Early on Wednesday in Asian trading, oil prices stabilized as industry data revealed a reduction in U.S. crude oil stocks. The market had fallen the previous session over concerns that more aggressive U.S. interest rate hikes would hurt demand. The price of a barrel of April Brent crude futures increased by 8 cents to $83.37….
On Friday, oil prices continued to rise as the likelihood of decreased Russian supplies partially offset rising US inventories. Around 0215 GMT, the price of Brent crude futures increased 61 cents, or 0.7%, to $82.82 per barrel. The price of a barrel of West Texas Intermediate crude futures (WTI) increased by 63 cents, or 0.8%….
Wednesday’s oil prices remained stable as traders awaited the U.S. Federal Reserve’s remarks in the wake of recent statistics suggesting the prospect of additional interest rate hikes, which may slow global economic growth and reduce fuel demand. After losing 1.2% on Tuesday, Brent crude futures for April delivery were up 2 cents at $83.07 per…
Early on Wednesday, the rupee lost 13 paise to reach 81.82 against the U.S. dollar as investor sentiment was dampened by the strengthening of the US dollar and high crude oil prices. At the interbank foreign exchange, the local unit started out weakly versus the dollar at 81.80, then dropped to 81.82, losing 13 paise…
The expectation that China’s harsh COVID-19 regulations will be relaxed will result in a rebound in gasoline consumption in the world’s largest oil importer drove up oil prices on Wednesday, extending gains from the previous session. Following a 1.7% gain in the prior session, Brent crude futures were up 52 cents, or 0.6%, at $86.44…
The market anticipates that the easing of Covid-related limitations in China will increase demand for the commodity, which is why crude oil futures traded higher on Monday. The price of January crude oil futures on the Multi Commodity Exchange (MCX) opened at $6,620, up $0.99 from the previous close of $6,555. The price of February…
Oil prices increased on Friday as traders bet that Russian crude exports from the Baltic region will decline in December, allaying concerns that an impending Arctic storm across the United States could dampen the rise in demand for transportation fuel over the holiday season. Brent crude was up 88 cents, or 1.1%, to $81.86 per…
As optimism from China’s reopening and a resurgence in oil demand overshadowed worries of a global recession, oil prices recovered ground on Monday after dropping more than $2 per barrel in the previous session. While U.S. West Texas Intermediate crude was at $74.89 a barrel, up 60 cents or 0.8%, Brent crude futures increased 72…
The government on Thursday reduced the windfall tax on exports of domestically produced crude oil and diesel due to the decline in the price of oil globally. The windfall tax on locally produced crude oil has been reduced by Rs 1,700 per tonne from Rs 4,900 per tonne, according to a notice from the finance…
Early trade on Wednesday saw a decrease in oil prices as industry data revealed a significant gain in U.S. crude stocks rather than the expected decline. This confirmed concerns about a weaker demand even as supply is becoming more constrained. West Texas Intermediate (WTI) crude futures for the United States decreased by 30 cents, or…
