Oil prices fell more than 1 percent on Tuesday, with benchmark Brent crude slipping below $70 per barrel and U.S. crude under $60, after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.
The U.S. dollar hovered near 16-month highs <.DXY>, making oil
ABU DHABI (Reuters) - Saudi Arabia is not preparing for a break up of OPEC and believes the group will remain the global central bank for oil for a long time, Saudi Energy Minister Khalid al Falih said on Monday.
Saudi Arabia's top government-funded think-tank has been studying the possible effects
The oil market's two-year bull run is running into one of its biggest tests in months, facing a tidal wave of supply and growing worries about economic weakness sapping demand worldwide.
After topping out at more than $75 and $85 a barrel just a month ago, both U.S. crude and Brent
Brent crude oil prices hit a fresh four-year high on Tuesday amid looming U.S. sanctions against Iran and an apparent reluctance by OPEC and Russia to raise output to offset the expected to hit to supply.
Brent crude futures <LCOc1> rose to $81.69 a barrel shortly after 0600 GMT, a level
Oil prices jumped more than 2 percent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.
Benchmark Brent crude <LCOc1> hit its highest since November 2014 at $80.94 per