As a result of strong manufacturing activity and rising consumer confidence, India’s crude oil demand is anticipated to increase by 8% sequentially to 5.35 million barrels per day (mb/d) from October through December 2022. The demand for oil in India is predicted to increase by 1.1% quarterly to 5.41 mb/d between January and March of…
The amount of palm oil imported into India in September increased to its highest level in a year, thanks to strong demand for the tropical oil ahead of the festival season and a significant price discount over other oils, according to six dealers on Tuesday. The benchmark Malaysian palm oil prices, which have almost halved…
In anticipation of a meeting of OPEC+ producers to negotiate a significant output cut in what energy executives and experts view as a tight supply market, oil prices increased little on Wednesday, adding to gains of 3% in the previous session. After rising $2.94 the day before, Brent crude increased by 11 cents to $91.91…
The food ministry announced on Sunday that until March 2023, certain edible oils are subject to preferential import taxes. In order to increase domestic supply and manage retail prices, the Central Board of Indirect Taxes and Customs (CBIC) made this decision on August 31, 2022. The CBIC’s decision to extend the current reduced import taxes…
Oil prices continued to decline on Thursday after the U.S. Federal Reserve adopted a more pessimistic stance than anticipated, heightening concerns that rising interest rates and inflation may have an adverse effect on crude demand in the months to come. Following the Fed’s anticipated 75 basis point interest rate increase on Wednesday, crude prices fell…
The U.S. energy authority predicted slightly stronger demand and tighter supply for oil moving into 2023, which led to an increase in price on Thursday. The global benchmark, London-traded Brent oil futures, increased 1.1% to $88.47 per barrel, while U.S. West Texas Intermediate crude oil futures increased by 0.8% to $82.59 per barrel. Through the…
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…
Oil prices increased on Thursday on mounding supply force concerns among disruptions to Russian exports, the probable for major producers to cut output, and the limited closure of a U.S. refinery. Brent crude increased 59 cents, or 0.6%, to $101.81 a barrel, while U.S. West Texas in-between crude was up 42 cents, or 0.4%, at…
Indian rupee appreciated 44 paise to 79.30 against the American dollar in the opening trade on Wednesday, mainly on account of foreign fund inflows. Besides, a positive opening in the domestic equities amid moderating inflationary pressures helped investor sentiments, according to forex dealers. At the interbank foreign exchange, the Indian rupee opened sharply up at…
Oil prices fell for a third day in a row to a two-week low on Wednesday on a surprise build in U.S. crude stockpiles, negative U.S. economic report and worries the spread of the coronavirus Delta variant will weigh on global energy demand. Traders noted the oil price drop came despite reports of increased Mideast geopolitical tensions. Brent futures…
