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US benchmark West Texas Intermediate (WTI) for September delivery dropped 17 cents to Dollars 42.06 in late-morning trade after falling below USD 42 a barrel earlier in the session, the lowest price since March 2009.

The U.S. benchmark hit 6-1/2 year lows near $40 a barrel on Wednesday and Brent crude for October delivery LCOc1 was down 29 cents at $46.33, after settling 54 cents lower in the previous session. Oil is down 34 percent from its high of $61.43 this year, and 62 percent from its...

Iran can boost output by 500,000 barrels a day within one week after sanctions are lifted, Oil Minister Bijan Namdar Zanganeh said earlier this month. In a June survey, the average year-end forecast of participants was that West Texas Intermediate crude would be at .80 per barrel.

“While this is a clear sign that low prices will lead to less production, it was not enough to convince people yesterday”, Commerzbank senior oil analyst Carsten Fritsch said. Meanwhile, Nymex September West Texas Intermediate Crude dropped 4.7 per cent, or $2.02, to...

Oil prices dived Wednesday as a government report showed that U.S. crude stockpiles of last week increased unexpectedly. The figure was 2.62 million barrels higher than it was the previous week, and disappointing to economists who had been expecting a decline of 820,000 barrels....

Traders are girding for further weakness with the end of summer driving season. Prices consolidated after a six-week rout driven by global oversupply and concerns about falling demand in Asian economies and the United States.US government data on crude stockpiles is due at 10:30...

Light, sweet crude for September delivery dropped $1.27, or 3%, to $41.35 a barrel on the New York Mercantile Exchange.

U.S. September crude was down $1.85 at $40.77 a barrel at 11:41 a.m. EDT (1541 GMT), having fallen to $40.60, the lowest front-month price since March 2009. It said markets will be tracking the eurozone, U.S., and Chinese flash PMI data on Friday very closely.

US crude oil, also known as West Texas Intermediate or WTI, was down 45 cents at US$40.35 a barrel by 0910 GMT, after hitting a new 6-1/2-year low of US$40.23.

“While U.S. crude oil production this year is expected to be 100,000 barrels per day less than previously forecast, oil output is still on track to be the highest since 1972″, said Adam Sieminski, Administrator with the EIA.

A study commissioned by a joint U.S.-British taskforce suggests that global food shortages may be three times as likely to take place due to the ongoing climate change problem.

Oil traders are bracing for a rapid build-up in inventories in the coming weeks, likely testing Cushing’s storage capacity limits, as refiners shut for spring maintenance; the rise may be swifter than expected due to the unexpected prolonged closure of the biggest crude...

A global oil oversupply since last summer, led by stubbornly strong U.S. shale crude output and record production by Middle East producers, has driven prices down from June 2014 highs above $100 a barrel.

The global Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and expected non-Opec supply growth to decline next year, with US producers hardest hit. “Our latest balances show that while the overhang will...

The EIA now forecasts the Brent crude price to average $59.42 a barrel in 2016, down $7.62 a barrel from the June estimate.