Oil gains as dollar weakens

Oil rose more than $1 to above $43 a barrel on Monday, buoyed by a weaker U.S. dollar and tough talk from top OPEC producers of compliance with their record output cut, while U.S. data showed speculators betting on a bounce, reported Reuters.

U.S. light crude for delivery in February, when cuts in OPEC production were expected to take hold, rose 93 cents to $43.30 a barrel by 0126 GMT. The January crude contract expired on Friday, when it traded at a deep discount to February as key mid-continent storage tanks filled to near overflowing.

London Brent crude gained 69 cents to $44.69.

"The U.S. dollar has weakened after the sharp rebound on Friday. That's one of factors pushing oil higher," said Toby Hassall, chief analyst at Commodities Warrants Australia.

A surge in net speculative investment in the crude complex to its highest since mid-May, as of December 16 data, also fed the emerging view that markets may have hit bottom for now, although fears over the outlook for demand tempered hope for a bounce.

Speculators increased their net length to 64,120 lots during the week to last Tuesday, a surge from 10,807 the previous week, Commodity Futures Trading Commission data showed.

"I suspect in the last couple of weeks we probably saw a bottom in the oil market and that is also attracting some buying interest," said Hassall.

The U.S. dollar fell against the euro on Monday, giving up some of its gains made after the U.S. government offered a lifeline to U.S. carmakers, as investors remained concerned over the deepening economic recession.

Oil prices have fallen more than $100 from their peak of above $147 in July as a global economic crisis slashes global oil demand.

Pledges by OPEC last week to cut output by 2.2 million barrels per day (bpd) -- its deepest ever supply cut -- have failed to stem the slide in January oil prices, which expired on Friday at $33.87 a barrel, the lowest since February 2004.

OPEC kingpin Saudi Arabia moved to scotch doubts on Sunday on the cartel's pledge to cut oil production to stabilize world oil markets, while Kuwait's oil minister also said separately on Sunday that he was confident that OPEC members will comply with latest output cuts decided by the group.

"Don't doubt the efforts of OPEC or its members to return the oil market to stability," Saudi Arabia's Ali al-Naimi told reporters.

But some analysts said doubts would linger.

"With the cartel, compliance is always going to be an issue. We have yet seen the full impact of the previous supply cuts and that will take some time to come through," Hassall said.

In OPEC member Nigeria, where production has been hindered for years by repeated militant attacks, gunmen in speedboats attacked three oil services ships and kidnapped at least two Russians in separate incidents in the Niger Delta, sources said on Saturday.

