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Kuwaiti oil price down to US$73.77 pb

The price of Kuwait crude oil went down US$2.82, Wednesday, reaching US$73.77 per barrel, compared to US$76.59 pb last Tuesday, said Kuwait Petroleum Corporation on Thursday. According to the Kuwait News Agency, KUNA, the price of the Brent crude went down 27 cents to settle at US$76.17 pb, and the West …

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Opec mulls all options on output for 2019

Opec has urged a committee to prepare “options” for how much oil it should produce next year to prevent the market slipping back into oversupply, the clearest sign yet that the group could reduce output to avoid prices falling further. The rise in oil inventories in recent weeks coupled with …

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Iran sanctions, US tariffs to impact oil prices

Oil is expected to remain volatile this quarter, and the next, as different factors pull prices in opposite directions, analysts say. On the supply side, sanctions on Iranian crude exports, and deeper production losses in Venezuela, are expected to push prices upwards but increased output from Organisation of the Petroleum …

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Airlines start pre-emptive hedging over 2020 deadline

Airlines are starting to hedge against the risk that fuel prices could be driven higher by rules targeting another industry’s environmental performance. Brent crude for 2020 rallied in the third-quarter, a period in which spot prices fell, as some carriers began seeking protection against higher fuel costs caused by rules …

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Brent crude seen trading in $70-$80 range

Brent crude is likely to trade in the range of $70-$80 (Dh257.11-Dh293.84) per barrel in the coming days due to supply concerns stemming from the decision of US President Donald Trump to reimpose sanctions on Iran, one of the biggest producers of oil in the world. According to analysts, Iran’s …

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Oil up on Iran sanctions

Crude oil prices rose more than 1.0 per cent on Friday as US sanctions against Iran looked set to tighten supply, but futures contracts posted a weekly decline as investors worried that global trade disputes could slow economic growth and hurt demand for energy. Benchmark Brent crude oil settled 74 …

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Kuwait’s oil minister expects stable oil market

Kuwait’s oil minister, Bakhit Al Rashidi, said on Wednesday that the global oil market was approaching stability based on the current oil production levels after the recent Opec and non-Opec agreement to boost output. “It is clear today based on the current level of production that we are approaching a …

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Exxon misses on profit as output hits lowest level in decade

Investors battered the shares of America’s two biggest oil explorers after Exxon Mobil Corp and Chevron Corp posted disappointing earnings, failing to fully capitalize on rising oil prices. For Chevron, weaker-than-forecast financial results didn’t dissuade the company from resurrecting share buybacks to the tune of $3 billion (Dh11 billion) annually …

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Oil heads for a fourth weekly drop

Oil was poised for a fourth weekly decline as the unexpected halt in Saudi shipments through a Red Sea waterway failed to add a significant risk premium to prices, while concerns lingered over how the US-China trade spat will affect demand. US futures headed for a 1.4 per cent decline …

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