According to data from the Petroleum Planning and Analysis Cell, India’s petroleum product exports increased slightly by 1.5% to 47.5 million tonnes between April and December, from 46.8 million tonnes during the same period. Motor spirit, pet coke, and fuel oil shipments were the main drivers of the increase in exports. However, shipments of petroleum…
Oil prices rose on Wednesday due to tightening supplies from Russia and OPEC members and an unexpected increase in U.S. job openings, which suggests expanding economic activity and growth in oil demand. Brent crude was up 37 cents, or 0.5%, at $77.42 a barrel, while U.S. West Texas Intermediate crude climbed 44 cents, or 0.6%,…
WTI oil prices have continued to decline, trading near $72.90 per barrel during the Asian session on Tuesday. Despite rising energy demand driven by colder weather and China’s economic stimulus efforts, these factors present a complex environment for oil markets. OPEC’s oil production fell in December due to the UAE’s supply cuts, which may support…
Oil prices rose on Friday due to cold weather in Europe and the US and additional economic stimulus from China. Brent crude futures settled 0.8% higher at $76.51 a barrel, the highest level since October 14. U.S. West Texas Intermediate crude settled 1.13% higher at $73.96, the highest level since October 11. China’s economic fragility…
Crude oil prices fell by 0.94% to settle at ₹5,933, driven by concerns over global oil demand, particularly from China. The U.S. Federal Reserve’s indication of a slower pace of interest rate cuts in 2025 added to the bearish sentiment, as higher borrowing costs could dampen economic growth and reduce fuel demand. A stronger dollar…
The OPEC+ coalition, consisting of 23 nations, is set to hold its next meeting on December 5, likely in a virtual format. This shift is the third time the alliance has held meetings online since the Covid-19 pandemic. Crude prices currently hover around $75 per barrel, insufficient for many OPEC members to meet budgetary needs….
The OPEC+ group has extended their production cut to limit excess supplies and stabilize prices in global oil markets. Oil has been trading in a tight range since the second half of 2022, with prices broadly congested within $97-$65 per barrel. OPEC+ production policies significantly impact global oil markets, with higher prices typically following production…
Oil prices edged lower in Asian trade on Wednesday after a better-than-expected industrial data boosted U.S. stocks, even as attention focused on potential supply disruptions due to hurricanes in the Gulf of Mexico. Oil prices sat on some gains from recent sessions after the Organization of the Petroleum Exporting Countries (OPEC+) postponed plans to begin…
Crude oil prices rose by 2.83% to 5,988, driven by higher-than-expected US fuel demand and OPEC+’s potential delay in an output hike. U.S. gasoline inventories reached a two-year low, while crude inventories drew down by 0.515 million barrels, contrasting with a 2.3 million-barrel build. Cushing, Oklahoma crude stocks rose by 0.681 million barrels. The U.S….
Not only did oil prices rise in early trade on Thursday, but oil prices continued to rise against the global market due to escalating conflicts in the Middle East. Brent crude futures were up 64 cents, or 0.87%, at $74.54 a barrel. U.S. West Texas Intermediate crude futures were up 72 cents, or 1.03%, at…
