Oil prices rose by 0.32% to settle at 6911 due to an optimistic demand outlook and ongoing supply risks. The Federal Reserve may delay interest rate cuts until September due to rising inflation. However, concerns arose as U.S. gasoline stockpiles fell less than expected, while distillate stockpiles rose, signalling a potential demand slowdown. U.S. crude…
Oil prices rose on Wednesday due to concerns over availability of fuel and crude following strikes on Russian refineries by the Ukrainians and the possibility of the Israel-Hamas conflict expanding to include Iran. US West Texas Intermediate crude futures rose by 0.08% to $85.22 per barrel, while Brent crude futures for June rose by 0.19%…
On Thursday, oil prices marginally increased, U.S. West Texas Intermediate crude futures (WTI) increased by 17 cents to $78.08 per barrel. By 0150, the May contract was up 14 cents to $77.45 per barrel. The April delivery of Brent oil saw a 14-cent increase to $83.17 per barrel, while the May contract saw a 13-cent…
Wednesday saw a slight increase in oil prices as expectations for growth in US oil output to be mostly stable through 2025 allayed concerns about an oversupply. U.S. West Texas Intermediate crude increased 41 cents, or 0.6%, to $73.72, while Brent crude futures increased 38 cents, or 0.5%, to $78.97 a barrel. On Monday, both…
On Wednesday, oil prices plummeted in Asian trading as disappointing Chinese trade data fueled new worries about weakening demand in the nation. Prices have now completely reversed all gains from earlier this week due to OPEC production cutbacks. In May, China’s trade surplus hit a 13-month low, primarily due to a surprising decline in exports…
The U.S. debt ceiling uncertainty and resurrected concerns for a regional banking crisis in the United States limited advances in the early Asian trading on Friday as traders covered short positions in anticipation of the weekend. In the morning session, Brent crude futures were up 36 cents, or 0.5%, to $75.34 per barrel. To reach…
Ravindra V Rao, VP-Head Commodity Research at Kotak Securities, said Investors were paralyzed by fear this week as the banking crisis moved from the U.S. to Europe, raising concerns about contagion in the international financial markets. The U.S. regulators announced plans to reduce systemic risk at the beginning of the week in a joint statement…
Ahead of the start of the harvest for plants that have already experienced some heat stress, industry, and meteorological department officials warned that untimely rains and hailstorms could harm India’s important winter-sown crops including wheat, rapeseed, and chickpeas. The central, northern, and western areas of India, which are important growth regions, have been cautioned by…
Oil prices increased on Friday as traders bet that Russian crude exports from the Baltic region will decline in December, allaying concerns that an impending Arctic storm across the United States could dampen the rise in demand for transportation fuel over the holiday season. Brent crude was up 88 cents, or 1.1%, to $81.86 per…
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…
