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…
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…
Early trade on Wednesday saw a decrease in oil prices as industry data revealed a significant gain in U.S. crude stocks rather than the expected decline. This confirmed concerns about a weaker demand even as supply is becoming more constrained. West Texas Intermediate (WTI) crude futures for the United States decreased by 30 cents, or…
Oil prices rebounded from a one-year low on Friday as traders bought into severely discounted markets, but they were still headed for steep losses this week as the outlook for petroleum consumption was weakened by growing recession fears and rising interest rates. The U.S.-Canada Keystone pipeline was shut down after a spill in Kansas, but…
Early Asian trade on Thursday saw a sharp increase in oil prices, driven by signals of tighter supply and hope for a resurgence in Chinese demand. Brent oil prices were up 5 cents, or 0.06%, to $87.02 per barrel, while U.S. West Texas Intermediate crude futures were up 16 cents, or 0.2%, to $80.71. A…
Oil prices increased on Friday as softer-than-expected U.S. inflation data raised expectations of more gradual Federal Reserve interest rate increases, but worries about slowing economic growth and a rise in COVID in China kept oil trade negative for the week. After U.S. equity markets rallied, crude markets followed suit. A series of swift interest rate…
