News Archive for: February 2016

Oil capped the biggest weekly gain since August amid signs of strengthening US fuel demand and speculation that some producers will complete an accord to freeze output.

Crude rose 11 percent for the week after data on Feb. 24 showed U.S. gasoline demand rose as supplies fell.

Producers are deciding where…

Oil rallied as much as 3% on Wednesday with Brent prices helped by news of stalled loadings for the UK’s North Sea oil while US crude futures rose after strong demand for gasoline offset worries about record high crude inventories.Some traders bet Brent and US crude futures would fall…

Iran has thrown its support behind moves to bolster oil prices, but has stopped short of saying it will curb its own output, according to a report.The apparent support from the strategic Opec member state comes after Saudi Arabia, Russia, Qatar and Venezuela earlier this week agreed to freeze…

Crude futures rebounded on Wednesday on investor hopes that a deal between Saudi Arabia and Russia to freeze oil output at January levels would lead to a wider pact among producers that could eventually see production cuts to support prices.Brent crude climbed 47 cents to $32.65 a barrel early…

Iran just revealed its oil prices to European buyers for the first time since sanctions were lifted against the Middle East country. The most competitive pricing compared with Saudi Arabian supply in 21 months underscores its intention to win back market share.

Iran Heavy, one of the country’s main export…