The world’s largest oil consumers, China and the United States, saw rising demand on Friday, which contributed to an increase in oil prices. Additionally, the U.S. Federal Reserve signaled favorably that rate cuts might be possible. The price of a barrel of Brent crude futures had increased by 0.45%, or 37 cents. U.S. West Texas…
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…
A government decree issued on Thursday states that, as of March 1, the windfall tax on petroleum crude has increased from Rs 3,300 to Rs 4,600 ($55.51) per metric tonne. With effect from March 1, the decree said that the Centre also reduced the windfall tax on diesel from 1.50 per litre to zero. Petrol…
Early on Wednesday in Asian trading, oil prices dropped as investors reduced their expectations of a U.S. Federal Reserve interest rate cut and a U.S. industry organization reported that crude stocks increased more than anticipated last week. When the market started at 0000 Brent futures dropped 29 cents, or 0.4%, to $82.48. West Texas Intermediate…
Crude oil experienced a steep loss, closing at 6030, a decrease of 2.84%. Concerns over China’s economic expansion and international efforts to bring about a Middle East truce impacted the bearish trend. In March, OPEC+ will decide whether to prolong the voluntary oil production cutbacks of 2.2 million barrels per day (bpd) that were set…
A significant OPEC+ advisory group remained silent on production policy on February 1, thereby maintaining the present output restrictions. Under the co-chair ship of Saudi Arabia and Russia, the Joint Ministerial Monitoring Committee declared that it would “continue to closely assess market conditions” and that the 22-member producer coalition was prepared to modify output levels…
The International Monetary Fund’s optimistic growth projection for the global economy in 2024 was met with strong performance from crude oil, which ended up 1.23% at 6478. Fears about the implications for the biggest user of crude oil in the world were stoked by this event. Regarding supply, for the most of 2023, Iran was…
A combination of factors boosting market optimism caused crude oil prices to close 0.28% higher at 6399. The market was infused with liquidity and hopes of an economic revival were reinforced by China’s recent stimulus announcements, especially the lowering of the reserve requirement for banks. One of the main factors driving the rising demand for…
Profit booking amid a complicated mix of reasons that included the most recent EIA report, riots in Libya, and growing tensions in the Middle East drove crude oil’s 2.15% spike, which it settled at 6071. According to the EIA Petroleum Status Report, U.S. crude stocks fell by 5.503 million barrels in the week ending December…
As tensions in the Middle East increased as a result of Houthi attacks on ships in the Red Sea, crude oil prices increased by 0.47% to close at 6163. Concerns over possible interruptions to oil supplies were raised by the circumstances. But Angola’s move to leave OPEC raised doubts about the organization’s capacity to sustain…
