Brent oil News

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.

Benchmark Brent crude oil futures rose to as much as $83.32 a barrel on Wednesday and were at $83.09 at 0335 GMT, still 36 cents, or 0.4 percent above their last close.

Analysts said that rising oil prices would likely start to have an inflationary effect.

With oil cartel OPEC cutting production for the first time since 2008 leading to a surge in oil prices, India on Monday said higher rates will risk the country's growth trajectory and pitched for striking a balance between interests of producers and consumers.

Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world`s largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices.

Oil fell back from $50 a barrel in early trade on Monday after Saudi Arabia hinted that the output freeze agreed upon by the OPEC cartel countries last month would be effected quite gradually.

Oil prices rose in early Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.

Brent had climbed 34 cents to $50.08 a barrel by 0520 GMT, its highest since Nov. 4. It ended the previous session up $1.13, or 2.3 percent.

Oil rose above $43 a barrel to its highest level so far in 2016 on Tuesday, supported by hopes that a meeting of oil producers will agree steps to tackle a supply glut, and by a weak U.S. dollar and further signs of strong demand in China.

The oil price may have finally bottomed out after an unprecedented drop over the past 18 months, the International Energy Agency (IEA) said today, noting oil's "remarkable recovery" over recent weeks.

Brent oil fell almost 4 percent on Tuesday, erasing early gains after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output if other big exporters joined them.

Without any particular market-moving news but a persistent global crude oil glut, the oil market slid again Thursday, dragging US crude to its lowest price in nearly 13 years.

Oil fell on Thursday, dipping back towards 12-year lows on persistent concerns about a supply overhang and the outlook for demand.

Prices have crashed about 75 percent since mid-2014, hit by a perfect storm of a supply glut, weak demand, a slowing global economy and a strong dollar.

Brent oil prices tumbled Wednesday below $35 for the first time in 11.5 years, plagued by abundant oversupply and the ongoing row between key producers Iran and Saudi Arabia dimming prospects for production cuts.

Oil prices crept higher Wednesday but still struggled near multi-year lows as analysts warned the weakness will continue past next year.

Oil prices tumbled 7 percent on Tuesday and Brent futures fell back below $50 a barrel as weak Chinese manufacturing data revived concerns about global demand for petroleum.

Oil prices extended their decline on Friday with no sign of an end to a global supply glut.

Oil prices fell in Asian trade on Wednesday as concerns over global oversupply outweighed the impact of a likely larger than expected draw in U.S. crude stocks and a weakening dollar.

Oil prices fell 3 percent on Tuesday, with U.S. crude extending losses for a fifth straight day, as the dollar rallied amid evidence that the United States and top oil exporter Saudi Arabia were pumping more than the world needed.