The API said on Tuesday that although U.S. crude stockpiles increased last week more than anticipated, gasoline inventories decreased, suggesting that refinery activity is still recovering despite rising fuel demand. The U.S. benchmark crude oil futures, WTI Futures, settled down 0.1% at $85.36 a barrel before trading at $85.28 a barrel in response to the…
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…
Following a brief decline the previous day, oil prices increased on Thursday as traders’ attention returned to the prospect of a limited supply of crude for the remainder of 2023. International benchmark Brent futures increased 17 cents to $92.05 a barrel, while West Texas Intermediate crude (WTI) increased 19 cents to $88.71. The International Energy…
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…
A better gasoline demand report from the United States, the world’s biggest oil user, helped oil prices recover on Thursday after falling by more than a dollar a barrel the previous day. In the morning session, the price of Brent crude futures increased by 56 cents, or 0.7%, to $76.97 per barrel, while the price…
The windfall tax on all domestically produced crude oil was increased by the centre from zero to Rs 6,400 per tonne. Additionally, the government eliminated the SAED, which had been charged at a rate of 0.5 rupees per litre. For the continued export of petrol and ATF (aviation turbine fuel), windfall tax exemptions are granted….
The unexpected declaration by OPEC+ to further reduce output in an effort to sustain market stability caused an increase in oil prices of approximately $5 per barrel on Monday. In the opening, Brent crude reached its highest price in almost a month, trading at $84.95 a barrel, up $5.06 or 6.3%. With a price of…
The world’s second-largest consumer of crude oil, China, saw an increase in manufacturing activity on Friday morning, which helped lift confidence. At the same time, fears over Middle Eastern supply also increased. Brent futures, up almost 6% this week, were up 15 cents, or 0.19%, at $79.42 per barrel. After increasing by approximately 8% this…
On Wednesday, gold prices fell as investors gradually retreated into riskier investments, hoping that the risk of the global banking crisis spreading had been temporarily contained. At $1,965.89 per ounce, spot gold was trading 0.4 percent lower. U.S. gold futures decreased 0.3 percent to $1,967.50. According to independent analyst Ross Norman, gold has dropped as…
Early Asian trade on Thursday saw a little increase in oil prices, extending gains from the previous two sessions. The world’s largest oil consumer, China, showed signs of a robust economic recovery, allaying concerns about an increase in U.S. crude stocks. Although U.S. West Texas Intermediate (WTI) crude futures were up 7 cents, or 0.1%,…
