Oil companies cut pump prices of diesel, gasoline

referring to Oil companies slashed pump prices as early as noon on Monday as supplies from Libya, which stopped daily production of about 700,000 barrels of crude oil last week, returned to the international market. First to implement price cuts at noon was Eastern Petroleum Corp., which reduced pump prices of diesel by P1 per liter and gasoline by 80 centavos per liter. Also set to reduce prices on Tuesday are Pilipinas Shell, PTT, Phoenix, Unioil, Total, Seaoil, Chevron (Caltex) and Flying V.All except Eastern reduced gasoline prices by 70 centavos. So far this year, prices of diesel have gone down 10 times but gone up 20 times. Also, prices of gasoline have gone down nine times but gone up 20 times for a net increase of P8.27.

Oil prices rise as concerns about oversupply ease(Update) - Business News

TOKYO: Oil prices gained on Friday after Saudi Arabia's OPEC governor said the kingdom's exports are likely to fall next month and inventories may be squeezed in the third quarter. U.S. crude prices had reached a session high of $70.17 earlier in the session before paring gains. News that a worker strike at Norwegian drilling rigs has ended also weighed on global oil prices. The U.S. Energy Information Administration said on Wednesday domestic crude production reached a record 11 million bpd last week. A sharp jump in U.S. crude oil inventories also added to the bearish tone in the market.

Oil prices tick higher as U.S.-Iran tensions simmer

as declared in Hint: it isn't trade wars, says Third Point's LoebThis is what it really takes to become a 401(k) millionaireFutures MoversOil prices tick higher as U.S.-Iran tensions simmerOil prices clawed higher Tuesday, only mildly supported by underlying tensions between the U.S. and Iran that could further disrupt supply to the global market. Oil market observers are looking ahead to the weekly U.S. petroleum inventory data from the American Petroleum Institute published later Tuesday, as well as official data from the Energy Information Administration on Wednesday. Ahead of that data, U.S.-traded September West Texas Intermediate crude CLU8+1.24% was up 38 cents, or 0.5%, at $68.27 a barrel. Read: Oil prices could top $120 before year-endIn addition to the supply watch, a firmer dollar DXY-0.18% continues to act "as a drag on commodities, with gold back lower again and oil struggling for traction," said Richard Perry, analyst at Hantec Markets. Trump in May pulled the U.S. out of a 2015 international agreement to curb Iran's nuclear program, setting the stage for the reimposition of economic sanctions that are expected to hinder Iran's oil industry.

collected by :Frank Ithan