Petroleum industry

North Korea denounced the U.S. deployment of a naval strike group to the region on April 11, warning it is ready for "war" as Washington tightens the screws on the nuclear-armed state.

The strike group - which includes the Nimitz-class aircraft supercarrier USS Carl Vinson - cancelled a planned trip to Australia this weekend to head to the Korean peninsula in a show of force.  

Foreign ministers from the Group of Seven major industrialized nations meet on Monday for an annual gathering, with Europe and Japan seeking clarity from the United States on an array of issues, especially Syria, Reuters reports.

Turkey-U.S. relations have passed through many phases since the end of the Second World War, with many ups and downs. Every period has its own label and legal framework attached to it. 

Oil fell further towards $50 a barrel on March 27, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude.

U.S. President Donald Trump's administration said on March 24 it has granted a permit for TransCanada to build the Keystone XL oil pipeline, giving final approval to a project his predecessor had halted over environmental concerns.

Saudi Arabia on March 22 lost its high-quality credit rating from the Fitch agency, which lowered the kingdom a notch because of worsening public finances as the oil price wobbles.

Dropping its notation from AA- to A+, Fitch said it was doubtful whether Saudi Arabia could implement its reform program after a "significantly wider than expected fiscal deficit in 2016."

Oil prices continued to fall on Thursday after substantial losses the previous day, dragged down by a surge in US inventories.

The major benchmarks were down over a dollar with Brent crude trading at $51.87 per barrel. US West Texas Intermediate was at $49.05 during afternoon trading, falling below $50 per barrel for the first time since December.

US military action against North Korea is an "option on the table," Secretary of State Rex Tillerson has stated, adding that Washington's "strategic patience" with the isolated country has ended.

Greek Foreign Minister Nikos Kotzias is due to begin on Monday a two-day visit to Washington where he will hold talks with US Secretary of State Rex Tillerson and National Security Adviser Army Lieutenant General H.R. McMaster.

Kotzias will also meet with members of the American Congress and Greek diaspora organizations. 

US investment bank Citi has posted a bullish prediction about oil prices. As supply and demand levels continue to rebalance, crude is likely to reach $70 per barrel by the end of 2017, the bank said in a note.

However, the increase will come gradually, and a surge is to be expected a few months later, said Citi.