BP has warned that plans to streamline its business will cost it $1 billion over the next year. The move to simplify the business comes with the price of oil now down 40 per cent below its level last year.  Photograph: Andy Buchanan/ WPA Pool/Getty Images

Oil prices have steadied below $49 a barrel after a volatile day with North Sea Brent and US crude oil dipping towards near six-year lows as another(...)

Oil markets have been heavily oversupplied this year due to increasing output from US shale and  lower-than-expected consumption

Brent crude fell to a 5½-year low of less than $57 (€47) a barrel yesterday as a global supply glut outweighed lost supply from Libya where battling (...)

Brent for January fell to a low of $60.28 a barrel in Asian trade, down $1.57 and its lowest since July 2009

Brent crude oil hit a fresh five-year low close to $60 a barrel on Monday after producer group Opec restated its determination not to cut output despi(...)

Organization of the Petroleum Exporting Countries forecast demand for the group’s oil will drop to 28.92 million barrels per day (bpd) in 2015, down 280,000 bpd

Global demand for Opec crude in 2015 will be less than expected and far below its current output, the group said on Wednesday, pointing to a hefty sup(...)

Oil prices have dropped roughly 30 per cent since June and predictions for the OPEC meeting range from a large output cut to no action at all

Brent crude oil fell towards $78 a barrel after Saudi Arabia’s oil minister said the market “will stabilise itself eventually”, ahead of a key OPEC m(...)

Nabors Industries Ltd drills for oil in the Orinoco Belt near San Diego de Cabrutitas, 300 miles from Caracas, Venezuela. Photograph: Diego Giudice/Bloomberg News

Oil prices tumbled to near four-year lows before paring some losses as the market was hit with conflicting signals on whether Opec will agree to curb (...)

Brent crude fell to $79 a barrel on Monday following news Japan, the world’s fourth-biggest crude importer, had slipped into recession. Photo: Bloomberg

Brent crude fell to $79 a barrel on Monday following news Japan, the world’s fourth-biggest crude importer, had slipped into recession and after comme(...)

OPEC’s secretary general last week said production next year would not vary much from 2014

Brent crude oil fell to a more than four-year low near $82 a barrel on Tuesday, after top oil exporter Saudi Arabia cut sales prices to the United Sta(...)

US crude fell $1 a barrel to $80.84 after posting its largest fall in a single session in nearly two years on Tuesday

Brent crude fell to a fresh 47-month low on Wednesday before recovering to just above $84 a barrel as faltering global growth curbed demand for fuel a(...)

Brent futures eased towards $107 a barrel today as the global supply outlook improved with more Libyan supplies expected to reach the market, a(...)