The latest cut by OPEC helped oil prices recover from recent lows, although prices remain much below the head of OPEC’s 2009 target of USD 75 per barrel, a price Mr Botelho de Vasconcelos says is necessary for oil exploration to be viable. For full story, click here
London Brent rise USD 2.98 to USD 48.37 a barrel on January 23rd 2009 and US crude settled up 2.80 at USD 46.47 per barrel. For full story, click here
OPEC could meet before March 2009 if Brent crude oil prices fall to below USD 40 per barrel. For full story, click here
Garware Offshore Services has said the fall in international crude prices and the credit crunch has forced oil exploration and production companies to put on hold their plans for hydrocarbon discoveries. For full story, click here
Crude for March delivery CLc1 fell 57 cents to $45.90 a barrel in Globex electronic trading by 2346 GMT. The contract settled up $2.80, or 6.41 percent, at $46.47 a barrel. For full story, click here
U.S. crude futures fell below $46 a barrel, giving up some of the previous session’s 6 percent gains as fears about a deepening global economic downturn returned to the fore. For full story, click here
Crude oil rose to a two-week high on speculation that stockpiles will decline as OPEC implements promised production cuts and investors purchased commodities as an alternative to stocks and bonds. For full story, click here
Oil prices extended their sharp fall to drop further below $40 a barrel on Tuesday, weakened anew by growing signs of deteriorating world oil demand. For full story, click here
Oil prices extended their sharp fall to drop further below $40 a barrel , weakened anew by growing signs of deteriorating world oil demand. For full story, click here
Oil briefly topped $50 a barrel, boosted partly by expectations OPEC will agree on a deep supply cut this week to try to prop up prices. For full story, click here
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