Iran`s Rana Plus car to be launched in October
Iran`s Rana Plus car to be launched in October
Kazakhstan's cargo transportation volumes decrease
Kazakhstan's cargo transportation volumes decrease
Trial of social distancing rules on 2 Iranian airlines
Trial of social distancing rules on 2 Iranian airlines
Loading Bars
National Iranian Steel Company reveals its production
International Sea Port of Turkmenbashi opens tender for repair of equipment
Bahar Azadi gold coin price again rising in Iran
Turkey’s Ministry of Agriculture opens tender to attract consulting services
Iranian Energy Exchange announces products to be on sale September 21
Kyrgyzstan reports 81 new COVID-19 cases
European tourism industry owners keen on investment in Gorgan tourism sites: Official
Tbilisi joins European Mobility Week
Azerbaijan reports 154 new COVID-19 recoveries
Azerbaijan’s Azersu company opens tender to buy polypropylene fittings
Number of people infected with coronavirus pandemic in Iran exceeds 420,000
Turkish Presidential Administration: Any aggression against Azerbaijan - aggression against Turkey
Russia's COVID-19 cases up 6,148 to 1,103,399
Income growth in Uzbekistan slows down amid COVID-19
Demand for Kazakhstan among Turkish job seekers soars
Value of Iranian mining companies’ shares spike
Kazakhstan's National Bank talks COVID's impact on IT segment, mobile banking in country
128 new COVID-19 infections confirmed in Egypt
Georgia reports 196 new COVID-19 cases
Turkey offers international training on combatting desertification
Eni Turkmenistan Limited opens tender for supply of industrial lube oil
Iran discloses details of cement exports
Azerbaijan’s import of Ukrainian-made products down
First steam unit of Iran's Ferdowsi TPP launched
2 soldiers killed in operation against militants in NW Pakistan
Member of Tbilisi Sakrebulo confirmed with coronavirus
Tehran to host 1st Eurasian exhibition by end of year
Armenia violates ceasefire with Azerbaijan 30 times
Kazakhstan confirms 63 new COVID-19 cases
TikTok hopes three-party agreement between ByteDance, Oracle, Walmart to resolve U.S. concerns
US Department of Commerce postpones TikTok download ban for a week
UNWTO talks ways to restore tourism in Turkmenistan in post-pandemic period
Viola von Cramon: Georgia is moving in right direction, I hope that this tradition will continue at 2020 elections
About 9,000 migrants on Greece's Lesbos move into tent camp after fire
UK's Johnson to levy 10,000 pound fine on COVID-19 rule-breakers
Canadians urged to take action against spread of COVID-19 as caseload reaches 141,911
Death toll from COVID-19 in Brazil over 136,000
UK daily coronavirus cases hit four-month high with 4,422 more cases
Trump says he’s approved Oracle deal for U.S. Tiktok
Iran's Zarif says world should oppose U.S. sanctions or expect same
Rolls-Royce plans to raise up to £2.5 billion as COVID-19 bites
Moscow's death toll from confirmed coronavirus cases rises by 13 - crisis center
Turkey reports 1,538 new COVID-19 cases, 68 deaths
Tajikistan decreases export volumes to Kazakhstan
Police clash with protesters at anti-lockdown demonstration in London
Georgian PM: Our victory must be an economically strong, educated, fair and European state
Iran's Persian Gulf Bid Boland Gas Refining Company declares amount of revenues to be received
Uzbekistan’s car manufacturing company to issue shares for public offering
Trump says he will name Supreme Court successor to liberal Ginsburg 'without delay'
Commander of Azerbaijani Naval Forces comments on information in social networks about Turkish coordinating officer
Gas transportation in Iran expands
Two dead as destructive storm Ianos hits central Greece
Kazakhstan decreases goods export to Ukraine amid COVID-19
Iran and Turkey's gas trade depends on future exploration in the Black Sea
President: If Azerbaijan had been an independent country then, we could have become the richest country in the world
Poland reports over 1,000 new COVID-19 infections, record high since outbreak
CEC sets coronavirus-related safety guidelines for Election Day
China's economy remains resilient despite external risks, says Xi
Iran's Bahar Azadi gold coin price falling
Iranian Energy Exchange announces products to be on sale September 20
Azerbaijani energy minister stresses importance of co-op within OPEC + format
Ukraine becomes popular destination for Turkish citizens looking for job
General Inspection Organization of Iran strengthen monitoring of banks
Uzbek-Chinese Asia Trans Gas to buy coolant and lubricants via tender
President Ilham Aliyev: The activities of our oil workers serve the interests of the Azerbaijani people
Madrid residents facing localised lockdown doubt curbs will work
TikTok files complaint against Trump administration to try to block U.S. ban
Geostat: Milk, meat production up in Georgia
Germany plans reform to avoid bankruptcy wave due to corona
Turkey decreases value of trade with Turkmenistan
Iran`s Rana Plus car to be launched in October
Uzbek-Chinese Asia Trans Gas to buy air filters via tender
President Aliyev: Key part of Azerbaijan's economy associated with oil and gas sector, and this to be case for many years to come
Azerbaijani president: New phase beginning for Absheron gas condensate field
Azerbaijan confirms 177 more COVID-19 recoveries
EU's share in total import of Azerbaijan up
Azerbaijan's eight-month export of gourds shows uptick
Azerbaijani startup launches new project for automating calculations of repair services
Iranian official: neither side fulfills their obligations in nuclear deal
Iran reveals amount of loans issued to manufacturing enterprises
Update on ski resort construction in Uzbekistan
Azerbaijan expecting inflation decrease by end of 2020
Bank of Georgia raises funds from Citibank to finance trade
Azerbaijani community: Armenia to be held responsible for massacre in Khankendi (PHOTO)
Iranian President expresses concern over people ignoring health protocols
Deaths from coronavirus exceed 24,000 in Iran
Turkmenistan increases imports of steel from Turkey
Iran Export Guarantee Fund`s support for exporters doubles
Kazakhstan's cargo transportation volumes decrease
Trial of social distancing rules on 2 Iranian airlines
Turkmenistan’s Exchange to be transformed into joint-stock company
Buy/sell operation at Iran Mercantile Exchange disclosed
Capital of banks in Iran announced
President Ilham Aliyev attends groundbreaking ceremony of Absheron field offshore operations (PHOTO)
Prices of Azerbaijani oil fluctuate
IMF talks Georgia's investment potential
Defense Minister: Azerbaijan Army ready to suppress any provocations of Armenia, undertake strong retaliatory actions
SOCAR applying digital road map for using high technologies
Uzbek Agroindustry and Food Security Agency to buy laboratory equipment via tender
Production of several products in Iran climbs
All news