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…
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…
Traders mostly disregarded the EIA report revealing an unexpected increase in crude oil stockpiles, as crude oil prices increased by 0.37% to settle at $6,190. According to EIA statistics, rather than the market’s estimate of a 2.30 million barrel reduction, U.S. oil stockpiles grew by 1.233 million barrels for the week ending May 31, 2024….
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…
Yesterday, crude oil prices fell by -0.2% to settle at 6624 after the International Energy Agency (IEA) revealed a notable rise in global oil stocks for March. The increase in oil retained aboard tankers in transit is mostly responsible for the 34.6 million barrel increase reported by the IEA in February. With the unloading of…
The world’s top oil-consuming countries, China, and the United States both have rising crude oil stockpiles and exports, which has caused a slight increase in crude prices yesterday, which ended at 6606 due to positive demand outlooks. A report by the Energy Information Administration showed that U.S. oil stocks had dropped by 1.4 million barrels…
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…
Following OPEC+ members’ decision to extend its voluntary oil output cutbacks of 2.2 million barrels per day into the second quarter, which was mostly expected by the market, oil prices increased on Monday. U.S. West Texas Intermediate (WTI) was up 20 cents, or 0.3%, to $80.17 a barrel, while Brent futures was up 28 cents,…
