Yesterday, crude oil prices fell by -0.2% to settle at 6624 after the International Energy Agency (IEA) revealed a notable rise in global oil stocks for March. The increase in oil retained aboard tankers in transit is mostly responsible for the 34.6 million barrel increase reported by the IEA in February. With the unloading of…
The Organization of Petroleum Exporting Countries predicted that India’s oil consumption will increase to 5.80 million barrels per day in 2025, a 4.1% increase from the 5.57 million barrels per day predicted in 2024. The cartel noted in its most recent oil market report for the month that rising economic activity will lead to higher…
Crude oil prices rose by 0.6% during yesterday’s trading session, ultimately closing at 6551. This increase was primarily driven by a notable decline in oil inventories. The US oil stockpiles dropped by 2.508 million barrels more than anticipated, according to data released by the Energy Information Administration (EIA), exceeding market expectations. In addition, surprise drops…
The world’s top oil-consuming countries, China, and the United States both have rising crude oil stockpiles and exports, which has caused a slight increase in crude prices yesterday, which ended at 6606 due to positive demand outlooks. A report by the Energy Information Administration showed that U.S. oil stocks had dropped by 1.4 million barrels…
India, the third-largest oil importer in the world, imported the same amount of crude oil as in the previous fiscal year, 2023–2024, which concluded on March 31. However, because of record-high imports of cheaper Russian crude and declining oil prices, India’s import bill decreased by over 16%. According to data from the Petroleum Planning and…
Yesterday, the International Energy Agency’s (IEA) most recent oil market report, which highlighted disruptions in the Red Sea region and presented a more positive picture for demand growth, caused crude oil to see a notable jump of 2.48%, closing at 6,742. To boost market optimism, the IEA revised its demand growth predictions for 2024 and…
Following OPEC+ members’ decision to extend its voluntary oil output cutbacks of 2.2 million barrels per day into the second quarter, which was mostly expected by the market, oil prices increased on Monday. U.S. West Texas Intermediate (WTI) was up 20 cents, or 0.3%, to $80.17 a barrel, while Brent futures was up 28 cents,…
In early Asian trading on Wednesday, oil prices fell as rumors of extensions to OPEC+ output restrictions countered the positive impact from the possibility of a postponed U.S. rate-cutting cycle. By 0110 U.S. West Texas Intermediate crude futures (WTI) were down 35 cents, or 0.44%, to $78.52 a barrel, while Brent crude futures slid 38…
In light early trading on Monday morning—a national holiday in the US—oil prices began to decline At $82.89 per barrel, Brent crude futures were down 58 cents, or 0.69%. At 0138 U.S. West Texas Intermediate crude was down 35 cents, or 0.44%, at $78.84. The second-largest hospital in the Gaza Strip was shut down by…
A combination of factors boosting market optimism caused crude oil prices to close 0.28% higher at 6399. The market was infused with liquidity and hopes of an economic revival were reinforced by China’s recent stimulus announcements, especially the lowering of the reserve requirement for banks. One of the main factors driving the rising demand for…
