Crude oil prices are slumping and dragging global stock markets sharply lower Monday after a much-hyped meeting of the world’s biggest oil producers failed to produce an agreement on restraining output to tackle the glut on world markets. 436 more words
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Crude oil prices fell around 2 percent on Monday after Iran dashed hopes that there would be a coordinated production freeze any time soon.
Iran’s oil minister, Bijan Zanganeh, said on Sunday that the Islamic Republic would only cooperate in restraining output once its own production levels hit 4 million barrels a day, roughly where they were before the impositions of U.N. 339 more words
Crude futures rose above $35 a barrel for the first time in two months Friday, buoyed by renewed optimism that prices may have bottomed out after data showed U.S. 390 more words
Crude oil futures surged 5% overnight to their highest in a week on reports that Saudi Arabia and Russia were set to put aside their differences and work together on restricting output to end the current glut on world markets. 442 more words