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They explained this policy shift by stating that they wanted to defend their market share and didn’t want customers buying oil from other sources.

Meanwhile, the spread between the Brent and the WTI crude contracts stood at 7.08 a barrel, compared to 6.88 by close of trade on Wednesday.

Brent oil closed at a $4.45 premium to West Texas Intermediate, the U.S. benchmark.

“There is no end in sight to the nose-dive that oil prices have been experiencing”, Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in a report. A stronger greenback makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand.

But sharp price falls are beginning to encourage demand and the IEA forecast world oil demand would grow by 1.6 million barrels per day this year, up 200 000 bpd from its previous estimate and the fastest pace in five years. At the Multi Commodity Exchange, crude oil for delivery...

An increase in Iranian crude oil production of around 600,000 barrels per day is likely in the latter half of next year, a U.S. federal report found.

The renewed drop in oil prices has sent energy stocks skidding, weighing on global market indexes, and unnerved investors. Puts give the holder the right, but not the obligation, to sell NYMEX crude futures at a predetermined strike price.

Spot prices of Western Canada Select (WCS), a marker for heavy, diluted bitumen from Alberta’s oil sands sank to a 12-year low near $20 a barrel. WTI may drop to $US32 on the persisting global surplus, Citigroup Inc. said in a report August 19.

Leading members of the Organization of Petroleum Exporting Countries are maintaining output, while Citigroup Inc. predicts crude may slide to as low as $32/bbl, a level last seen during the world financial crisis.

At the RBI’s monetary policy review last earlier this month, Governor Raghuram Rajan said the fall in oil prices has been very beneficial for the country. In a future column, I’ll discuss the effects of the decline on the U.S. Federal Reserve’s timetable for...

October U.S. crude was down 87 cents or 2.1% at $40.44 per barrel having at one time touched a low of 6 ½ years at $39.86 per barrel during the day. At the same time the global benchmark Brent fell 2.5% down to $45.46 per barrel.

“It made no sense to me that crude oil hung around $60 per barrel a few weeks earlier this year“.

US crude oil fell towards $40 a barrel on Thursday after overnight data surprised analysts with a jump in US oil inventories.

WTI crude has plummeted more than 31 per cent over the past eight weeks, second only to a 10-week losing streak between December 1985 and March 1986, which resulted in the US benchmark dropping 54.33 per cent to $12.28 a barrel.

US crude inventories continued to rise last week, as imports rose and shale production fell slower than expected, despite falling prices.