The glut has seen Iraqi crude grades selling as low as $30 a barrel

Brent crude oil futures edged higher on Friday but were still trading near three-month lows as the pressure of a persistent supply glut weighed on pri(...)

Workers perform maintenance on an oil pumping unit. US oil prices neared six-year lows on Tuesday. Photographer: Andrey Rudakov/Bloomberg

US oil prices fell towards six-year lows on Tuesday after stock markets tumbled in China, the world’s largest energy consumer, adding to worries about(...)

Prices for crude oil, gasoline and diesel jumped more than 3 per cent on Tuesday as bullish investors made bets across the oil complex for another weekly fall in US stockpiles.  Photograph: Jin Lee/Bloomberg

Oil prices rose on Wednesday as US inventories were set to drop further and after the Energy Information Administration (EIA) raised its 2015 oil dem(...)

Crude inventories thought to have increased by 3.3 million barrels last week, before an Energy Information Administration report on Wednesday. Picture: Reuters.

Oil fell for the third time in four days before US government data forecast to show crude stockpiles expanded further from a record. Futures dropped a(...)

The US guided-missile destroyer USS Farragut. The vessel has been sent to the     monitor the situation after receiving a distress call from a cargo ship that was apparently fired on and boarded by Iranian forces in the Strait of Hormuz.  File photograph: Aaron Chase/US Navy handout/Reuters

Iranian forces boarded a Marshall Islands-flagged cargo ship in the Gulf after patrol boats fired warning shots across its bow and ordered it deeper i(...)

Brent crude oil soared more than 4 per cent towards $59 a barrel on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen. Photo: Bloomberg

Brent crude oil soared more than 4 per cent towards $59 a barrel on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation i(...)

The General Motors Chevrolet Volt is unveiled before the  Consumer Electronics Show in Las Vegas. GM’s December sales were 19 per cent up year on year.  Photographer: David Paul Morris/Bloomberg

Falling fuel prices and an accelerating economy lifted US car sales last month, helping to make 2014 one of the strongest years for an industry that f(...)

China stocks closed up more than 2 per cent on Wednesday, boosted by a late afternoon rally which helped the stock market become the best performer among major global bourses this year. (Photograph: Aly Song/Reuters)

Oil headed for the biggest annual decline since the 2008 global financial crisis as US producers and the Organization of Petroleum Exporting Countries(...)

Technicians work to repair an oil pump at an oil field on the outskirts of Karamay in the Xinjiang region of China.Photograph: Gilles Sabrie/The New York Times

Brent oil has fallen to a five-and-a-half-year low under $57 per barrel, as persistent worries about a global supply glut offset concerns about output(...)

A fall in crude stockpiles in the United States may have supported a price increase but sentiment points to further likely decreases.

Brent crude rose above $70 a barrel on Thursday, gaining nearly 1 per cent along with US futures as a fall in crude stockpiles in the United States su(...)