Oil erased earlier gains as the demand destruction caused by the coronavirus pandemic outweighed planned output cuts from the world’s biggest producers.

Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market.

President Donald Trump said the “big Oil Deal” sealed on Sunday will save hundreds of thousands of American jobs.

Vladimir Putin’s deal with OPEC to cut oil output and boost prices three years ago was a triumph for the Russian leader, bolstering his clout on the global stage

Norway, Western Europe's largest oil producer, will announce its decision on whether to slash crude output soon, potentially adding its weight to a global push to shore up prices, the energy minister said on Monday.

Singapore is preparing to house hundreds of foreign workers in accommodation vessels typically used for offshore and marine industry staff as it races to find alternatives to dormitories where the novel coronavirus has been spreading rapidly.

With the coronavirus choking fuel demand and the world awash in surplus crude, even the Middle East’s main oil-trading hub has run out of room to store unwanted barrels.

Oil timespreads are showing the opposite of what was expected after a historic deal among global producers to slash output.

The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.

The President of the United States has the power, at his sole discretion without any other authority, to place a fee on imported oil or products.