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Global Oil Glut News

19 Feb 2016

Half of global oil glut may disappear if output deal works

Even if Iran did not agree to join the deal, which is being proposed by Saudi Arabia, Russia, Qatar and Venezuela, Texler said there would still be an effect on the market.

07 Aug 2015

Oil falls below $45 per barrel, inches closer to 6-year low

Oil prices fell again Thursday in a glum market as the global oversupply of crude oil looked entrenched and demand prospects weak.

16 Jun 2015

Oil prices recover amid Greece, supply worries

In mid-afternoon Asian trade, US benchmark West Texas Intermediate for July was up 64 cents at $60.16 while Brent futures for August, a new contract, were up 35 cents at $64.30.

15 Jun 2015

Oil prices fall on oversupply, but US crude supported by Gulf of Mexico storm

"Fundamental data indicates that the oil market is oversupplied by over 2 million barrels per day," the bank said. But it added that due to a recent rally in prices it had lifted its average 2015 Brent and WTI price forecasts to $60 and $55.10 per barrel respectively, up from $52.50 and $48.60 a barrel previously.

09 Jun 2015

Oil prices rise on hopes for China stimulus

Front month U.S. crude climbed 24 cents to $58.38 a barrel by 0320 GMT, after ending the previous session down 99 cents. Brent for June delivery rose 19 cents to $62.88 a barrel, having settled down 62 cents in the previous session.

05 Jun 2015

Oil prices rise ahead of OPEC output meeting

"We expect payroll numbers to go up, and this will in turn firm up the dollar and subsequently make dollar-priced crude more expensive," said Teo.

05 Jun 2015

OPEC expected to keep status quo on oil output

However on Thursday, New York`s West Texas Intermediate (WTI) crude and London`s Brent oil both fell sharply for a second day as traders fretted that a no-change OPEC decision would further fuel the burgeoning global supply glut.

03 Jun 2015

Oil prices down in Asian trade

WTI jumped USD 1.06 and Brent rose 61 cents yesterday after a sharp fall in the US dollar, which made dollar-priced crude cheaper for buyers using weaker currencies.

crude oil futures

01 Jun 2015

Crude oil futures down on weak Asian cues

The trading sentiment eased in futures trade after crude oil prices fell in Asian trade today following gains at the end of last week while there are still concerns about a global supply glut as OPEC prepares for a meeting where it is expected to maintain output, analysts said.

crude oil futures

29 May 2015

Crude oil futures surges by Rs 65 on Asian cues

Crude oil for delivery in June was trading notably higher by Rs 65, or 1.77 percent to Rs 3,733 per barrel, with a business turnover of 4,545 lots in futures trading at the Multi Commodity Exchange.

28 May 2015

Oil prices higher in Asian trade

Analysts expect inventories fell for a fourth consecutive week, by 2.0 million barrels, according to a survey by Bloomberg News.

Global Oil Prices

26 May 2015

Oil prices mixed in Asian trade

Oil is on an uptrend but neither is it on a steady fall. Oil has stabilised at current prices, and in dicates both the WTI and Brent to remain in this USD 60-USD 70 range.

19 May 2015

Oil prices mixed in Asian trade

Global oversupply with weak demand, continue to put a cap on prices despite geopolitical unrest.

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