World oil market chronology

Oil prices increased in early Asian trading this morning after the fall of Syrian President Bashar al-Assad introduced greater uncertainty in the Middle East. Gains, however, were limited by weakening demand prospects for the upcoming year, according to Reuters.

The pace of monthly and annual increases in retail prices in Istanbul slowed last month, according to data from the city's Chamber of Commerce (İTO).

Retail prices advanced 3.07 percent in November month-on-month, down from a monthly increase of 3.64 percent in October

The annual increase in retail prices eased from 59.1 percent to 57.99 percent.

Eight members of the OPEC+ group of oil-producing nations have said they were extending supply cuts until the end of December.

The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent U.S. presidential election, though analysts predict a limited impact.

Oil futures fell sharply, dropping more than 4% in early Monday trade, as Israeli airstrikes over the weekend avoided hitting Iran's key energy assets, such as oil fields or nuclear facilities.

Payment is planned “most likely during the second half of the year,” according to sources cited by Reuters

Global oil prices rose after several leading producers, led by Saudi Arabia, surprisingly announced production cuts, AFP reported.

Crude futures rose nearly eight percent, a day after several OPEC+ members unexpectedly announced production cuts totaling more than one million barrels per day.

Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said yesterday.

Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian energy supplies after Moscow sent troops into neighboring Ukraine.

The oil must be returned to Iran the new ruling says

Turkey's annual consumer price inflation increased from 61.1 percent in March to 69.97 percent in April, the Turkish Statistical Institute (TÜİK) has reported.

Consumer prices increased by 7.25 percent on a monthly basis in April, after increasing by 5.46 percent in March. The monthly inflation rates were 11.1 percent in January and 4.8 percent in February.

OPEC told the European Union that current and future sanctions against Russia could lead to one of the worst shocks in oil supplies and it will be impossible to replace these volumes, while the oil cartel has signaled that it will not increase yields, Reuters reported.