Oil prices

Oil Market Shift Imminent, Sending Prices Skyrocketing

CEO of Occidental Petroleum Vicki Hollub believes the oil market is ready to turn around.

Red Sea Ripples Rock Oil Markets: Prices Slump Nearly 2% on Edgy Investors

Wednesday saw an almost 2% decline in oil prices, offsetting the gains of the previous day as investors kept an eye on events in the Red Sea, where merchants are returning after further attacks on Tuesday.

Oil prices forecast $50 to $70 per barrel through 2022, report says

Overall, demand is set to outpace supply on average over the forecast period.

Oil prices retreat as Iran refuses to freeze output

Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.

Russian GDP shrinks 4.1% in Q3; fall rate eases

Russian GDP fell 4.1% during the third quarter, but it slowed down when compared with the second quarter's drop of 4.6%. The Western sanctions, oil price drop and lower investment activity are taking a toll on the Russian economy. The oil and gas sector is a major contributor to the Russian economy.

Amec Foster Wheeler halves dividend; raises cost saving target

Hit by the continuous drop in oil prices and lower spending by its customers, Amec Foster Wheeler Plc has halved its dividend payout for 2015. The British oil and gas services company forecasts thin margins during the second half of 2015. .

Oils Prices Rallied, But Recovery Still To Take Longer

Oil Prices increased Wednesday, but Shell is not expecting recovery any time soon. Lower inventories and oil production in US petroleum supply caused a spike on oil prices Wednesday, but giant oil company Shell admitted it will still take longer before any recovery.

Oil prices finally move up into positive territory

Oil prices finally moved up to positive territory Wednesday with small gains in Asian market due to stronger sentiments from some of the major financial markets in the region.

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