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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...

OPEC Nations Remain Committed Following Angola’s Exit

Organization of the Petroleum Exporting Countries members Iraq, Nigeria, and the Republic of Congo have voiced their commitment to the cartel following the departure of Angola from the organization last week. "We reiterate our firm support for unity and cohesion at the heart of...

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,...

Oil Industry Leaders Meet in Singapore to Discuss Turbulent Market

Elite leaders in the global oil market are set to convene at the Asia Pacific Petroleum Conference in Singapore on Monday. The conference, organized by S&P Global Commodity Insights, is aimed at discussing the current market climate. Among the speakers are Black Gold Investors...

Oil Headed for Largest Monthly Gain Since Early 2022

Oil is on track to record its largest monthly gain since January 2022 as the market continues to tighten following the latest supply cut announced by OPEC+. West Texas Intermediate was trading slightly above $80 per barrel on Monday morning, touching its peak in April...

Oil Hits Three-Month High as Supply Tightens

Oil prices rose to a three-month high on Monday as tighter supplies overshadowed concerns of an upcoming interest rate hike from the Federal Reserve later in the week. West Texas Intermediate surpassed $78 per barrel as the previously-announced oil production cutbacks from OPEC+ began to...