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Saudi Arabia has slashed its official selling prices and set plans for a dramatic increase in crude production next month

Oil prices down 30% on Saudi moves, virus fears

Oil prices plummeted around 30% today after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month.

Business • 09 Mar 20

A rise in new coronavirus cases outside China fuelled fears of a pandemic that could dent demand for crude

Oil prices fall for fifth day to lowest level in a year

Oil prices fell nearly 3% today, plunging for a fifth day as a rise in new coronavirus cases outside China fuelled fears of a pandemic that could slow the global economy and dent demand for crude.

Business • 27 Feb 20

Oil is off over 20% from peaks struck in January after the coronavirus hit demand in the world's largest oil importer

Oil edges down as traders assess China's oil demand

Oil prices dipped today on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.

Business • 10 Feb 20

The death toll from China's coronavirus rose and more businesses have been forced to shut down, fuelling expectations of slowing oil demand

Oil drops below $60 as China virus stokes demand fears

Crude prices dropped below $60 for the first time in nearly three months today, as the death toll from China's coronavirus rose and more businesses were forced to shut down, fuelling expectations of slowing oil demand.

Business • 27 Jan 20

OPEC and other producers agreed in November to extend and deepen output curbs in place since 2017

Oil rises in quiet Christmas trade amid supply cuts

Oil prices rose this morning in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in US crude inventories.

Business • 24 Dec 19

Big oil producers are evacuating rigs in the Gulf of Mexico ahead of a major storm

Oil gains after US stockpiles drop, rigs evacuated

Oil prices rose more than 2% today after industry data showed US inventories fell more than expected and as major US producers evacuated rigs in the Gulf of Mexico before a storm.

Business • 10 Jul 19

Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth

Crude oil prices fall 1% on fears for global economy

Crude oil prices fell today as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.

Business • 05 Jul 19

Oil prices remain pressured by worries demand could ease amid hints of a slowdown in the global economy

Oil dips on demand worries despite OPEC cut extension

Oil prices slipped today as concerns that the global economy could be slowing outweighed an agreement by producer club OPEC to extend supply cuts until next March.

Business • 02 Jul 19

OPEC and its allies are on track to extend supply cuts into 2020 at their meeting in Vienna this week

Oil prices jump as OPEC to extend supply cuts

OPEC has agreed to extend oil supply cuts until March 2020, according to three OPEC sources speaking to Reuters.

Business • 01 Jul 19

The price of Brent climbed 5% last week and US crude surged 10%

Oil prices drop amid demand worries

Oil fell this morning amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East.

Business • 25 Jun 19

US crude stocks fell by 3.1 million barrels last week, compared with analyst expectations for a draw of 1.1 million barrels, the EIA said

Oil jumps 3% towards $64 as US drone downed in Gulf

Oil rose more than 3% towards $64 a barrel today after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington.

Business • 20 Jun 19

US crude inventories have hit the highest since July 2017, suggesting ample supplies in the world's top consumer

Oil prices set for 2019's biggest weekly loss

Oil rose towards $69 a barrel today after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns about an economic slowdown.

Business • 24 May 19

OPEC cut its forecast for 2019 world oil demand today, citing slowing economies

Oil up nearly 3% on Saudi and OPEC cuts

Oil prices gained nearly 3% today, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day, and by US sanctions against Iran and Venezuela.

Business • 12 Feb 19

OPEC said its production fell sharply last month, easing fears about prolonged oversupply

Oil prices climb 1% on OPEC output cut

Oil prices rose more than 1% today after an OPEC report showed its production fell sharply last month, easing some concerns about prolonged oversupply.

Business • 18 Jan 19

Weak Chinese figures have raised the prospect of a slowdown in fuel demand

Oil falls back to $60 on concerns about China slowdown

Oil slipped to around $60 a barrel today after data showed weakening imports and exports in China, the world's second-largest oil consumer, raising the prospect of a slowdown in fuel demand.

Business • 14 Jan 19

Brent and WTI are set for their second week of gains, rising nearly 8% and 10% respectively

Oil on track for weekly gains on trade talk hopes

Oil prices rose slightly today, putting them on track for solid weekly gains after financial markets strengthened due to hopes the US and China may soon resolve their trade dispute.

Business • 11 Jan 19

Oil prices rise as OPEC cuts back on output and on easing concerns over weak demand growth

Brent crude oil rises back to $60 a barrel

Benchmark oil contract Brent North Sea crude climbed back to $60 per barrel today, with OPEC cutting output and on easing concerns over weak demand growth.

Business • 09 Jan 19

Traders are hoping that talks in China can resolve the US-China trade war

Oil prices gain 2% extending rally from December lows

Oil prices rose by 2% today, extending a rally from 18-month lows hit in December with support from OPEC production cuts and steadying equity markets.

Business • 07 Jan 19

Oil prices fell to their lowest in almost 18 months this week and are down more than 20% for the year

Oil steady near 18 month lows after profit-taking

Oil prices steadied today after a week of volatile trading, shedding early gains on profit-taking ahead of the New Year holiday and pressured by concerns of oversupply and faltering global economic growth.

Business • 28 Dec 18

Oil prices are heading for losses of more than 20% in 2018

Oil prices fall over 1% as US stock markets retreat

Oil prices fell today after rebounding 8% in the previous session, with prices pressured by concerns over a faltering global economy and worries about a glut in crude supply.

Business • 27 Dec 18

The price plunge has caused US shale oil producers to curtail drilling plans for next year

Oil rises on signs recent low prices reducing US output

Oil markets have risen today on signs that the recent price plunge may start crimping supply from the United States, currently the world's biggest crude producer, though concerns about the global economy continued to weigh.

Business • 24 Dec 18

WTI and Brent futures are down more than 30% from their peak in October

Oil hits multi-month lows as downbeat mood persists

Oil prices fell to their lowest since the third quarter of 2017 today, heading for losses of more than 11% in a week.

Business • 21 Dec 18

Oil prices are down more than 30% from peaks seen in October

Oil slumps 4% to lowest level in a year

Oil prices fell more than 4% today, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets.

Business • 20 Dec 18

Brent and New York crude contracts collapsed as low as $57.20 and $47.84 per barrel respectively during the morning session

Oil slumps to fresh one-year lows in markets rout

World oil prices have tumbled today to strike the lowest levels in more than a year, hit by a markets rout that is rooted in fears over the world economy.

Business • 18 Dec 18

Both US crude and Brent crude benchmarks fell more than 30% from early October through the end of November as a supply glut inflated global inventories

Oil drops as oversupply, economic growth worries weigh

Oil prices fell about 1% today on signs of oversupply in the United States and as investor sentiment remains under pressure from concern over global economic growth and fuel demand.

Business • 17 Dec 18

Opec