The price of Brent crude experienced a decline to $80.6 per barrel, even with the recent announcement by OPEC and its allies to prolong the production reduction of 1.7 million barrels per day until 2024. Forecasters predict that going forward, the price of crude will stay between $80 and $85 per barrel. India, which imports…
Early Asian trading on Friday saw a decline in oil prices, which continued losses following the voluntary agreement by OPEC+ members to reduce oil output for the first quarter of 2019 that fell short of market expectations. At morning session February’s Brent crude futures were down 14 cents, or 0.2%, at $80.72 per barrel. At…
Crude oil prices dropped 1.62% to settle at 6363, which was caused by the OPEC+ meeting being rescheduled for November 30. The delay resulted from Saudi Arabia’s discontent with other members’ production levels, which at first raised concerns about possible supply cuts. Significant news showing a 9 million barrel increase in U.S. crude inventory, over…
With anticipation that OPEC+ will intensify production cutbacks to support prices, which have dropped for the past four weeks due to lessening concerns about Middle East supply disruptions brought on by the Israel-Hamas war, oil futures saw a little increase on Monday. Brent crude futures had gained 66 cents, or 0.8%, to $81.27 per barrel,…
Crude oil fell -1.29% to settle at 6424, mostly due to record-high output in the United States despite encouraging signs of demand from China. The petroleum output increase estimate for 2023 was revised by the U.S. Energy Information Administration to 12.9 million bpd, which is somewhat less than earlier projections. Citing unanticipated production growth in…
OPEC’s claim that market fundamentals are still strong and that financial market speculators are to blame for the recent price decrease drove crude oil prices to close slightly lower, down -0.23% at 6508. Notably, the buy came at an average cost of $77.57 per barrel. The U.S. Energy Department announced that 1.2 million barrels of…
The U.S. crackdown on Russian oil shipments has caused supply disruptions, which has caused oil prices to slightly rise on Tuesday. This was attributed to an OPEC report that stated market fundamentals remained solid. Brent crude futures had increased by 33 cents, or 0.4%, to $82.85 a barrel. At $78.59 a barrel, U.S. WTI crude…
Tuesday’s early Asian trading saw an increase in oil prices as investors maintained their concern that the Israel-Hamas conflict could spread into a larger battle in the oil-exporting area, potentially disrupting supply. Brent crude prices had risen by 70 cents, or 0.8%, to $90.53 per barrel, while U.S. West Texas Intermediate crude futures had gained…
As supply convoys began to arrive in the Gaza Strip over the weekend and diplomatic efforts were made to prevent a conflict between Israel and the Palestinian Islamist party Hamas from expanding to the larger oil-rich region, oil prices decreased on Monday. U.S. West Texas Intermediate crude futures declined 61 cents to trade at $87.47…
For the majority of fast-moving consumer goods (FMCG) companies, rural growth has remained lacklustre for the second consecutive quarter of FY24, suggesting a lag in the hinterlands’ recovery. For FMCG firms, a rebound in rural areas is crucial because over one-third of their overall sales come from these areas. According to market watchers, a strong…
