In Asian trade, oil prices increased, continuing a recent upward trend as speculation about tighter supply and stronger demand in the largest fuel consumer in the world increased in response to a larger-than-expected drop in U.S. stockpiles. The previous week has seen sharp losses in the crude markets as worries about slowing global demand were…
As indications of reduced US supply helped ease concerns about the global oil market’s deteriorating demand, oil prices steadied throughout Wednesday’s Asian trading session. After dismal economic statistics from China, the world’s largest oil importer, increased worries about slowing demand, crude markets were nursing a steep fall over the previous week. October contract prices for…
This month, there has been a growing discrepancy in the crude markets between growing stocks and rising spot prices and calendar spreads. Even while there was an excess of supply in the oil market in the second quarter, many analysts and OPEC anticipate a significant shortfall in the third, which would result in a steep…
As the market weighed evidence of rising US demand as well as declining oil and fuel stockpiles against a strengthening US currency, crude oil prices managed to hover around a seven-week high on Friday. While U.S. West Texas Intermediate (WTI) oil for August delivery stayed steady at $81.29 from its closing position on Thursday, Brent…
As a result of positive estimates for global demand and anticipation of ongoing supply constraints by major oil-producing countries, crude oil prices increased by 1.09% to settle at 6702 rupees per barrel. Strong growth in oil demand is anticipated in the second half of the year, according to reports from OPEC, the International Energy Agency,…
As a result of an unanticipated increase in U.S. crude stockpiles, crude oil prices fell by 1.16% Wednesday, closing at 6,492 INR. 1.825 million more barrels of crude oil were added to U.S. stocks last week, according to the Energy Information Administration (EIA), than the 2.55 million barrel drop that the market had anticipated. Distillate…
The Centre has reduced the windfall tax on domestically produced crude from Rs 9,600 per tonne to Rs 8,400 per tonne, effective immediately. The windfall tax remains unchanged at nil for diesel and aviation fuel turbines. Earlier on April 16, the government had increased the windfall tax from Rs 6,800 to Rs 9,600 per tonne….
As a result of in-line inflation figures and a strengthening dollar amid ongoing geopolitical tensions, oil prices ended a two-week losing run on Friday by closing higher. Futures for Brent oil increased by 0.3% to $89.85 per barrel, while West Texas Intermediate oil increased by 0.4% to $89.38 per barrel. By projections, PCE inflation increases….
India, the third-largest oil importer in the world, imported the same amount of crude oil as in the previous fiscal year, 2023–2024, which concluded on March 31. However, because of record-high imports of cheaper Russian crude and declining oil prices, India’s import bill decreased by over 16%. According to data from the Petroleum Planning and…
The API said on Tuesday that although U.S. crude stockpiles increased last week more than anticipated, gasoline inventories decreased, suggesting that refinery activity is still recovering despite rising fuel demand. The U.S. benchmark crude oil futures, WTI Futures, settled down 0.1% at $85.36 a barrel before trading at $85.28 a barrel in response to the…
