The simmering geopolitical concerns in West Asia and the hardening of US Treasury yields caused the rupee to fall to an all-time closing low of 83.54 against the dollar on Tuesday. During intraday trading, the local currency fell to a record low of 83.56, but the Reserve Bank of India (RBI) probably intervened to stop…
Crude oil prices fell by 1.07% due to reduced Middle East tensions. Azerbaijan’s oil output in March increased to 481,000 barrels per day, but still falls short of the nation’s 2024 OPEC+ quota. OPEC+ voluntary production reduction continues to tighten the market’s supply situation. Mexico’s Pemex plans to cut oil exports by 330k barrels per…
The administration had to take measures ahead of the general elections, resulting in lowered prices for LPG cylinders and motor fuel. Oil marketing corporations (OMCs) may face profitability questions due to recent price spikes, despite healthy profits in the first three quarters of FY24. Analysts predict daily fuel price modifications will resume after the elections,…
Russia will drop oil production rather than exports in the second quarter of 2024 to ensure that all OPEC+ nations who lower output contribute equally to the cuts, according to the Russian Deputy Prime Minister. When OPEC+ members declared in early March that they intended to extend the cuts into the second quarter, Russia modified…
According to the latest data, crude oil imports into India hit 5.2 million barrels per day in March, which is the highest level since early 2020. In March 2021, imports rose by 4.5% from 4.9 million barrels per day, 11% more than the amounts imported in February. The data also indicates that India’s crude oil…
After stabilizing more than a dollar higher on forecasts of a tighter supply due to Russian output curbs and attacks on Russian refineries, oil prices were expected to rise for a second day in a row on Tuesday. Brent crude had increased 23 cents to $86.98 per barrel. Crude futures in the US increased by…
Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045. The April contract for U.S. West Texas Intermediate (WTI) crude…
Yesterday, the International Energy Agency’s (IEA) most recent oil market report, which highlighted disruptions in the Red Sea region and presented a more positive picture for demand growth, caused crude oil to see a notable jump of 2.48%, closing at 6,742. To boost market optimism, the IEA revised its demand growth predictions for 2024 and…
Following significant decreases in fuel supplies and a less-than-expected increase in U.S. crude inventories last week, oil prices increased little on Thursday. U.S. West Texas Intermediate crude prices increased by 18 cents to $79.31 a barrel, while Brent crude futures increased by 15 cents to $83.11 a barrel. The benchmarks gained almost 1% on Wednesday…
Following OPEC+ members’ decision to extend its voluntary oil output cutbacks of 2.2 million barrels per day into the second quarter, which was mostly expected by the market, oil prices increased on Monday. U.S. West Texas Intermediate (WTI) was up 20 cents, or 0.3%, to $80.17 a barrel, while Brent futures was up 28 cents,…
