OPEC

Commodities have suffered from falling worldwide demand and hiked production.

Brent crude is down 2.38% at $44.38 per barrel as at 4.15am GMT, while WTI crude declined 2.92% at $39.47.

Brent crude is trading down 0.27% at $48.61 per barrel as at 5.48 am GMT, while WTI crude fell 0.14% at $41.81.

Saudi used almost $62bn of its foreign currency reserves so far in 2015, and borrowed $4bn from local banks in July.

The cuts in spending and the increased M&A activity in the market can be attributed to the falling oil price.

Market watchers predict banks from China or India might be first into Iran but Germany also looks like a contender.

Brent Crude fell by 1.52% after marathon talks by P5+1 officials resulted in a deal for Iran.

Tullow Oil said it will increase West Africa production levels from 68,000 to 70,000 barrels per day.

WTI crude fell 0.83% to $58.64 per barrel, while Brent crude for July fell 0.68% to $62.88 as at 1.10am ET.

Capital Economics believes that Brent is "now back within a whisker" of its end-2015 forecast of $60 per barrel.

Oil hit its lowest price in six years in January, $45 a barrel, but has since climbed up to trading near $62.

Increase in oil production and continued government spending will help support country, says IMF.

Saudi Arabia continues to intensify production, moving market share away from high-cost rivals US shale producers.

Saudi Arabia's oil minister Ali Al-Naimi says that only Allah knows where crude prices are heading.

Front-month Brent crude futures were down 15 cents since their last settlement to $63.83 per barrel.

IEA chief economist Fatih Birol says lifting of sanctions on Tehran to have a limited impact on global oil prices.

Libya's biggest oil port Es Sider may reopen in a week adding to an oversupplied market.

Brent crude price, the global benchmark, is down 1.42% at $58.26 per barrel as at 12.30am ET.

Market analysts are declaring the cartel dead or at least ineffective since it refused to cut output amid a supply glut.

A shale oil boom in the US has reduced the world's leading oil consumer's dependency on Opec crude.

Goldman says Brent crude will hover at $70 a barrel by end-2015 but prices could drop to $40 during the summer months.

Saudi Arabia's oil minister earlier said it is not sole responsibility of Opec to raise oil prices.

US crude oil price falls to six-year low on Monday in New York.

Restricted exports of US crude is prime reason for $9 discount of West Texas Intermediate to Brent crude, says FT.

Saudi Arabian Oil Minister Ali al-Naimi said he expected the oil market to balance and prices to stabilise.

Crude oil has recovered to around $60 a barrel since it slumped to $45 early this year.

Libyan rebels aligned with Tripoli-based government attacks oil facilities.

Naimi directed Opec's 2014 decision to fight for market share, instead of cutting output to support prices.

Igor Sechin said some countries are pursuing their personal interests and undermining other members within the oil cartel.

No change expected in Saudi oil policy following death of King Abdullah bin Abdulaziz al-Saud.