Crude oil prices dropped by 1.98% to ₹6,300 after the US reversed its initial plan to impose sanctions and tariffs on Colombia after reaching an agreement on deported migrants. Market volatility persists due to the President’s strong rhetoric. US crude oil inventories fell for the ninth week, with a 1.02 million-barrel drop. Inventories at the…
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…
Crude oil prices dropped by -1.02% at 6,288, due to weakening global demand and economic uncertainty. Major banks revised price forecasts, with China experiencing slowdowns and Europe experiencing lower diesel demand. Geopolitical risks and supply threats weakened gains. The country’s volatile oil output, which stood at about 1.18 million barrels per day in July, according…
Oil prices remained stable on Friday due to downward revisions in U.S. employment data and renewed ceasefire talks in Gaza, which alleviated supply disruption concerns. Brent crude futures and U.S. West Texas Intermediate (WTI) crude futures rose by 0.1% each, while Brent futures fell by 3% this week to $77.32 a barrel, and WTI lost…
Thursday saw oil prices rise for the third consecutive day as government data revealed a sharp decline in US crude stockpiles, which helped the commodity recover from multi-month lows reached this week. While U.S. West Texas Intermediate crude gained 29 cents, or 0.4%, to $75.52, Brent crude futures increased by 23 cents, or 0.3%, to…
China imported 9.97 million barrels of oil per day last month, a 12% decrease from June’s number and a 3% decrease from July 2023’s daily import average. The fall in July comes after an 11% yearly decline in June’s reported crude oil imports, albeit from a record high planned for June 2023. Data released in…
The September WTI (West Texas Intermediate) and Brent oil futures were down 0.31 and 0.27 percent, respectively, to $84.62 and $80.59. Tuesday’s first hour of trading saw July crude oil futures on the Multi Commodity Exchange (MCX) trading at ₹6,828 against the previous close of ₹6,847, down 0.28 percent, and August futures at ₹6,752 against…
The United States’ crude oil shipments to Europe fell in June, reaching a two-year low. According to the analysis, West Texas Intermediate is becoming more expensive for consumers as the difference between it and Brent oil narrows. WTI is now trading at about $83 per barrel, while the price of Brent crude is almost $87…
LSEG data indicates that despite forecasts of a steady rise, crude oil imports into Asia experienced a modest dip in the year’s first half. Over the first half of the year, Asian oil consumers imported 27.16 million barrels per day, according to the figures. Compared to a year ago, this was 130,000 bpd less. Notably,…
The price of crude oil appeared ready to continue its two-week upward trend this week amidst growing strains between Israel and its neighbors, particularly Lebanon. Oil traders became bullish earlier today due to fears of a spreading Middle East conflict, as Brent crude edged closer to $87 per barrel and West Texas Intermediate crept beyond…
