The U.S. dollar Tuesday traded between 2,800 and 2,850 Lebanese pounds in the exchange market. “The price of the dollar did not change drastically today despite the circular of BDL to set up an electronic platform to determine the price of the dollar,” one exchange dealer told The Daily...

Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low. Overall, hedge funds and other money managers were still net sellers of...

Saudi Arabia and Russia are "very, very close" to a deal on oil production cuts, Kirill Dmitriev, head of Russia's sovereign wealth fund, told CNBC Monday. "I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to...

 Lebanese banks are to apply an exchange rate of 2,600 pounds per dollar for withdrawals from small accounts of up to 5 million Lebanese pounds, a central bank source said Monday, in the implementation of a new circular issued Friday. Lebanon is still applying an official peg of...

Saudi Arabia sharply criticized Russia Saturday over what it described as Moscow blaming the kingdom for the collapse in global energy prices, showing the tensions ahead of an emergency meeting of OPEC and other oil producers. Oil prices sharply fell after the so-called OPEC+ group of...

President Vladimir Putin said on Friday Russia was ready for deep oil production cuts with the United States and OPEC, but firmly put the blame for the collapse in oil prices on OPEC’s de facto leader Saudi Arabia. Putin, speaking in a televised video conference with Russian government...

The United States economy will shrink 5.5% in 2020, the steepest drop since 1946, with a huge 38% contraction predicted for the second quarter, Morgan Stanley said on Friday in a new batch of forecasts on the economic damage from the coronavirus outbreak. The U.S. bank said it had cut its...

Oil prices rocketed Thursday after US President Donald Trump said Russia and Saudi Arabia planned to end their price war by slashing output. But gains for Brent North Sea crude of nearly 46 percent cooled to around 20 percent as Russia denied it had spoken with Saudi Arabia, the world's...

 BlackRock’s Managing Director Amer Bisat said on Wednesday that the world economy could contract by 11% in the first half of 2020 and lose $6 trillion in economic output due to the coronavirus pandemic. “To put this in context, this will be worse than the contraction that we saw in...

The non-oil economies of the energy-rich Gulf states are likely going in reverse this year, shrinking in the case of Saudi Arabia for the first time in more than three decades. Once they shift into higher gear, the bounceback will generate so little momentum that a creeping recovery may...

US President Donald Trump said Tuesday he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows. The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when...

Saudi Aramco has asked key energy service companies to support the state oil giant’s plans to produce at its maximum oil output capacity of 12 million barrels per day “starting April 1 and for the foreseeable future”, a Saudi oil industry source told Reuters on Tuesday. Aramco has also told...

The Turkish economy was healing after a recession when the new coronavirus struck, leaving Ankara scrambling to contain the damage with stimulus measures worth billions and facing demands to do much more. The death toll in Turkey is 168 with 10,827 recorded cases of the virus but the fear...

Collapsing oil prices are costing some OPEC members not only lost revenue when they most need it to tackle the coronavirus crisis, but also market share they may never recoup. OPEC producers such as Nigeria, Angola, Algeria and Venezuela cannot compete with the lower costs of erstwhile...

 Saudi Arabia and the United Arab Emirates are spending tens of billions to prop up their economies during the coronavirus crisis and oil price slump but the scaling back of state projects is blunting the impact. The pain felt by the tourism, retail, hospitality and logistics sectors...

 Sovereign wealth funds from oil-producing countries mainly in the Middle East and Africa are on course to dump up to $225 billion in equities, a senior banker estimates, as plummeting oil prices and the coronavirus pandemic hit state finances. The rapid spread of the virus has ravaged...

Millions of people across the world have lost their jobs, and trillions of dollars have been wiped off the value of stock markets. But not everyone has lost out. Jeff Bezos, the world’s wealthiest person, is $5.5bn (£4.3bn) richer today than he was at the start of the year. His paper...

The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in 2021,...

Oil prices rose on Friday after world leaders promised a massive injection of funds to limit the economic fallout from the coronavirus pandemic, despite fears the outbreak will destroy demand for oil. After tumbling for the past four weeks, Brent crude was up 50 cents, or nearly 2%, at...

U.S. crude prices rose slightly on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, but government data shows the coronavirus pandemic started to hurt U.S. fuel demand last week. Demand for oil products, especially jet fuel, is falling dramatically as...