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Oil prices drop over de-escalating tensions in the Middle East
Jan. 14, 2020
Source: Reuters

Oil prices drop over de-escalating tensions in the Middle East

Oil prices slipped in the international market on Tuesday, as the tensions between the US and Iran deescalated after this month’s clash. Brent crude LCOc1 dipped down 0.1%, to $64.12 per barrel. U.S. West Texas Intermediate crude futures CLc1 were traded 0.1% lower, at $58.04 a barrel. However, the losses were capped by the expectations of a drawdown in U.S. crude stockpiles and, optimism about the potential US-China trade deal.

Oil Prices dip over receding fears of Middle East war
Jan. 10, 2020
Source: Reuters

Oil Prices dip over receding fears of Middle East war

Oil prices fell in the international market on Friday, amidst the receding threat of war in the Middle East and slower economic growth gained attention. Brent crude LCOc1 slipped 0.3%, to $65.17 a barrel. US WTI were priced 0.3% lower, at $59.36 a barrel. Oil prices have reached as down as it was before the death of top Iranian general, Qasem Soleimani last week.

Oil gains over escalating tensions in the Middle East
Jan. 3, 2020
Source: Reuters

Oil gains over escalating tensions in the Middle East

Oil prices rise higher in the International market on Friday, amidst Middle East tensions. Brent crude futures LCOc1 has jumped nearly $3 to hit a high of $69.16 a barrel which is the highest since Sept. 17. West Texas Intermediate (WTI) crude futures CLc1 climbed 2.9%, to $62.94 a barrel. China’s announcement to keep around $115 billion in funds to support the country's ailing economy also boosted oil prices.

Saudi crown prince cautions of unimaginably high oil prices
Sept. 30, 2019

Saudi crown prince cautions of unimaginably high oil prices

Saudi Arabia's crown prince has warned of an unimaginable spike in oil prices lest the world comes together to deter Iran, though he added that a political solution is preferred. Speaking in an interview, Crown Prince Mohammed bin Salman agreed with a statement made by the U.S. Secretary, Mike Pompeo who referred to Sept 14 attacks as an act of war by Iran.

Oil prices advance over tensions in the Middle East
Sept. 23, 2019
Source: Reuters

Oil prices advance over tensions in the Middle East

Oil prices climbed in the international market on Monday, buoyed up by supply concerns from Saudi Arabia and heightened tensions in the Middle East. Benchmark Brent crude futures LCOc1 jumped 0.9%, to $64.84 a barrel. US WTI crude futures CLc1 were traded 0.9% higher, at $58.61 a barrel. Buyers and traders have remained doubtful, despite Saudi Arabia’s continued reassurance of oil supply to the global market.

N-sea wins contracts worth £12m
July 30, 2019
Source: Energy Voice

N-sea wins contracts worth £12m

Subsea inspection, maintenance and repair (IMR) firm N-Sea has won three contracts in the Middle East. The combined worth of these contracts is about £12 million. The company has also been chosen for a saturation diving campaign for spool, clamp and riser installations. Headquartered in the Netherlands, apart from offering services to oil and gas, the company also serves the renewable sector.

Oil prices fall over poll indicating to a slower global growth
July 26, 2019
Source: Reuters

Oil prices fall over poll indicating to a slower global growth

Oil prices slipped in the international market on Friday, stressed by a Reuters survey showing slow global economic growth, however, the losses were checked by tensions in the Middle East. Brent crude futures were priced 0.4% lower, at $63.15 a barrel. US WTI crude was down 0.1%, to $55.97 a barrel. A Reuters poll conducted over 500 economists showed deepening risks of a global economic growth slowdown.

Oil prices push further up as US crude stockpiles drop
July 25, 2019
Source: Reuters

Oil prices push further up as US crude stockpiles drop

Oil prices advanced in the international market on Thursday, buoyed up by an unexpected drop in the U.S. crude stocks and prolonged tensions in the Middle East. Brent crude futures climbed 0.27%, to $63.35 a barrel. US WTI crude were traded 0.3% higher, at $56.06 a barrel. US crude stockpiles dipped by about 11 million barrels last week, beating analysts’ anticipations for a 4 million barrels drop.

Continued tensions in the Middle East pushes oil prices up
July 23, 2019
Source: Reuters

Continued tensions in the Middle East pushes oil prices up

Tensions in the Middle East continued to push oil prices up in the international market on Tuesday. Benchmark Brent crude futures were traded at $63.30 a barrel. US WTI futures were traded at the same rate of $56.22. Amidst the speculations on the potential disruption in supply, IEA has vowed to take immediate action so as to keep global oil markets sufficiently supplied.

