As the market anticipated a possible U.S. recession in 2023, crude oil futures dropped below $80 a barrel on Wednesday morning. On the Multi Commodity Exchange (MCX), December crude oil futures were trading at $6,177 in the first hour of trading on Wednesday morning, up from the previous close of $6,153 by 0.39 percent, and…
As supply remains constrained and demand worries continue to exceed them, crude oil prices are rising. The MCX crude oil futures (continuous contract) and the Intercontinental Exchange (ICE) Brent crude futures both saw gains last week, closing at $98.62 and 7,556 per barrel, respectively. The risks are inclined to the upside. With the G7 agreeing…
The government reduced the windfall tax on local crude oil exports on Tuesday from Rs 11,000 per tonne to Rs 9,500 per tonne. The windfall tax on aviation fuel exports (ATF) has, however, been raised from Rs 3.50 per litre to Rs 5 per litre. Diesel fuel now costs Rs. 13 per litre after an…
Oil prices continued to decline on Thursday after the U.S. Federal Reserve adopted a more pessimistic stance than anticipated, heightening concerns that rising interest rates and inflation may have an adverse effect on crude demand in the months to come. Following the Fed’s anticipated 75 basis point interest rate increase on Wednesday, crude prices fell…
On Wednesday, oil prices increased somewhat due to supply worries, but gains were limited by investor concerns that another aggressive U.S. interest rate hike might trigger a recession and reduce demand for gasoline. Brent crude futures were up 11 cents, or 0.1%, to $90.73 per barrel after sliding $1.38 the day before. U.S. West Texas…
Early on Thursday, crude oil futures prices declined due to a modest expansion in the Chinese PMI (purchasing managers’ index). The information about the state of the U.S. market for crude oil also had an impact on futures pricing. On Thursday morning, October crude oil futures on WTI were trading at $89.25, down 0.34 percent,…
WTI Crude Oil has recovered from $86 to $93 after Saudi Arabia said it will cut down production if the U.S.-Iran deal goes through. The deal will bring 1 million BPD oil to the market and before 17th Aug, crude was in free fall on fear of demand destruction because of the emerging recession and…
Oil prices climbed on Tuesday, clawing back some of the previous session’s deep losses, even though concerns over coronavirus curbs combined with slowing factory activity in key buyer countries to keep a lid on gains. Brent crude oil futures rose 24 cents, or 0.3%, to $73.13 a barrel, as of 0125 GMT. US West Texas…
Oil prices fell for a third day in a row to a two-week low on Wednesday on a surprise build in U.S. crude stockpiles, negative U.S. economic report and worries the spread of the coronavirus Delta variant will weigh on global energy demand. Traders noted the oil price drop came despite reports of increased Mideast geopolitical tensions. Brent futures…
