goldman Sachs slashed its crude oil price forecasts for 2016 to 2020, citing improved US shale efficiency meeting global oil demand, coupled with unimpeded Opec productivity.
"We see global oil demand being met by U.S. shale,
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
US refineries are processing record quantities of heavy crude from Canada as the perfect complement to light oils from North Dakota and Texas as they struggle to keep their average blend steady.
Crudes vary enormously - from low-d
As oil production swells, demand falters and prices slide, the global oil market appears on the verge of a pivotal shift from an era of scarcity to one of abundance.
Oil prices have fallen as much as 20 percent since June, despite
The world's unused spare oil production capacity would struggle to cover for another big outage, industry officials and analysts say, increasing the chance governments may tap strategic reserves should Iraq's southern exports be disrupte
Ever since 2011, Brent oil has been trading at above $100 per barrel and, had it not been to Saudi Arabia’s intervention to step up production, prices would have been much higher.
Like any other commodity, global price of oi