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A double whammy of news for oil producers has seen the price of a barrel of crude rise by ten percent.

Wall Street dipped after four straight days of rises as vote counting across US battleground states showed Joe Biden is heading for victory.

World markets rally as markets shrug off election limbo

The New Arab Staff & Agencies

World markets rally as markets shrug off election limbo

The world watches with baited breath as the US elections slowly draw to a close.

Global stocks surge, dollar slumps as Americans vote

The New Arab Staff & Agencies

Global stocks surge, dollar slumps as Americans vote

Traders are looking at the contest largely through the prism of the election's impact on the US response to the pandemic.

Oil sinks more than 5% on fears over demand

The New Arab Staff & Agencies

Oil sinks more than 5% on fears over demand

Oil prices slumped shedding more than five percent as traders fear that coronavirus will continue to bring down the value for crude.

The New Arab Staff

Nearly half of Conservatives believe Islam is a 'threat'

A new poll has found almost 50 percent of Conservative Party members in the UK consider Islam to be a 'fundamental threat to British life'.

The New Arab Staff & Agencies

OPEC, allies agree to extend supply cuts through July

OPEC countries and their allies have agreed to extend production and supply cuts into July to boost oil prices which fell rapidly due to the ...

The New Arab Staff & Agencies

OPEC and allies meet to discuss output cuts

OPEC and its allies will hold a virtual meeting on Saturday to discuss their deal to slash production as relaxed coronavirus lockdowns see ...

The New Arab

The Middle East at war with coronavirus

Job cuts in the UAE, a spike in cases in Yemen, and a tragic death in Algeria.

Oil rises above $30 as coronavirus lockdowns are eased

The New Arab

Oil rises above $30 as coronavirus lockdowns are eased

Oil prices have climbed over the $30 mark for the first time in months.

The New Arab & agencies

Oil rebounds in Asia after Saudi Arabia output cut

Oil rebounded in Asian trade Tuesday, buoyed by Saudi Arabia's decision to cut output more than it had pledged as the virus-hit world economy ...

Saudi slashes another million barrels from daily oil output

The New Arab & agencies

Saudi slashes another million barrels from daily oil output

The Kingdom has asked oil giant Aramco to cut its output by an additional one million barrels per day, starting in June.

Saudi chemical giant SABIC posts another loss

The New Arab & agencies

Saudi chemical giant SABIC posts another loss

SABIC, one of the world's largest chemical firms, said it made a loss of 950 million riyals ($253 million) in the first quarter of 2020.

Trump pressured Saudi with threat of weapons over oil

The New Arab

Trump pressured Saudi with threat of weapons over oil

Crown Prince Mohamed bin Salman was so shocked by Trump's ultimatum that he sent his aides outside the room before continuing the phone call.

Oil price lifted by US-Iran tensions after rollercoaster week

The New Arab & agencies

Oil price lifted by US-Iran tensions after rollercoaster week

US oil prices have recovered slightly due to uncertainty in Gulf waters after a disastrous week which saw rates drop below zero.

The New Arab & agencies

The Middle East at war with coronavirus: Top stories

Human Rights Watch expresses concerns over HIV patients' lack of access to medication in Egypt, while Turkey celebrates 100th year of parliament - here is coronavirus news today.

The New Arab & agencies

Oil rallies as Gulf tensions eclipse coronavirus woes

Crude oil prices have risen after US crude futures plummeted below zero earlier this week.

Paul McLoughlin

Less than zero: The great US oil crash

A price war between Russia and Saudi Arabia has seen US oil prices crash.

The New Arab

Brent crude crashes to 21-year, as oil market flounders

The oil market has been hit hard by coronarvirus lockdowns.

US oil rebounds after crash as stocks suffer losses

The New Arab & agencies

US oil rebounds after crash as stocks suffer losses

US oil prices have bounced back after they crashed below $0 for a number of hours on Monday.

The New Arab & agencies

US oil prices crash to negative amid devastating glut

US oil prices crashed to unprecedented lows as futures in New York ended in negative territory for the first time amid a devastating supply glut.

US oil falls to $14 as coronavirus hits demand

The New Arab

US oil falls to $14 as coronavirus hits demand

Coronavirus has hit oil demand, while an price war between Saudi Arabia and Russia saw supplies reach a crescendo.

Oil prices stall despite Russia-Saudi deal on supply cuts

The New Arab

Oil prices stall despite Russia-Saudi deal on supply cuts

An oil deal between producers has ended a price war between Russia and Saudi Arabia.

Kuwait official says Mexico 'disrupted' OPEC agreement

The New Arab & agencies

Kuwait official says Mexico 'disrupted' OPEC agreement

Oil producing countries are now waiting on Mexico's consent to finalise the OPEC+ deal. Kuwait's oil ministers says the North American country ...

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