Crude oil yesterday decreased by -4.17% to close at 5705 as concerns over interest rates and inflation resurfaced, increasing questions about the prospects for gasoline demand. Pressure from important central banks was also perceived as being hawkish, which created worries that interest rates would keep rising for a longer period of time and worsen the…
With a fourth consecutive week of closing up, natural gas is looking strong. However, for the bulls in the trade, prices have remained stagnant in the lower $2 level, scarcely moving the needle. On Friday, the front-month gas contract traded on the Henry Hub of the New York Mercantile Exchange settled at $2.266 per metric…
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…
The expectation that China’s harsh COVID-19 regulations will be relaxed will result in a rebound in gasoline consumption in the world’s largest oil importer drove up oil prices on Wednesday, extending gains from the previous session. Following a 1.7% gain in the prior session, Brent crude futures were up 52 cents, or 0.6%, at $86.44…
As optimism from China’s reopening and a resurgence in oil demand overshadowed worries of a global recession, oil prices recovered ground on Monday after dropping more than $2 per barrel in the previous session. While U.S. West Texas Intermediate crude was at $74.89 a barrel, up 60 cents or 0.8%, Brent crude futures increased 72…
The government on Thursday reduced the windfall tax on exports of domestically produced crude oil and diesel due to the decline in the price of oil globally. The windfall tax on locally produced crude oil has been reduced by Rs 1,700 per tonne from Rs 4,900 per tonne, according to a notice from the finance…
The biggest oil and gas producer in India, ONGC, said on a conference call with investors that it would reverse years of production drop this year and progressively increase output going forward as it invests billions to produce from more recent discoveries. Oil and Natural Gas Corporation (ONGC) produced 21.707 million tonnes of crude oil…
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…
