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Oil Prices Slump By Over 1% Amid Rise in Output

Oil prices slumped by over 1% on Monday after Saudi Arabia introduced sharp price cuts and output increased among OPEC+ members at large. Amid rising competition with rival producers, Saudi Arabia decided to cut the February official selling price (OSP) of its flagship Arab...

Oil Rises as U.S. Output Nears Record Numbers

Oil prices rose on Thursday as higher inventories and record production in the United States provided investors with relief following concerns over disrupted Red Sea shipments. "Oil concerns itself with the state of U.S. production this morning and enters the day less buoyant than...

Oil Steadies After Longest Losing Streak in Five Years

Oil prices stabilised on Monday morning, thereby bringing an end to the commodity's longest weekly losing streak over the past five years. Global benchmark Brent crude hovered below $76 per barrel after a seven-week slide with traders appearing largely unphased by the latest output...

Oil Slumps 4% as OPEC+ Meeting Delayed

Oil prices fell by 4% following news that Sunday's meeting between OPEC+ producers has been delayed. West Texas Intermediate (WTI) crude futures slumped 4.2% lower to $74.51 a barrel while Brent crude futures declined 4.1% to $79.06 per barrel. Previously scheduled for Sunday 26 November,...

European Futures Rise, Oil Down as Markets Wrap

European stock futures rose early Friday while oil headed toward a fourth straight weekly loss. Euro Stox 50 futures gained 0.4%, while in New York, S&P 500 and Nasdaq futures remained relatively unchanged. Oil prices ended the week lower as West Texas Intermediate remained little...

Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts

Oil prices rose on Monday after Saudi Arabia and Russia confirmed that they would sustain their oil cuts until the end of the year. U.S. West Texas Intermediate crude rose $1.07, or 1.33%, to $81.58 per barrel, while Brent crude futures were up $1.03,...