American refiners are facing the prospects of weakening gasoline demand for the first time in five years, stoking fears earnings this year may be worse than the dismal performances seen in 2016.

Administrators for Circle Oil have reached agreement to sell the bulk of the company’s remaining assets for $30m (€28m).

Opec clinched a deal to curtail oil supply, confounding sceptics as the need to clear a record global crude glut — and prove the group’s credibility — brought its first cuts in eight years.

Crude oil prices advanced, extending the longest winning streak in more than a year, as US crude and petrol inventories declined.

The price of crude slipped following the failed Turkey coup as shipments continued through the vital conduit for oil from Russia and Iraq to the Mediterranean Sea.

Oil prices extended their losses yesterday, falling nearly 3%, after a smaller-than-expected US inventory drawdown and jitters ahead of the vote on whether Britain should stay in the EU.

From the air above a small Oklahoma town, the 300 steel oil storage tanks that dot the landscape appear filled to the brim, their floating lids bobbing atop more than 65m barrels of oil.

Oil declined after an official report showed US crude inventories advanced to an 86-year high.

A global oil supply glut will persist through 2016 as demand growth slows from a five-year high and key Organization of the Petroleum Exporting Countries (Opec) members maintain near-record output, the International Energy Agency (IEA) said, even as low prices curb supply outside the producer group.

Iran will soon be open for business, following the agreement reached on July 14 with the EU, US, China, and Russia on cessation of its nuclear programme.

Crude oil prices steadied yesterday, as strong demand for oil products helped to balance a global overhang of crude oil for immediate delivery.

Brent crude oil traded below $60 a barrel yesterday, near five-and-a-half-year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.

Europe correspondent, Ann Cahill, delivers her weekly briefing on Euro affairs from the European Parliament.

The US has warned Iran it will not tolerate any disruption of traffic through the Strait of Hormuz after Iran threatened to choke off the vital Persian Gulf oil transport route if Washington imposes sanctions targeting its crude exports.

Crude oil stayed close to record highs above $112 US dollars a barrel today - promising more pain at the petrol pump for motorists.

The price of oil hit a new record above US$96 a barrel today after a surprise drop in stockpiles raised concerns about winter supplies.

Iraq’s national oil company will develop the country’s giant West Qurna field and decide which foreign companies to work with, the country’s oil minister said today, after meeting with the top executive from the Russian oil giant seeking to resume its work at the field.

Crude oil prices plunged more than 1 dollar a barrel today as tensions eased in the stand-off between Britain and Iran over captive British military personnel.

Oil prices dropped today as tensions in the Britain-Iran stand-off eased.

American stocks slipped today as investors awaited the US Labor Department’s jobs report and reacted to Yahoo Inc.’s announcement of its biggest management shake-up in more than five years.

Wall Street managed a modest advance in light pre-holiday trading today, boosted by weakening oil prices and a gross domestic product report that showed the economy expanding at a faster pace than previously thought.

WORLD oil prices fell yesterday, resuming a two-week slide as rising crude inventories eased concerns over winter fuel supplies.

WORLD oil prices rose sharply again on Tuesday, trading at a post-Iraq war peak on worries that a cold snap in the US will further bite into US crude inventories that are already near five-year lows.

THE US and Britain are on the verge of war with Iraq. The pretext for war is to prevent Iraq making “weapons of mass destruction” and to destroy any stocks of such weapons it already possesses.