Due to profit-taking, crude oil prices declined 2.17% to close at 7,623 after surging due to surprise declines in crude stocks. According to U.S. government data, oil stockpiles decreased by 2.2 million barrels more than expected, highlighting supply limits brought on both Saudi Arabia and Russia’s output curbs. Particularly, oil supplies dropped by 943,000 barrels…
The price of U.S. oil increased by about $1 a barrel on Thursday, reaching its highest level in more than a year as concerns about OPEC+ cuts headed by Saudi Arabia adding to supply shortages throughout the world. The movement was spearheaded by U.S. West Texas Intermediate oil futures (WTI), which surpassed $95 for the…
Oil prices increased on Monday as traders concentrated on a tighter supply outlook following Moscow’s temporary restriction on gasoline exports while avoiding any interest rate increases that may stifle demand. After ending the previous trading day 3 cents down, Brent crude futures increased 48 cents, or 0.5%, to $93.75 a barrel. U.S. West Texas Intermediate…
In August, India’s imports of crude oil decreased for the third consecutive month to 18.73 million tonne (MT) as a result of maintenance work being done at its refineries and a reduction in exports from Russia. For the third consecutive month in August, India’s imports from Russia decreased, reaching a seven-month low. In August, this…
