News | Latest Breaking News Stories & Headlines

Oil prices stabilised today after falling 3% yesterday as more shipping firms prepared to transit the Red Sea route

Oil prices to end the year 10% lower

Oil prices are set to end 2023 about 10% lower after two years of gains as geopolitical concerns, production cuts and central bank measures to rein in inflation triggered wild fluctuations in prices.

Business • 29 Dec 23

Both the Brent and WTI benchmarks had declined between 4% and 5% over the last two days

Oil steadies due to French strike and weaker dollar

Oil prices steadied today after a two-day decline as strike-disrupted fuel supply in France, a drop in US crude inventories and a weaker dollar offset fears over the economic impact of rising interest rates.

Business • 09 Mar 23

Crude has rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December

Oil slips as US inventory rise offsets China hopes

Oil prices slipped today, adding to a decline in the previous session, as a rise in US crude inventories and global recession worries edged out optimism for a demand recovery in China.

Business • 25 Jan 23

Unrest in Kazakhstan and outages in Libya are fuelling concerns over supply

Oil price rises as Kazakh turmoil adds to supply woes

Oil prices rose today and were heading for their biggest weekly gains since mid-December on Friday as unrest in Kazakhstan and outages in Libya fuelled concerns over supply.

Business • 07 Jan 22

The Organisation of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+ met today

OPEC rebuffs US calls for speedier oil output increases

OPEC and its allies agreed at a meeting today to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices.

Business • 04 Nov 21

The oil market has surged on expectations for strong demand and concerns about tight supplies as the world slowly emerges from the Covid crisis

$80 oil sparks mixed fortunes for world economy

Oil prices jumped above $80 this week for the first time in almost three years, handing a major boost to producers - but fuelling more inflationary pain for consumers.

Business • 29 Sep 21

US crude inventories are expected to fall for a seventh week in a row

Oil rises to $75 but OPEC+ uncertainty clouds outlook

Oil rose to $75 a barrel today, rebounding from steep losses a day earlier with support coming from a tight market in the short term after OPEC+ talks collapsed this week without a deal to boost supply.

Business • 07 Jul 21

Crude prices have risen in recent weeks, with Brent up by nearly 40% this year and WTI gaining more than that

Oil prices retreat but outlook remains positive

Oil prices extended losses today on profit taking and a stronger US dollar, but overall optimism about recovering demand kept a floor under prices.

Business • 08 Jun 21

Brent and WTI contracts have risen more than 30% since the start of the year

Oil prices stable as recovery confidence holds up

Oil prices held firm today, trading in a tight range as European economic reopenings offset gloom from surging Covid-19 cases in Asia, fresh restrictions and underwhelming Chinese manufacturing data.

Business • 17 May 21

Oil is usually priced in dollars, so a stronger greenback makes crude more expensive for buyers with other currencies

Oil falls on coronavirus fears, strong dollar

Oil prices fell today as a stronger dollar, fears over soaring Covid-19 cases around the world and the slow pace of vaccination against the virus outweighed a better-than-expected quarterly rebound for China's economy.

Business • 18 Jan 21

Oil prices could gain more strength as vaccination programmes around the world begin next year

Oil up on hopes of demand recovery, lower US stocks

Oil prices traded flat this evening, supported by a draw in US crude inventories and Britain's approval of a second coronavirus vaccine but pressured by swelling year-over-year supply and the view that a federal aid package would be slimmer than hoped.

Business • 30 Dec 20

A new strain of the coronavirus in the UK has triggered concerns over fuel demand recovery

Oil plunges on renewed demand recovery fears

Oil prices dropped nearly 2% today, adding to steep losses from the previous session, as a new strain of the coronavirus in the UK triggered concerns over fuel demand recovery.

Business • 22 Dec 20

Oil extends gains on demand hopes as lockdowns ease

Oil prices jumped again today on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several US states began to ease coronavirus lockdown measures.

Business • 05 May 20

Oil traders are resorting to hiring expensive US vessels to store gasoline or ship fuel overseas

Oil mixed on easing lockdowns, looming storage shortage

Oil prices were mixed today as optimism about the easing of coronavirus-related restrictions reassured markets, but traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand.

Business • 28 Apr 20

Oil prices bounced nearly 7% today after three days of heavy losses

Oil jumps after three-day slump but virus still weighs

Oil prices bounced nearly 7% today after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.

Business • 19 Mar 20

Travel and social lockdowns sparked by the coronavirus epidemic have knocked the outlook for oil demand

US crude hits 18-year low as lockdowns spread

Oil prices fell for a third session today with US crude futures tumbling to a 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.

Business • 18 Mar 20

Brent's premium to WTI has narrowed to less than $1, making US crude oil uncompetitive in international markets

Brent falls 10%, WTI below $30 as coronavirus spreads

Brent fell by 10% today and US crude to below $30, as emergency rate cuts by the US Federal Reserve and its global counterparts failed to tame markets.

Business • 16 Mar 20

Brent is set to fall around 24% this week, the biggest weekly decline since December 2008

Oil rises 2% but set for biggest weekly drop since 2008

Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 4% bounce today, as the coronavirus outbreak threatened demand and crude producers promised more supply.

Business • 13 Mar 20

Oil prices are soaring after a US air strike in Iraq killed Iranian commander Qassem Soleimani

Oil tops $70 as Iran, Trump trade threats

Oil prices jumped by about 1% today, pushing Brent above $70 a barrel, as rhetoric from the US, Iran and Iraq fanned tensions in the Middle East after a US air strike killed a top Iranian military commander.

Business • 06 Jan 20

world oil prices