Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in U.S. output.
Tags: Oil
Iran nuclear deal may open oil taps in months, not weeks
A possible deal over Iran's nuclear program that would phase out economic sanctions against Tehran is unlikely to flood world markets with more oil any time soon, despite Iran's declared intention to claw back market share lost because of the curbs.
Saudi king keeps close hand on oil in remodelling strategic team
Saudi Arabia's subtle change of energy policymaker line-up since the accession of new King Salman in late January appears to give the monarch's inner circle a firmer hand on the kingdom's oil strategy than previous rulers have enjoyed.
India's Jaitley goes for growth, delays cut in fiscal deficit
India's Finance Minister Arun Jaitley on Saturday announced a budget aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit.
Subsidy cuts in India's budget may disappoint investors
India may slash its food and fuel subsidy bill by about $8 billion in next week's budget, two sources said, but despite the impressive headline, the cut is not as radical as free market champions had hoped for in Prime Minister Narendra Modi's first full budget.
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Oil rose above $60 a barrel on Friday for the first time this year, bringing its gain this week to almost 4 percent, supported by signs that deeper industry spending cuts may curb excess supply.
An oil tanker has docked at Libya's port of Hariga for the first time since security guards ended a strike this week and a storm passed, a port official said on Thursday.
The recent slide in global oil prices is a benefit for the world economy and could lead to some upgrades of economic forecasts, Bank of Japan Governor Haruhiko Kuroda said on Monday.
Commodity price-dependent currencies such as the Australian dollar and Norwegian crown were the main movers on major foreign exchange markets on Tuesday, gaining up to a third of a percent on talk of more economic stimulus in China.
Oil’s dramatic price fall since mid-2014 cannot be explained by changes in production and consumption alone, with hedging and energy firms' high debt levels also playing a part, the Bank for International Settlements (BIS) said on Saturday.
Oil rallied again on Friday, with benchmark Brent crude having its largest two-week gain in 17 years, as falling oil rig counts and violence in producer Libya helped further stall a selloff that began in June.
Asian shares edged higher in early trade on Friday and oil prices continued to rebound, even as investors remained wary ahead of the key U.S. nonfarm payrolls report for January later in the session.
Oil rose toward $55 a barrel on Thursday, recovering from part of the previous session's slide after China took steps to pour liquidity into the world's second-biggest economy, although traders and analysts said oil's outlook looked weak.
The U.S. dollar steadied on Wednesday after its worst day in more than a year, and a retreat in oil prices after four days of gains halted a rally in European stock markets.
