Brent crude oil futures were up 98 cents, or 1.4 per cent , at $69.78 a barrel by 0949 GMT. US West Texas Intermediate crude rose 95 cents, or nearly 1.5 per cent , to $64.91
Mirae Asset Sharekhan maintains a constructive short- to medium-term outlook for crude oil, supported by elevated geopolitical risks and Opec+'s decision to hold production at December levels.
Analysts at Mirae Asset Sharekhan expects WTI Crude oil futures to trade within a broader $59-$66 per barrel range in the coming weeks.
At 11:21 AM on Wednesday; the BSE Oil & Gas index was the top gainer among sectoral indices, up 2.4 per cent, as compared to 0.16 per cent decline in the BSE Sensex.
Oil prices climbed after the US shot down an Iranian drone and armed boats approached a US-flagged vessel in a key waterway, while precious metals found a firmer footing after a recent rout
Oil dropped sharply from the previous sessions, when Brent touched a six-month high and WTI was hovering near its highest since late September on mounting tensions between the United States and Iran
The recent surge in oil prices to a 4.25-month high, with Brent briefly touching $70.50, is largely driven by a shift in US policy
ONGC in an exchange filing said that the rise in the company's share price was attributable to the increase in the world crude oil prices.
Crude oil outlook: Geopolitical tensions have driven crude oil prices to a three-month high, with WTI trading just under $63 and Brent approaching the $67 resistance level
While Brent should retain a geopolitical risk premium, it is similarly forecasted to retreat toward $56-$57/b as supply growth from non-OPEC+ producers outweighs softening demand
Crude oil prices are holding firm this week as tensions between Iran and the US temporarily ease after Donald Trump indicated he does not intend to launch military action.
The country benefited from lower crude oil prices, driven by an oversupplied global market and subdued demand conditions
Fears of renewed trade war escalated after Trump said he would impose additional 10% levies from February 1 on goods imported from European nations if no deal on Greenland was reached
Global inventories are expected to build by an average of 2.8 mbpd through the first half of the year, marking the largest surplus in recent memory
Trump said that he had been told that killings in Iran's crackdown on nationwide protests were subsiding and he believed there was currently no plan for large-scale executions
Recent geopolitical developments have seen record fuel supplies, expanded discounts on oil and robust domestic appetite for fuel
The current upward trajectory is primarily driven by a toxic mix of heightened geopolitical risks in the Middle East, infrastructure disruptions in the Caspian region, and significant capital inflows
On January 3, the US launched a large-scale operation in Venezuela's capital Caracas and captured President Nicolás Maduro and his wife Cilia Flores
The deal between Washington and Caracas could initially require cargoes that were bound for China to be rerouted, sources told Reuters
Mirae Asset Sharekhan expects global oil market to be in surplus for a pro-longed period. It predicts WTI crude oil to hit $48 per barrel-mark in 2026