News & Commentary

US oil prices recoiled 6% on Monday, slipping below the pivotal $30-a-barrel threshold in post-settlement trade, after news that Iraq’s output reached a record last month returned attention to a market glut that sent prices to 12-year lows last week.US crude settled $1.85, or 5.8% lower at $30.34 a…

Crude futures extended gains on Monday following a surge at the end of last week on short-covering and fuel demand triggered by freezing weather in parts of the northern hemisphere.Oil prices soared 10% on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out…

Oilfield services company Schlumberger said it will continue to ‘adapt’ to the North Sea oil and gas industry as the oil price continues to stay lower for longer.

The company described the situation in the UK as “challenging” after revealing it had cut 10,000 jobs while also reporting a loss…

Crude futures slumped again in early Asian trade on Wednesday, with US oil falling to its lowest since September 2003 below $28 a barrel on worries over a global supply glut.That came as the International Energy Agency, which advises industrialised countries on energy policy, warned on Tuesday that oil…

Oil prices stabilised on Tuesday, supported by strong Chinese fuel consumption and halting a slide to 2003 levels earlier in the week after the full return of Iran to markets added to an already huge supply overhang.Front-month Brent crude futures LCOc1 were trading at $28.94 per barrel at 0439…