OPEC will not take sole responsibility for propping up the oil price, Saudi Arabia's oil minister said on Sunday, signaling the world's top petroleum exporter is determined to ride out a market slump that has roughly halved prices since last June.
Tags: Oil price
Bill Gross sees further 10% drop in US stocks
Bill Gross, a bond manager, forecasts further fall of 10 percent in many asset classes, while advising investors that cash is the best bet until a clear picture about the next direction of the market emerges.
Three crisp sentences that best summarize the current market condition
Global markets these days have become more and more unpredictable with the US and Chinese stocks' consistent historical upswings and plunges in the past few months. To make things worse, the oil price has hit a six and a half year low. The condition can finally be compared to the days right after the 9/11 attacks.
Oil price up 27% in just 3 sessions; OPEC agrees on a fair price deal
The oil price surged to one-month high at $47.31 a barrel on New York Mercantile Exchange (NYME). Oil futures reached $48.09 indicating its highest since 31 July. The rebound in oil prices was mainly due to two factors.
US energy stocks slip as oil price drop continues to 6-year low
The oil price in the global market continued to skid further on Wednesday touching a new low since March 2009 while crude inventories in the US are increasing.
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Plunging oil prices have sparked a big rally in Asian government bond markets as lower fuel costs cut inflation expectations, but the rally could be built on shallow foundations as monetary policymakers remain out of step with tumbling bond yields.
Sliding oil prices and a downbeat China factory survey weighed on Asian shares on Tuesday, while the ruble jumped against the dollar after Russia sharply increased its benchmark interest rate in a bid to halt a collapse in its currency.
Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.
India recently announced that it will raise the price of natural gas. (Photo : Reuters)The image is one of the largest coal mines in the world, operated by Coal India Ltd.
