Oil prices decreased on Wednesday as reports from the industry revealed that U.S. oil stockpiles increased more than anticipated, but losses were restrained by supply concerns. After closing 26 cents higher the day before, December Brent crude futures were down 72 cents, or 0.8%, at $92.80 a barrel. West Texas Intermediate (WTI) crude for the…
On Friday, the market began to weigh fears about high inflation as optimism about a potential increase in energy consumption in China faded. The price of Brent crude futures had dropped by 5 cents to $92.33 per barrel. The price of U.S. West Texas Intermediate futures increased by 7 cents to $84.58 per barrel. “With several…
As diesel inventories decreased and oil prices reversed previous losses, they gradually increased in Asian trade on Friday. Saudi Arabia and Washington, however, continued to disagree over OPEC+’s intentions to reduce output. By 0242 GMT, Brent crude futures had increased by 29 cents, or 0.3%, to $94.86 per barrel, while U.S. West Texas Intermediate (WTI)…
USDINR opened with a gap up at Rs.82.20 in the previous session after closing at Rs.81.90 on Thursday, and the market saw primarily dollar purchasing by corporates and banks as rupee pressure persisted on Friday. With other Asian currencies plunging – CNH from 7.02 to 7.12 and KRW from almost 1400 to 1412 – with…
Oil prices rose after OPEC+ agreed to limit production by 2 million barrels per day, a rate more than the market had anticipated. Oil prices rose in response to the news, but the gains were limited as the market awaited the U.S. response. OPEC+ has been undershooting its own output for months, so the market…
Saudi Arabia defied expectations by keeping oil prices for its primary market of Asia relatively stable and lowering those for Europe, defying predictions that it would raise them and put additional pressure on consumers a day after OPEC+ decided to reduce output. For supplies to Asia in November, state-controlled Saudi Aramco kept the price of…
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…
