Benchmark

Oil rose more than 1 percent to four-month highs on Oct. 6, spurred by another informal Organization of the Petroleum Exporting Countries meeting on output cuts and plunging U.S. crude inventories, with some saying the market has overshot itself with a near 15-percent gain in seven sessions.

Oil prices rose on April 19 as an oil workers' strike in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following the failure by oil producers to agree to freeze output levels on April 17. 

The Brent crude oil price fell below USD 35 a barrel for the first time since 2004 on Wednesday as global oil supply glut and the escalating tensions between major producers Saudi Arabia and Iran have dimmed prospects for cuts in output.

European benchmark Brent crude slid to an 11-year low on Dec. 21 as oil prices resumed their slide in an oversupplied global market facing the prospect of renewed US exports.

In the morning, Brent crude for February delivery was down 59 cents at $36.29.

U.S. pricing standard West Texas Intermediate (WTI) for January delivery was 36 cents lower at $34.37.

Brent crude prices sank under $40 on Dec. 8 for the first time in almost seven years, rocked by OPEC's recent decision to maintain oil output levels despite a chronic supply glut.

European benchmark oil contract Brent North Sea oil for delivery in January tumbled to $39.81 a barrel - the lowest point since February 2009.

Oil prices sank on Sept. 11 after U.S. bank Goldman Sachs slashed its forecasts for crude futures, while the International Energy Agency warned of a major cut to non-OPEC output.

Brent North Sea crude for delivery in October shed $1.05 to stand at $47.98 a barrel around midday in London.

Global oil prices hit 2015 peaks on May 6 as fresh tensions in oil producer Libya raised concerns about a supply disruption in the Middle East, analysts said.

The market was meanwhile awaiting the latest snapshot of oil inventories in the United States, which is the world's top crude consuming nation.

OPEC cannot protect world oil prices which have plunged since June, the United Arab Emirates said on Jan. 13, adding that rising North American shale oil output needed to be curbed.
      

European benchmark Brent oil sank under $50 per barrel today for the first time since 2009, hit by OPEC's production stance, oversupply, weak demand and the strong dollar.

In morning London deals, Brent North Sea crude for delivery in February dived to a 5.5-year low at $49.81 a barrel. New York crude had already slumped under $50 on Jan. 5.

Brent crude oil prices fell over $1 per barrel and below $60 for the first time since July 2009 in early European trading today as Chinese factory activity slowed and stumbling emerging market currencies dented demand expectations.