Oil prices were on track to jump more than 7% this week, their biggest weekly rise in months, as early trading on Friday saw gains extended on fresh Middle East tensions after a key Saudi Arabian supply hub was knocked out in an attack last weekend.
A Saudi-led coalition launched a military operation north of Yemen's port city of Hodeidah, as the United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.
Brent crude is on track to rise about 7.7% this week, the biggest weekly gain since January. The front-month November contract was at $64.77 a barrel, up 37 cents, by 06:50 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 55 cents to $58.68 a barrel, set to post a 7.1% gain for the week, the largest weekly rise since June.
Source : Reuters
Oil prices fell on Friday, but were set for weekly gains ahead of the OPEC+ meeting which kicked off Friday in Vienna. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply as...
Oil futures ended on a mixed note Thursday, with U.S. prices settling unchanged for the session and global prices higher, as traders awaited a decision on output from major oil producers, following reports that OPEC and its allies have recommended cutting production by another 500,000 barrels a day....
Oil prices rose on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies led by Russia by more than 4...
Oil futures settled sharply higher on Wednesday, with U.S. prices at their highest finish in almost two weeks as U.S. government data showed the first decline in domestic crude supplies in six weeks. Traders also weighed the possibility that the Organization of the Petroleum Exporting Countries and...
Oil gained on Wednesday ahead of an expected extension to production curbs by OPEC and its allies, with further support from industry data showing a larger than forecast drop in U.S. crude stockpiles. Brent crude futures were up $1.13, or 1.9%, at $61.96 a barrel. U.S. West Texas Intermediate (WTI)...