Brent crude oil rose more than $1 to a 12-week high on Thursday after news of a sharp cut in Saudi oil production, an explosion in Yemen that halted most of the country’s oil exports and bullish Chinese trade data.
Saudi Arabia cut its crude oil production by around 700,000 barrels a day (bpd) over the last two months of last year, with December output at around 9.0 million bpd, an industry source familiar with Saudi oil policy said.
I've just finished a new research paper with my former student (and now University of Chicago Professor) Cynthia Wu. In our new paper, we study how increased purchases of crude oil futures contracts by financial investors may have affected the prices on those contracts.
Two people were killed and 16 others injured by an explosion at a gas pipeline near Iran's northeastern city of Mashhad on Friday, local media reported.Mehr news agency, without quoting a source, reported that two workers were killed in the explosion.The website of state television said the explosion took place in the Mazdavand region near Mashhad when a mechanical shovel struck the pipeline.It quoted Alireza Gharibi, head of Iran's Gas Engineering and Development Company, as saying that the blast also left 16 others injured.
The death toll from a gas pipeline explosion near Iran's northeastern holy city of Mashhad on Friday has risen to six, with another 20 people hurt, the ISNA news agency reported on Saturday."The gas pipeline explosion has left six people dead and 20 injured," Gholam Reza Masoumi, head of Iran's emergency services, told ISNA.He said the explosion occurred when a mechanical shovel struck the pipeline that carries gas from Sarakhs refinery to Mashhad, the website said.