Page 60 - Crude Oil Price

World stocks mixed, oil prices climb after Fed rate hike

Asian stocks surged Thursday while European markets opened lower after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries. Oil prices rose more than USD4 per barrel. London and Frankfurt and Wall Street futures sank. Hong Kong's market benchmark jumped more than 7per cent and Tokyo gained 3.5per cent. Shanghai, Seoul and Sydney advanced. Wall Street's benchmark S&P 500 index rose 2.2per cent after the Fed raised its short-term lending rate by 0.25 percentage points on Wednesday. The widely anticipated change was less than the 0.5 percentage point hike advocated by some officials. "Far from choking off growth, the start of the Fed tightening cycle seems to have been greeted warmly," Chris Turner and Francesco Pesole of ING said in a report. Investors are cheering measures to address high inflation. In early trading, the FTSE 100 in London lost 0.1per cent to 7,283.28 and the DAX in Frankfurt .

Oil surges by 4% amid IEA's warnings of supply shortages

The supply loss would be far greater than an expected drop in demand of one million bpd triggered by higher fuel prices, the IEA said in a report on Wednesday

Airlines may go for another round of fare hikes as crude prices bite

The govt has set minimum and maximum fares for domestic flights and these are applicable upto a fortnight. For booking beyond 15 days airlines are free to set their own fares.

Oil price benchmarks fall below $100, first time in almost 3 weeks

Oil prices tumbled more than 6% on Tuesday to their lowest in almost 3 weeks, as Iran nuclear deal hopes rise and growing outbreaks in China make traders worry

Will make calibrated interventions to keep fuel prices under control: Govt

The government on Tuesday said it is keeping a close watch on evolving geopolitical developments and would make 'calibrated interventions' to keep fuel prices under control to safeguard the interest of the common man. Minister of State for Finance Pankaj Chaudhary said crude petroleum and natural gas, fuel & power subgroup in the Wholesale Price Index (WPI) is directly related to the fluctuations in the prices of crude oil. To a question in the Rajya Sabha on whether the government will cut excise duty to keep fuel price escalation due to the Ukrainian crisis in control, Chaudhary said the public sector oil marketing companies (OMCs) take appropriate decisions on pricing of petrol and diesel in line with their international product prices, exchange rate, tax structure, inland freight and other cost elements etc. "Government is keeping a close watch on these factors and the evolving geopolitical developments and would make calibrated interventions as and when required to safeguard .

Oil plunges over 7% on easing supply concerns, China Covid cases

The steep decline on Tuesday followed a statement from Russian Foreign Minister Sergei Lavrov, saying that Moscow is in favour of the 2015 Iran nuclear deal resuming as soon as possible

Oil falls over 5% on Russia-Ukraine talk hopes, China's travel ban

Oil prices fell more than 5% on Monday to lowest in nearly 2 weeks amid hopes for progress toward a diplomatic end to Russia-Ukraine war, while a Covid-linked travel ban in China cast doubt on demand

Oil falls and EU stocks rise on Ukraine peace hopes, US Treasury yields up

Oil prices fell and European stocks rose on Monday as investors weighed positive comments from ceasefire talks between Russia-Ukraine, while US Treasury yields hit two-and-a-half year highs

Govt to take measures to provide relief to consumers from high fuel prices

India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices

Indian Oil buys 3 million barrels Russian Urals crude via tender: Report

IOC said in late February it would buy Russian oil on delivered basis to avoid any complication relating to fixing vessels and insurance

Oil falls $7 on Russia-Ukraine talk hopes, Covid lockdowns in China

Russia's output of oil and gas condensate rose to 11.12 million barrels per day (bpd) so far in March, two sources familiar with production data told Reuters, despite sanctions

Surge in global energy prices will hurt India, says IMF MD Georgieva

India has been very good at managing its finances but the surge in global energy prices is going to have a negative impact on its economy, said IMF MD Kristalina Georgieva

Oil rises but set for weekly loss as traders assess supply disruptions

US President Joe Biden said the G7 industrialized nations will revoke Russia's 'most favored nation' trade status, and announced a US ban on Russian seafood, alcohol and diamonds

Shock-proofing the economy: Quality jobs the best possible safety net

Since jobs will remain scarce for the foreseeable future, an unemployment allowance should be the next big social-security initiative, writes T N Ninan

Oil edges back up despite Putin's pledge to honour supply commitments

Since Russia's February 24 invasion of Ukraine, oil markets have been the most volatile in two years, with global benchmark Brent crude recording its biggest decline since April, 2020

An oil shock is coming, but the US may have already paid for it: Analysts

US consumer price data due to be released later on Thursday is expected to show the pace of annual price increases jumped to 7.9% last month from 7.5% in January

Oil jittery as market weighs OPEC filling Russia supply gap

Uncertainty over where and when supply will come from to replace crude from the world's second-largest exporter Russia in a tight market has led to wide-ranging forecasts for oil prices

Oil falls 5% as fear among investors over Russian supply disruption eases

Brent had gained 28% in the previous six days of trading, and the Relative Strength Index, a momentum indicator, suggested the market was due for a selloff

World stocks rise, oil retreats in 'less panicked' trading session

Moscow accused the United States on Wednesday of declaring an economic war on Russia, and said it was considering a response to the US ban on Russian oil and energy imports

China urges state refiners to halt April fuel exports, says report

Russia is the world's top exporter of crude and oil products combined, at around 7 million barrels per day