Friday saw a little increase in oil prices, but they are still expected to decrease for a third straight week due to sluggish demand in China, the world’s largest petroleum importer, and hopes for a ceasefire agreement in the Gaza conflict and other Middle Eastern hostilities. September’s Brent crude futures increased by 12 cents, or…
In Asian trade, oil prices increased, continuing a recent upward trend as speculation about tighter supply and stronger demand in the largest fuel consumer in the world increased in response to a larger-than-expected drop in U.S. stockpiles. The previous week has seen sharp losses in the crude markets as worries about slowing global demand were…
As indications of reduced US supply helped ease concerns about the global oil market’s deteriorating demand, oil prices steadied throughout Wednesday’s Asian trading session. After dismal economic statistics from China, the world’s largest oil importer, increased worries about slowing demand, crude markets were nursing a steep fall over the previous week. October contract prices for…
As investor confidence was encouraged by evidence of strong summer demand and easing inflationary pressures in the world’s largest oil market, the United States, oil prices surged during early Asian trading hours on Friday. Up 37 cents, or 0.4%, to $85.77 per barrel, were Brent crude futures. With a 0.6% increase, U.S. West Texas Intermediate…
This month, there has been a growing discrepancy in the crude markets between growing stocks and rising spot prices and calendar spreads. Even while there was an excess of supply in the oil market in the second quarter, many analysts and OPEC anticipate a significant shortfall in the third, which would result in a steep…
As the market weighed evidence of rising US demand as well as declining oil and fuel stockpiles against a strengthening US currency, crude oil prices managed to hover around a seven-week high on Friday. While U.S. West Texas Intermediate (WTI) oil for August delivery stayed steady at $81.29 from its closing position on Thursday, Brent…
As a result of positive estimates for global demand and anticipation of ongoing supply constraints by major oil-producing countries, crude oil prices increased by 1.09% to settle at 6702 rupees per barrel. Strong growth in oil demand is anticipated in the second half of the year, according to reports from OPEC, the International Energy Agency,…
OPEC released its monthly oil market report last week, keeping its annual demand growth forecast unchanged at over 2 million bpd. However, the IEA also released a new market report last week, and, as has become usual, had very different projections for both demand and supply. The IEA forecast a “staggering” supply overhang of 8…
As a result of an unanticipated increase in U.S. crude stockpiles, crude oil prices fell by 1.16% Wednesday, closing at 6,492 INR. 1.825 million more barrels of crude oil were added to U.S. stocks last week, according to the Energy Information Administration (EIA), than the 2.55 million barrel drop that the market had anticipated. Distillate…
India, the third-largest oil importer in the world, imported the same amount of crude oil as in the previous fiscal year, 2023–2024, which concluded on March 31. However, because of record-high imports of cheaper Russian crude and declining oil prices, India’s import bill decreased by over 16%. According to data from the Petroleum Planning and…