Oil rises as tensions escalate in the Middle East
July 22, 2019
Source: Reuters

Oil rises as tensions escalate in the Middle East

Oil prices rose in the international market on Monday, over speculations of supply disruption due to British tanker seizure in the Strait of Hormuz. Benchmark Brent crude futures jumped by 1.4% to $63.32 a barrel. US WTI futures were priced 0.8% higher at $56.10. Both the futures recovered from the sharp downfall last week. Oil prices were also supported by the force majeure on Libya’s largest oilfield, El-Sharara.

Oil prices slip over weak Chinese economic growth
July 15, 2019
Source: Reuters

Oil prices slip over weak Chinese economic growth

Oil prices slipped in the international market on Monday, stressed by slowest Chinese economic growth in the last 27 years. Brent crude futures were traded at $66.51 a barrel. US WTI crude futures were priced at $59.93 per barrel. With local and international demand wavering due to the Sino-US trade war, the economic growth in China decelerated to 6.2% in the second quarter from the previous year.

Oil prices continue journey uphill
July 12, 2019
Source: Reuters

Oil prices continue journey uphill

Oil prices continued its journey uphill on Friday, supported by production cut due to a tropical storm in the Gulf of Mexico and growing tensions in the Middle East. Brent crude futures jumped by 0.4% to $66.81 per barrel. US WTI crude futures were priced 0.5% higher at $60.51 a barrel. The tropical storm in the Gulf has forced oil majors in the region to cut production by over 1 million bpd.

Oil prices jump as Gulf of Mexico faces tropical storm
July 11, 2019
Source: Reuters

Oil prices jump as Gulf of Mexico faces tropical storm

Oil prices jumped in the international market on Thursday, amidst tropical storm in the Gulf of Mexico and the tensions in the Middle East. Brent crude futures were priced 0.5% higher, at $67.31 a barrel. US WTI crude futures were traded 0.6% higher, at $60.77 a barrel. With a tropical storm expected to hit Gulf of Mexico on Friday, 15 production platforms and four rigs were vacated in the region.

Oil prices slips over demand outlook
July 9, 2019
Source: Reuters

Oil prices slips over demand outlook

Oil prices fell on Tuesday over global demand outlook amidst ongoing trade disputes, although the potential for conflicts in the Middle East. Brent crude futures dipped by 0.3% to $63.90 a barrel. US WTI crude futures dropped by 0.4% to $57.41 a barrel. The market has been facing demand pressure due to the U.S.-China trade war. Data released yesterday showed Japan’s core machinery orders dropping to the lowest in eight months.

PTTEP to acquire Partex
June 24, 2019
Source: Muscat Daily

PTTEP to acquire Partex

PTT Exploration and Production Public Co Ltd (PTTEP) has decided to acquire Partex Holding BV. The acquisition will be worth approximately US$622mn. This decision will help PTTEP expand in Oman and open the gates for future investment opportunities in the Middle East. "This acquisition will allow us to create a new business partnership with both national oil companies of Oman and the UAE,” said PTTEP's CEO.

Oil prices rise over US-China trade hopes
June 19, 2019
Source: Reuters

Oil prices rise over US-China trade hopes

Oil prices rose in the international market on Wednesday after US President Trump tweeted about preparations to meet Chinese President in Japan, next week at the G20 summit. Brent crude futures climbed to $62.17 a barrel. US West Texas Intermediate crude rose to $54.02 a barrel. Oil prices were also affected by the rising tensions between the US and Iran, after the attack on oil tankers last week.

Market tumble on Tuesday
June 18, 2019
Source: Reuters

Market tumble on Tuesday

Oil prices slipped on Tuesday over the signs of global economic downturn due to escalating US-China trade tension. Brent dropped by 0.3% and was traded at $60.78 a barrel. WTI went down by 0.2% and was traded at $51.92 a barrel. However, the losses from the drop in prices were restricted due to the tanker attack in Middle East last week.

US assures safe navigations, oil prices jump
June 17, 2019
Source: Reuters

US assures safe navigations, oil prices jump

After the US Secretary of State, Mike Pompeo assured to take necessary steps for safe navigation in the Middle East, oil prices went up. Brent increased by 0.4% and was traded at $62.27 a barrel. WTI climbed 0.3% and was traded at $52.68 a barrel. Mike said, "We don’t want war. We’ve done what we can to deter this".

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