LONDON — Brent crude jumped 3 per cent to above US$63 a barrel on Thursday, extending a rebound from five-year lows this week as oil’s six-month price rout forced more energy firms to cut investments in new production.
Oil this week slumped as low as US$58.50 and has almost halved since June as fast-growing U.S. shale output overwhelms demand, with losses accelerating after producer group OPEC decided not to cut output at its meeting last month.
Hong Kong (AFP) - Asian markets rallied Friday and the dollar edged back towards 110 yen after the United States released forecast-busting economic growth data that soothes concerns about the global outlook.
Brent crude oil rose towards US$110 per barrel on Tuesday after oil exports from Libya fell to their lowest for two years, heightening supply worries ahead of scheduled cuts in output from fellow OPEC member Iraq.
Striking security guards shut Libya’s two biggest crude export terminals on Monday, hours after they had reopened, and more oilfields have closed in a wave of protest that has swept the North African oil producer.