On Wednesday, oil prices increased for a second day as expectations for global fuel consumption were raised by news of rising manufacturing activity in China, the largest consumer of crude. May Brent crude oil was up 24 cents, or 0.3%, to 83.69 per barrel. The April contract reached its expiration on Tuesday at $83.89, up…
On Thursday, oil prices marginally increased in light Asian trading, breaking a six-day losing run fueled by growing worries that more aggressive interest rate increases by central banks will stifle economic development and fuel demand. A barrel of Brent crude futures increased by 2 cents to $80.62. WTI crude futures increased by 9 cents, or…
After settling around $2 a barrel on Friday, oil prices were little changed in early Asian trade on Monday as increased supplies in the United States and expectations of additional interest rate hikes dampened optimism about China’s demand rebound. To reach $82.91 a barrel, Brent crude lost 9 cents or 0.1%. The price of March…
In the second half of the year, when China’s economy emerges from anti-virus lockdowns, crude oil prices could reach $100 per barrel, according to Iran’s liaison to OPEC. Afshin Javan, Iran’s national representative to the OPEC producer group, stated on the fringes of the India Energy Week conference in Bengaluru that “we have some market…
A weaker dollar and increased prospects of future rate hikes that are less aggressive helped gold prices extend their new year surge and rise more than 1% to their highest level since mid-June. The price of spot gold increased by 1.2 percent to $1,860.64 per ounce, reaching its highest level since June 13. U.S. gold…
The market anticipates that the easing of Covid-related limitations in China will increase demand for the commodity, which is why crude oil futures traded higher on Monday. The price of January crude oil futures on the Multi Commodity Exchange (MCX) opened at $6,620, up $0.99 from the previous close of $6,555. The price of February…
Amid rising crude oil prices and ongoing capital outflows from abroad, the rupee started the session Monday on a flat note against the U.S. dollar. The rupee depreciated 1 paisa from the previous close to trade at 82.83 at the interbank foreign exchange from its opening price of 82.79. The rupee lost 3 paisas against…
Oil prices rebounded from a one-year low on Friday as traders bought into severely discounted markets, but they were still headed for steep losses this week as the outlook for petroleum consumption was weakened by growing recession fears and rising interest rates. The U.S.-Canada Keystone pipeline was shut down after a spill in Kansas, but…
As the market anticipated a possible U.S. recession in 2023, crude oil futures dropped below $80 a barrel on Wednesday morning. On the Multi Commodity Exchange (MCX), December crude oil futures were trading at $6,177 in the first hour of trading on Wednesday morning, up from the previous close of $6,153 by 0.39 percent, and…
With the price of Russian oil capping and the currency weakening, crude oil prices rose last week. In addition, for the week ending November 25 in the United States, the commodity energy was drawn from stocks at a higher rate than anticipated. In contrast to the predicted loss of just under 3 million barrels, the…
