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U.S. seeks to seize gasoline in four Iran tankers bound for Venezuela

U.S. prosecutors late on Wednesday filed a lawsuit to seize the gasoline aboard four tankers that Iran is shipping to Venezuela, the latest attempt by the Trump administration to increase economic pressure on the two U.S. foes. The government of Venezuela’s socialist President Nicolas...

Oil prices gain on fall in U.S. crude stockpiles

Oil prices rose on Thursday as a sharp drop in oil stockpiles outweighed concerns that a spike in U.S. coronavirus infections and revived lockdown measures in California could stall a recovery in fuel demand. Brent crude LCOc1 futures were up 21 cents or 0.5% at $42.24 a barrel by 1114 GMT,...

Saudi Arabia triples VAT in unpopular virus-led austerity push

Saudis braced Wednesday for a tripling in value added tax, another unpopular austerity measure after the twin shocks of coronavirus and an oil price slump triggered the kingdom's worst economic decline in decades. Retailers in the country reported a sharp uptick in sales this week of...

Oil prices set for modest recovery on OPEC+ cuts, improving demand

Oil prices will consolidate at around $40 a barrel this year, with a recovery gaining steam in the fourth quarter and into 2021 on OPEC-led production cuts and as economies limp back from coronavirus lockdowns, a Reuters poll showed Tuesday. The survey of 45 analysts forecast benchmark...