Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 per cent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower US production lifted prices.
US crude also
Dubai Electricity and Water Authority (Dewa) is set highlight the services and mechanicsms used in transformer oil tests at its ‘Transformer Oil Test Laboratory’ at a leading exhibition in Dubai, UAE this month.
Brent crude oil prices fell on Friday, ending a run of rallies earlier in the week, after Opec said that its output surged in March, adding to a global glut.
The Organization of the Petroleum Exporting Countries (Opec) said that i
Crude oil prices jumped to fresh 2015 peaks, turning higher on news that a tribal group made up of former Al Qaeda militants took control of a major southern oil terminal in Yemen.
The terminal is one of the major hubs for the Had
Oil's rally supported stock markets across the Gulf, while Dubai property stocks surged after the emirate's biggest listed real estate developer announced a bullish 2015 profit forecast.
Brent crude hit 2015 highs above $6
State-run Abu Dhabi National Oil Company (Adnoc) will start monthly deliveries of $400 million of petroleum products to Egypt from next week until the end of October, a source at the state-owned Egyptian General Petroleum Corporation (EGPC) said
State-run Kuwait Petroleum Corp (KPC) and all affiliated firms remain on alert, state news agency KUNA said on Wednesday, three weeks after Saudi Arabia and Arab allies began military strikes against Houthi militias in Yemen.
Libya's official government, holed up in the east after being forced to flee the capital, is struggling to sell crude oil under a new system it has devised in an attempt to bypass a rival administration in Tripoli.
World oil markets may take longer to tighten than expected due to a surge in Opec supply and a potential rise in Iranian exports, even as demand shows signs of strength, the International Energy Agency said on Wednesday.
State-controlled Petroleum Development Oman (PDO), the country's top oil and gas producer, aims to lift crude output by about 5 per cent over the next four years, managing director Raoul Restucci said on Monday.