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OIL headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude.
NEW YORK: Oil prices slipped on Thursday as global supply and demand worries erased earlier gains seen from an increase in Saudi Arabia's official crude selling price and a surprise rise in Chinese exports last month.
NEW YORK: Stocks rose across the globe on Monday as investors cheered news that more countries and U.S. states were looking to ease lockdowns and the Bank of Japan expanded its stimulus program, while the price of oil continued to crumble as storage runs out
IT’S looking decidedly somber out there for the world’s favourite sparkly stone - diamonds.
NEW YORK: Oil prices dropped sharply on Tuesday, with U.S. prices sliding back toward $20 a barrel, as investors bet that fuel demand destruction caused by the coronavirus pandemic would be too much for producers embarking on record global output cuts to offset.
SINGAPORE/NEW YORK: Oil prices jumped more than US$1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.
NEW YORK: World stock markets jumped on Monday, encouraged by slowdowns in coronavirus-related deaths and new cases in some global hot spots, while oil prices tumbled again due to a delay in talks between Saudi Arabia and Russia to cut supply.
SINGAPORE: Crude oil futures surged on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets.
TOKYO: Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears.