Oil prices
Oil prices slide in lockdown-driven rout
Both main oil contracts fell five percent for part of the day before clawing back some of their losses, extending this week's meltdown to plumb four-month lows...
Brent crude was up 44 cents, or 1%, at $44.87 a barrel by 0810 GMT, while West Texas Intermediate oil rose 43 cents, or 1%, to $42.13 a barrel.
US crude prices bounced back into positive territory Tuesday, a day after crashing below $0.00 for the first time owing to crippled demand and a storage glut, while the commodity rout sent Asian equities sharply lower.
In late morning London deals, Brent surged 4.5% to $69.23 per barrel and WTI jumped 4.1% to $63.71, as traders fretted over the dramatic escalation in tensions.
The attack on Saudi oil facilities on Saturday not only knocked out over half of the country’s production, it also removed almost all the spare capacity available to compensate for any major disruption in oil supplies worldwide.
Oil from landlocked Chad, piped southwestward and exported by sea via Cameroon, has increased in volume since new fields came online this year.
Brent crude for June delivery was up by 43 cents, or 0.6%, at $68.01 a barrel by 0214 GMT, having risen 27% in the first quarter.
Oil prices fell to their lowest in more than a year on Thursday pulled down by worries about the global economy and a supply glut.
That's despite lower oil prices which are likely to have a positive impact on inflation.
The laws governing supply and demand could steer all of us down a road to devastating degrees of global warming, argues an energy scholar.
Amid sharp differences over which way to go, the oil market continued under pressure.
International Brent crude oil futures were at $61.37 per barrel at 0240 GMT, down 71 cents, or 1.1% from their last close.
Opec and its allies led by Russia have been restraining production under a pact reached in late 2016 to prop up oil prices.
The call comes days after the US president criticised OPEC for high oil prices and called again on the exporting group to boost crude output to cool the market ahead of midterm elections in November for US Congress members.
The upcoming fuel hike is expected to be the highest single increase South Africa has ever experienced.
In some countries, including India, New Zealand, Norway, Germany and Chile, airfares are expected to rise by more than 7%.
Oil Minister Tarek El Molla said the price rises will help Egypt save up to £50 billion in allocations for state subsidies in the 2018-19 state budget.
Fuel prices are about to soar to all-time highs, the AA warned on Thursday. Bruce Whitfield interviews economist Kevin Lings.
Brent crude rose to another 3-1/2 year high of $77.89 overnight amid fears of supply disruptions after President Donald Trump withdrew the United States from a nuclear accord with Iran and ordered sanctions to be reimposed.