The unexpected declaration by OPEC+ to further reduce output in an effort to sustain market stability caused an increase in oil prices of approximately $5 per barrel on Monday. In the opening, Brent crude reached its highest price in almost a month, trading at $84.95 a barrel, up $5.06 or 6.3%. With a price of…
The world’s second-largest consumer of crude oil, China, saw an increase in manufacturing activity on Friday morning, which helped lift confidence. At the same time, fears over Middle Eastern supply also increased. Brent futures, up almost 6% this week, were up 15 cents, or 0.19%, at $79.42 per barrel. After increasing by approximately 8% this…
On Wednesday, gold prices fell as investors gradually retreated into riskier investments, hoping that the risk of the global banking crisis spreading had been temporarily contained. At $1,965.89 per ounce, spot gold was trading 0.4 percent lower. U.S. gold futures decreased 0.3 percent to $1,967.50. According to independent analyst Ross Norman, gold has dropped as…
The price of oil held steady in early Asian trade on Thursday as a smaller-than-expected reduction in Russian supplies and a stronger dollar countered an unexpected decrease in U.S. crude oil stocks that had buoyed prices. The price of Brent crude futures was unchanged at $78.28 per barrel. To reach $72.91 a barrel, West Texas…
After three sessions of gains, oil prices declined on Thursday when U.S. Federal Reserve Chair Jerome Powell reiterated his commitment to containing inflation, including the likelihood of additional interest rate increases. U.S. West Texas Intermediate crude (WTI) dropped 84 cents, or 1.2%, to $70.06 while Brent crude futures dropped 80 cents, or 1%, to $75.89…
Oil prices were little altered on Friday following a meeting between Saudi Arabia and Russia that helped to calm the markets, but crude benchmarks were still on track to drop for a second consecutive week after this week’s sell-off in the global financial markets was started by a banking crisis. After ending three days of…
Although a recovery in Chinese demand and a weaker dollar offered some support, oil prices fell in Monday’s Asian morning session as worries about potential future interest rate hikes in the United States continued to worry investors. The price of Brent crude futures had dropped 15 cents, or 0.18%, to $82.63 per barrel. West Texas…
On Thursday, oil prices remained almost unchanged due to a larger-than-anticipated drop in U.S. crude stocks and concerns that more aggressive U.S. interest rate increases would slow economic growth and reduce oil consumption. Brent crude futures had increased by 5 cents to $82.71 per barrel, while West Texas Intermediate (WTI) crude futures had increased by…
Early on Wednesday in Asian trading, oil prices stabilized as industry data revealed a reduction in U.S. crude oil stocks. The market had fallen the previous session over concerns that more aggressive U.S. interest rate hikes would hurt demand. The price of a barrel of April Brent crude futures increased by 8 cents to $83.37….
In response to a question in the Rajya Sabha, Minister of State for Petroleum & Natural Gas Rameswar Teli stated that the Special Additional Excise Duty (SAED) collection for FY23 is estimated at a level of ₹25,000 crores from crude oil production, export of gasoline, diesel fuel, and aviation turbine fuel (ATF). The SAED, also…
