COMMODITIES

IEA says agreement to cut oil output is meaningless as Saudi Arabia is only country capable of increasing production.

US Federal Reserve officials hint at a potential rise in interest rates as early as April.

Brent Crude and West Texas Intermediate slide as US oil rigs count increases after 12 weeks of decline.

Oil prices declined after US rig count increased for the first time since December 2015.

Saudi Arabia and non-OPEC countries such as Russia to meet in April in Doha to discuss oil production freeze.

Fed more concerned about global economy and China slowdown.

Scotland's deputy first minister accused the government of indecision and inconsistency.

All eyes on Fed chairperson Janet Yellen's policy statement.

Investors appear concerned about the US Federal Reserve's stand on interest rates post its upcoming meeting.

Morgan Stanley warns that ongoing slowdown and global oversupply will keep prices lower for some time.

China also up as its fixed-asset investment rose 10.2% year-on-year in January and February.

Mario Draghi, president at European Central Bank hints there would not be any more rate cuts going forward.

The European Central Bank is expected to ease its monetary policy later in the day.

Negative China February exports data also added to investors concerns.

China data continues to be dismal with both exports and imports falling.

This follows Lou Jiwei, finance minister of China, saying that Beijing was increasing its debt-to-GDP ratio.

China announced an average economic growth target of 6.5% to 7% over the next five years.

Natural resources companies surged helped by the commodity rally.

Asian shares seemed to be on track to post their strongest week in five months.

Increased app usage and the falling cost of fuel also helped profits for the food chain.

This announcement earlier overshadowed US government data that indicated its oil output was at record highs.

Prices of some commodities such as copper and iron ore also rallied.

Australia and Canada too contributed partly to the rally in stock markets by releasing positive GDP data.

People's Bank of China has cut the reserve requirement ratio for banks by 50 basis points.

China's overproduction has been blamed for the downturn in coal and steel prices.

Policymakers at the G20 meeting failed to come out with any action that could spur global growth.

Halliburton has let go around 22,000 employees since 2014, which translates to about 25% of its workforce.

Ali al-Naimi's warning seemed to be directed at Russia and Iran.

All Asian indices were trading lower despite an increase in WTI crude oil prices.