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 (West Texas Intermediate) crude oil futures were up 0.34 percent to $77.10 in September, while October Brent oil futures were up 0.18 percent to $79.80. In Monday’s first hour of trading, August crude oil futures were up 0.51% on the Multi Commodity Exchange (MCX) at ₹6477 compared to the previous close of ₹6444, and…
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…
Crude oil prices were expected to close the week higher than they started, extending their most recent uptrend to a full month, despite a decrease yesterday due to negative economic news from the US. According to Reuters, oil has increased by 9% in the last four weeks for Brent crude and by $10 a barrel…
On Thursday morning, the official data indicated a rise in US stocks, which caused the price of crude oil futures to decline. Thursday saw a 0.22 percent decline in Brent oil futures to $84.28, and a 0.27 percent decline in August WTI (West Texas Intermediate) crude oil futures to $80.68. At the start of trade,…
Crude oil prices dropped by -0.75% yesterday, finishing at 6771, under pressure from a stronger dollar and investor expectations for the release of new U.S. inflation data soon. Notwithstanding this downturn, worries about disruptions to the oil supply persisted due to geopolitical tensions in the Middle East, specifically Israeli incursions into Gaza and worries about…
The center reduced the windfall tax on domestically produced crude oil on Friday from Rs 5,200 per tonne to Rs 3,250 per tonne. Aviation turbine fuel (ATF) and petrol diesel will remain subject to no export duties. The Central Board of Indirect Taxes and Customs (CBIC) stated in a late-night notice on Friday that the…
An unexpected rise in gasoline stocks in the United States caused crude oil prices to drop by 0.54%, ultimately finishing at 6,453. Instead of the 400,000 barrel drop that was expected, petrol stockpiles increased by 2 million barrels, indicating higher demand before the Memorial Day weekend. Expectations for interest rate decreases were tempered by the…
