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…
The windfall tax on domestically produced crude oil has been decreased, while the tax on diesel has been increased by the Finance Ministry. The revised levy became effective on Tuesday. A notification states that the windfall levy, formally known as Special Additional Excise Tax (SAED), has been reduced from $4,400 per tonne to $3,500 per…
Oil prices increased on Monday following their greatest weekly loss in months as UBS agreed to acquire Credit Suisse and some of the biggest central banks in the world worked to reassure and stabilize the world’s financial markets. Following a week in which it lost about 12% of its value, the price of Brent oil…
According to data provided by the Commerce Ministry on Tuesday, India’s wholesale inflation, which is based on the all-India Wholesale Price Index (WPI), decreased to 3.85 % in February from 4.73 % in January. This is less than the 4% prediction made by Reuters. The data made public indicate that the decrease in the rate…
The biggest US bank failure since 2008 continued to reverberate through financial markets as oil prices extended losses ahead of important inflation data. After a turbulent session on Monday and a 2.5% decline in the closing price, West Texas Intermediate fell under $75 a barrel. Investors will be watching the consumer price index reading, which…
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….
Despite a decline in early Friday trade, oil prices were still expected to end the week up about 2% as a rebound in factory activity in China outweighed mounting worries about accumulating U.S. crude supplies and prospective European rate hikes. The price of Brent crude futures decreased by 39 cents, or 0.5%, to $84.36 a…
On Friday, oil prices continued to rise as the likelihood of decreased Russian supplies partially offset rising US inventories. Around 0215 GMT, the price of Brent crude futures increased 61 cents, or 0.7%, to $82.82 per barrel. The price of a barrel of West Texas Intermediate crude futures (WTI) increased by 63 cents, or 0.8%….
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…
Wednesday’s oil prices remained stable as traders awaited the U.S. Federal Reserve’s remarks in the wake of recent statistics suggesting the prospect of additional interest rate hikes, which may slow global economic growth and reduce fuel demand. After losing 1.2% on Tuesday, Brent crude futures for April delivery were up 2 cents at $83.07 per…
