Oil

Oil prices dropped by 1 percent on Tuesday, extending falls from the previous session as global financial markets headed south in the wake of one of the biggest intra-day falls ever registered on Wall Street.

Oil prices neared their lowest in a month on Monday as rising U.S. output and a weaker physical market added to the pressure from a widespread decline across equities and commodities.

Falling production and weakness in its chemical and refining operations slammed the oil giant.

America's output, driven by shale extraction, crossed the milestone for the first time in nearly 50 years in November, according to data published this week.

The bull market is nearing the conclusion of its run, while crude prices are also running out of room to rally.

Oil rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970.

Goldman Sachs raised its Brent crude price forecasts on Thursday, saying oil markets have rebalanced six months sooner than expected.

Royal Dutch Shell profit more than doubled in the fourth quarter of 2017 to $4.3 billion, slightly ahead of forecasts.

Oil prices fell for a third day on Wednesday.

Oil prices fell for a third day on Wednesday after data from an industry body showed U.S. crude stocks rose more than expected last week.

Oil prices dipped for a second straight day on Tuesday, driven by ongoing evidence of rising U.S. crude output, while wary investors sold off stocks, bonds and commodities.

The oil giant's CEO said Exxon Mobil may further expand along the Gulf Coast as a result of tax cuts.

Oil dipped on Monday as soaring North American production was seen undermining efforts led by OPEC and Russia to tighten supplies.

U.S. energy companies added 12 oil rigs this week, the biggest weekly increase since March, as crude prices hovered near their highest levels since 2014

Oil hit $71 a barrel on Thursday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U.S. crude inventories and a weaker U.S. dollar.

Oil prices fell on Wednesday, weighed down by data that showed an increase in U.S. crude oil and gasoline inventories.

Oil rose more than 1 percent on Tuesday, with benchmark Brent crude hitting $70 a barrel for the first time in a week, boosted by healthy world economic growth prospects and expectations for continued production curbs by OPEC, Russia and their allies.

Oil slipped on Monday under pressure from rising Libyan output and concerns that a rally that had sent prices to their highest since December 2014 had run out of steam.