Oil prices fell on Thursday as the market geared up for a weekend meeting of OPEC in Cairo where the crude producers' cartel may decide against slashing output.- Crude oil prices declined in futures trading on Tuesday on emergence of selling by traders in line with a weakening trend in overseas markets.
- Crude oil rose above $51 a barrel in New York, as equities climbed and the US dollar weakened, enhancing the appeal of commodities as a currency hedge.
- The price for crude oil produced by the Organisation of the Petroleum Exporting Countries continued falling last Friday, when it dropped to $42.56, the cartel reported on Monday.
Oil-rich states and companies that reaped unprecedented gains when prices skyrocketed have a moral duty to ease the world's economic crisis, Indonesian President Susilo Bambang Yudhoyono said on Friday.
Oil prices dropped on Wednesday, with Brent crude falling close to $50 a barrel, as demand for energy weakens worldwide and as the market awaits data on the health of US crude stockpiles.
Iran is to cut down oil sales to the French energy giant Total by 70,000 barrels per day following an OPEC decision to slash output amid falling prices, the oil minister said on Saturday.
Petroleum Minister Murli Deora on Thursday petitioned Finance Minister P Chidambaram for more oil bonds to tide-over their financial crisis.
Iran said on Sunday that OPEC will consider an output cut of one to three million barrels per day of oil in its upcoming meeting, the Mehr news agency reported.- Crude oil prices maintained its rising spree for the second day on Wednesday in futures trading as traders enlarging their positions at lower levels.
- The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) eased by a further $0.72 on Thursday, OPEC said on Friday.
Oil prices rose sharply for a second day running on Thursday, bouncing above $102, as the US currency fell after major central banks further boosted liquidity on financial markets.
International Energy Agency on Thursday asked India to remove subsidies on fuel to moderate demand in the country that had contributed to high international oil prices.
Growth in six core infrastructure industries dropped to 4.3 per cent in July 2008-09 from 7.2 per cent a year ago, which economists feared could stunt the expansion of an already slowing economy.
Gold prices rose by 2.53 percent in the futures trading on Monday on emergence of festive buying amid better trend in Asian markets.- Iraq has signed its first major oil deal with a foreign company since the fall of Saddam Hussein's regime, a spokesman for the Iraqi oil ministry said, IRNA news agency reported on Sunday.
- Slightly more than three-fourths of the Gulf's oil production and nearly 40 percent of its natural gas output had been shut down.
- India's crude oil imports soared over eight percent in July to match rise in fuel consumption that continued to be propelled by double-digit growth in diesel demand.
- Oil prices rose to near $119 a barrel on Thureday in Asia on fears that Tropical Storm Gustav could strengthen on its way toward crude and natural gas rigs and refineries in the Gulf of Mexico.
- World oil prices declined in Asian trade on Monday as the US currency's recent gains sapped appetite for dollar-denominated commodities including oil, dealers said.
- Crude oil is headed for its biggest weekly increase in more than two months after rising almost 5 percent on Thursday as the dollar slumped, prompting investors to buy commodities.
- At least 100,000 small companies have been shut down in Mexico due to the soaring oil prices and new tax laws, the Latin American Organization of Small and Medium Companies has said.
- Crude oil rose for a third day in New York on concerns that Russian and Caspian Sea supplies may be disrupted after the US agreed on Wednesday to construct a missile-defense system in Poland.
- World oil prices rose in Asian trade on Wednesday on fresh supply concerns after key producer Venezuela indicated it could ask OPEC to cut output, dealers said.
China will complete the construction of its first four strategic oil reserve bases that can store over 16.4 million cubic metres by the end of this year, ensuring steady supplies to fuel its double-digit GDP growth.
