Overall US commercial crude oil stocks have fallen by 10 per cent from their late-March peaks. (Photograph: Finbarr O’Rourke)

US oil opened above $50 (€42) per barrel for the first time since late May on Tuesday, supported by strong fuel demand, but ongoing high supplies from(...)

Saudi Arabian Energy Minister Khalid al-Falih, Russian Energy Minister Alexander Novak, Kuwaiti Oil Minister Essam al-Marzouq and OPEC Secretary General Mohammad Barkindo attend a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg. (Reuters)

Oil rallied on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of gl(...)

A Panamanian-flagged  oil tanker  anchored 14km south of Singapore. Traders are again hiring oil tankers to store unsold crude while they wait for higher prices. Photograph: Reuters

Oil prices were not far off six-month lows, held down by a supply overhang that persists despite an Opec-led effort to cut production and prop up crud(...)

A TV camera is seen inside the headquarters of the Organization of the Petroleum Exporting Countries (Opec) in Vienna, Austria. Photograph: Reuters

Opec will extend its production cuts into 2018, as the oil cartel and its allies attempt to end a three year supply glut that has hammered crude price(...)

The US strategic petroleum reserves are the world’s biggest, standing at about 688 million barrels, a week’s worth of global oil demand. Photograph: Getty Images

Oil prices fell on Tuesday after US president Donald Trump proposed the sale of half the country’s strategic oil reserves, even as producer club Organ(...)

Russia and Saudi Arabia between them produce about 20 million barrels a day of crude, equivalent to one-fifth of global consumption. Photograph: Sergei Karpukhin/Reuters

Oil rallied after Saudi Arabia and Russia stoked expectations that production cuts might be extended for nine months. While output curbs introduced (...)

Saudi Arabia’s energy minister  Khalid Al-Falih: said he expected an Opec-led deal to cut output to be extended to the rest of 2017 “and possibly beyond”. Photograph: Reuters

Saudi Arabia’s energy minister Khalid Al-Falih said on Monday that oil markets were rebalancing after years of oversupply, but that he still expected (...)

Brent and WTI are on track for their largest two-day percentage loss since February 2016

Oil prices fell by a further 3 per cent on Friday, after prices had crashed to five-month lows in the previous session, as concerns about global overs(...)

A Russian oil worker  outside the Siberian city of Kogalym. There are signs that Russia’s output may be falling but that exports remain high as its producers shield their core export markets at the cost of lower domestic supplies or by cutting into inventories

Oil prices dipped on Monday on signs that global fuel markets remained bloated despite Opec-led crude production cuts that have been more successful t(...)

Iraq, which many analysts expected not to reduce supply, said on Thursday it had cut production by 160,000 barrels per day since the beginning of January. Photograph: iStock

Oil prices rose on Thursday, supported by signs that Opec is starting to cut output and expectations of strong demand growth in China. But rising US c(...)