Oil rose 2 percent on Thursday, heading for its largest weekly gain in a month, after a surprisingly large drop in US crude inventories emboldened investors ahead of next week's meeting between Opec members and Russia to discuss supply.
The residential market in Dubai is heading towards a soft landing following a period of restraint in the wake of oil price volatility and negative investor sentiment, said a report by global property expert Knight Frank.
An oil tanker left the Libyan port of Ras Lanuf for Italy early on Wednesday with the first crude export cargo from the terminal since at least late 2014, boosting hopes of reviving Libya's battered oil output.
The port manage
A possible deal to support oil prices by the world's leading producer countries may last for one year, the secretary-general of Opec said on Tuesday, longer than other officials have indicated.
Opec and non-member producers in
Oil prices bounced back from multi-week lows on Monday, hauling up European stock markets and commodity-linked currencies, on hints that producers were close to reaching an output deal.
Crude prices rose more than 1 percent, with
Oil prices fell more than 1 per cent on Friday as news of rising Iranian exports and returning supplies from Libya and Nigeria following interruptions fuelled concerns that the global glut will persist.
Benchmark Brent crude futur
Austria's OMV said on Friday it received 1 million barrels of crude oil from Iran in a spot delivery at the Italian port of Trieste which the energy group will send to its two refineries in Austria and Romania.
The delivery wa
Oil prices fell on Friday on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut.
Brent crude futures were trading at $46.20 per barrel at 0643 GMT, dow
Libya is resuming oil exports from some of its main ports which forces loyal to eastern commander Khalifa Haftar seized in recent days and has lifted related "force majeuere" contractual clauses, the National Oil Corporation (NOC) said
Oil prices extended losses on Wednesday after falling by as much as 3 per cent in the previous session amid concerns that rebalancing the global oil market will take longer than originally envisaged.
Prices had been supported earl