UK government had announced tax cuts in bid to increase investment in North Sea oil and gas.
Ships crossing from the Middle East to Europe must pass Yemeni strait of Bab el-Mandab.
Ihor Kolomoisky removed from Dnipropetrovsk post over an oil firm dispute.
Libyan Islamist militants have pledged allegiance to Isis and carried out atrocities.
US oil magnate and BP Capital boss T Boone Pickens says the idea of 'peak oil' should not be dismissed.
Smith remains highly sceptical over shale oil extraction.
State-owned Aramco has an over 10% market share in China and now wants to boost supplies, says CEO Khalid Al-Falih.
Prices could even dip beyond those levels for a brief period, warns oil expert and FGE chairman Fereidun Fesharaki.
Saudi Arabia's oil minister earlier said it is not sole responsibility of Opec to raise oil prices.
Five new oil reserves can ensure more than one month of supply in India in case of disruptions.
But gains could be short-lived, as rising supplies may weigh on prices again.
State-owned Indian Oil and Hindustan Petroleum to import eight million barrels of Iraqi oil.
LME will work with the Turkish bourse to develop products for the steel market.
Turkey has launched a $10bn (£6.8bn) project to pipe Azeri gas to Western markets.
Lifting the ban will generate $86bn more per year in GDP on average from 2016-2030, according to an IHS report.