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Oil prices rise on Greek deal

NEW YORK — Oil prices rose on Thursday, with Brent hitting six-month highs in part due to hopes of a Greek debt deal — helping to offset a slight cut in OPEC’s demand growth forecast. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March,…

Oil prices weaken as OPEC meets on output

World oil prices fell on Wednesday, dampened by eurozone worries and falling shares, as OPEC ministers began a production meeting which was widely expected to maintain output, traders said. Later in the day, traders will also digest the latest snapshot of energy inventories in the United States — the world’s top crude consuming…

Iran condemns IEA decision to release oil stocks

TEHRAN (Reuters)- Iran condemned on Saturday a decision by oil consumer nations to release strategic crude stocks as politically motivated interference in the market that would not have a sustained impact on prices. “The measure by the International Energy Agency in consuming their oil stockpile is meddling in the natural…

Divided OPEC begins critical oil output meeting

VIENNA (AFP) – OPEC began a tense output meeting here on Wednesday amid uncertainty over the outcome, with clear divisions over whether the cartel should boost production to help revive flagging growth. The grouping of 12 member nations pumping 40 percent of global oil supplies, faces a crucial decision on…

Oil prices fall amid rumors of increased output

NEW YORK – Oil prices fell Monday amid worries about a faltering global economic recovery and speculation that the OPEC may raise supply. New York’s main contract, WTI light sweet crude for delivery in July, finished the trading session at $99.01 a barrel, a loss of $1.21 from Friday’s closing…

Oil climbs despite Saudi output pledge

LONDON — World oil prices advanced on Tuesday despite OPEC kingpin Saudi Arabia’s pledge to ensure sufficient supplies to cover Libya’s production shortfall. Brent North Sea crude for delivery in April rose 67 cents to $112.47 per barrel. New York’s light sweet crude for April, known as West Texas Intermediate…

US urges oil output boost to ease prices

RIYADH – US Deputy Secretary of Energy Daniel Poneman on Tuesday called on oil producers to boost output in a bid to ease crude prices, which struck $108 over unrest in the Middle East. “We think that the proper response (to the high prices) is that producers respond to those…

Energy agency warns of danger from high oil prices

PARIS – The global recovery will drive oil prices dangerously higher this year, possibly to the level where they could push the economy into a marked slowdown, the IEA warned Thursday. The prospect of rising inflation, driven by oil and other higher commodity prices, coupled with political instability in the…

Iraq will be ‘big player’ at OPEC meet: US diplomat

Iraq will be a “big player” at OPEC’s meeting in Angola later this month over its allocated crude production quota following a string of deals with oil majors, a senior US embassy official said on Sunday. The Organization of Petroleum Exporting Countries meeting in Luanda on December 22 will come…

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