US crude prices remained close to their lowest in over six years early on Friday, as rising US stockpiles stoked oversupply and on worries over demand from slowing economies in Asia.US oil prices tumbled more than 3% to a 6.5-year low under $42 a barrel on Thursday as data…
The International Energy Agency (IEA) said Wednesday in its Oil Market Report for August that global oil demand in 2015 is expected to grow by 1.6 mb/d, up 0.2 mb/d from IEA’s previous Report and the fastest pace in five years, as economic growth solidifies and consumers respond to lower oil…
OPEC on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that crude’s price collapse is taking longer than expected to hit U.S. shale drillers and other competing sources.In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast no extra demand…
Oil prices slumped in early Asian trading on Tuesday following a jump in the previous session, underscoring the market view that fundamentals are too weak to warrant a push much higher.Crude futures jumped almost 4% on Monday, moving away from January-lows, as speculative traders increased their net-long positions, but…
BP has said it will invest £670m to extend the life of North Sea oil fields for more than 15 years, even as major cost savings in response to the oil price slump have forced it to cut projects elsewhere.
The investment in the Eastern Trough Area Project (Etap) comes…
