Oil prices retreated slightly on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment. Brent oil prices were down 41 cents, or 0.5%, to $88.91 per barrel, while U.S. futures were down…
Oil and Natural Gas Corp sold oil through a three-month local tender for the first time, commanding $5-$8 per barrel more than existing rates under new rules that enable producers’ marketing freedom, according to industry sources. According to the report, ONGC, the country’s leading oil explorer, accepted bids at that level through an auction of…
Crude oil futures were trading at about $85 per barrel on Monday, after falling by almost 6% over the previous week. November crude oil futures on WTI were at $78.30, down 0.56 percent, while November crude oil futures on Brent were at $85.61, down 0.63 percent, both as of 10:02 a.m. On the Multi Commodity…
On Wednesday, oil prices increased somewhat due to supply worries, but gains were limited by investor concerns that another aggressive U.S. interest rate hike might trigger a recession and reduce demand for gasoline. Brent crude futures were up 11 cents, or 0.1%, to $90.73 per barrel after sliding $1.38 the day before. U.S. West Texas…
If the finance ministry approves the oil ministry’s proposal to exempt hydrocarbon blocks that were awarded to businesses via the production-sharing contract (PSC) and revenue-sharing contract (RSC) mechanisms from the windfall taxes on domestic crude, the state-run ONGC, and the private sector company Cairn are likely to gain. The oil ministry reportedly argued that the…
Oil prices rise during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of an international recession that could reduce fuel demand. After closing up 0.5% on Friday, Brent crude futures increased $1.15, or 1.3%, to $92.50 a barrel….
India’s import of Russian oil increased to almost 18% of its total petroleum crude imports in value terms in July. According to the commerce ministry data. India purchased Russian crude oil worth $2.88 billion in July, a slight decrease of 0.4% from the $2.89 billion figure for June. Russian oil represented 17.9% of all petroleum…
Following Russia’s invasion of Ukraine, Brent crude has surpassed $90 on the downside for the first time in eight months. Brent was trading at roughly $90 in February when Russia invaded Ukraine, and then prices soared as hostilities grew more intense. Since OPEC+ wants to maintain prices high and recession fears are rising, the cartel…
The rupee strengthened during the past week despite a steep decline in crude oil prices. Additionally, the rupee received support from large inflows into local equity markets and a reduction in the federal fiscal deficit of India. In response to Jerome Powell’s hawkish remarks, the dollar index increased slightly and reached its highest level in…
The likelihood that OPEC+ will vote to cut output caused oil to rise, and Europe’s energy situation got worse as the Group of Seven nations backed a proposal to attempt and limit the price of Russian crude. After falling by about 7% the previous week because of worries that demand would be harmed by slowing…
