Oil prices extended losses on Thursday as the industry grappled with the growing global surplus of crude and the sharp coronavirus-led downturn in demand, with the outlook still grim despite April data showing a rise in imports into China. Brent crude LCOc1 was down by 24 cents, or 0.8%, to...

Oil prices slid and world equity markets see sawed Wednesday as investor hopes for a pickup in business activity were weighed against downbeat economic data and low fuel demand highlighted by a rise in U.S. crude stockpiles to three-year highs. The safe-haven Japanese yen and dollar rose on...

Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry sources said.  Less than full compliance by Iraq, as well as by smaller...

Oil prices rose on Tuesday, extending gains from the previous session, on expectations that fuel demand will begin to recover as some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures. West Texas Intermediate crude CLc1 futures rose as much as 8.2% to a...

Jordan's cash-strapped economy is expected to contract around 3 percent in 2020 due to the impact of the coronavirus as government revenue plunges due to a tight lockdown that paralyzed businesses, the finance minister said Sunday. The International Monetary Fund (IMF), which last March...

Iran's parliament has passed a bill allowing the government to slash four zeros from the rial, Iranian state media reported Monday, after a sharp fall in the value of the currency as a result of crippling U.S. sanctions. Iran's national currency will be changed from the rial to the Toman,...

Malls in the United Arab Emirates' capital Abu Dhabi began reopening to a restricted number of customers this weekend as the UAE eases lockdown measures imposed more than a month ago to combat the novel coronavirus. Three Abu Dhabi malls reopened on Saturday at 30 percent customer capacity...

(EQTSAD)- The economic crises in the Gulf countries, as a result of oil prices fall due to the Coronavirus pandemic, looming that a large part of the Syrian workers will lose their jobs, which will definitely affect a wide segment of the interior Syrians, particularly families that depend on...

Iraq's revenues from oil exports fell by over 50% in April due to the drastic drop in global oil prices, authorities said on Saturday. Baghdad exported over 103 million barrels of crude oil in April, generating approximately $1.42 billion at an average of $14 per barrel, the Iraqi Oil...

Iran on Friday rejected US claims it is helping Venezuela to rebuild its oil industry, saying the accusations are designed to increase pressure and disrupt the two countries' trade ties. Elliott Abrams, the envoy leading US efforts to topple Venezuela's leftist leader Nicolas Maduro, has...

Oil slipped to around $26 a barrel on Friday as weak demand due to the coronavirus crisis and excess supply pressured the market, even as OPEC and its allies began a record output cut. The global oil benchmark, Brent crude, has collapsed 60 percent in 2020 and reached a 21-year low last...

The number of Americans filing for unemployment benefits because of the coronavirus has soared past 30 million, worsening a crisis unmatched since the 1930s and turning up the pressure on political leaders to lift restrictions that are choking the economy. Government figures released...

Oil prices jumped on Thursday, buoyed by signs that the U.S. crude glut is not growing as quickly as expected and that fuel demand battered by COVID-19 restrictions is starting to pick up. West Texas Intermediate (WTI) crude futures CLc1 climbed to a high of $17.75 a barrel and were up...

A large convoy of Iranian vessels were detected approaching Syria's Baniyas port on Tuesday, according to a maritime group which monitors the movement of oil tankers. They were allegedly carrying a staggering 6.8 million barrels of oil, the Middle East Economic Survey (MEES) have...

The world's biggest smartphone maker, Samsung Electronics, reported a three-percent drop in first-quarter net profits on Wednesday, as the coronavirus pandemic dampened consumer demand. Net profits in the January-to-March period were 4.88 trillion won ($4 billion), down 3.1 percent from a...

Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand. Brent crude LCOc1 rose ‮‮‮10‬‬‬ cents,...

The U.S. dollar fell across the board Monday as traders turned more positive and less averse to risk amid an easing in coronavirus lockdown restrictions in several countries. The U.S. dollar was weaker against the Japanese yen and the euro as investors turned slightly more positive on Italy...

 Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects. Egypt and Lebanon face a blow as their workers in the Gulf send back less of the much-needed dollars that help keep their fragile economies...

Lebanon’s politically influential Maronite Christian patriarch backed the long-serving central bank governor on Sunday, after the prime minister cast bank chief Riad Salameh as responsible for a currency crash that worsened sharply in recent days. The pound, which has lost more than half...

The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. In just a few months, the...