Oil prices rose 3% on Tuesday, rebounding from recent losses on signs of rising fuel demand in the United States despite a surge in Covid-19 cases
A United Nations panel's dire warning on climate change added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month
Brent crude futures fell by $2.82, or 4.2%, to $67.88 a barrel by 0930 GMT after a 6% slump last week for their biggest weekly loss in four months.
Oil fell, capping the biggest weekly loss since October, as the spread of the delta coronavirus variant in China and elsewhere in the world is casting doubts on demand growth
Oil prices were steady on Friday, but on track for steep weekly declines on concerns over the impact on fuel demand from travel restrictions to curb spread of Covid-19
Many analysts and traders see the latest Covid-19 flare-ups as a short-term hit to oil demand
China's factory activity growth slipped sharply in July as demand contracted for the first time in more than a year
Brent crude oil futures fell 5 cents, or 0.1%, to $74.69 a barrel by 0108 GMT while US West Texas Intermediate (WTI) crude oil futures slipped by 4 cents, or 0.1%, to $72.35 a barrel.
The state government's stand and the protests against exploration have put ONGC in a spot, with recoverable oil and gas reserves worth $8.5 billion stuck
A breakout above Rs 2,160 may result in a sharp upside towards Rs 2,250 and Rs 2300 levels in Reliance Industries' stock
For the week, Brent was set to end the week up a marginal 0.2%, having declined in the previous three weeks. U.S. crude was poised to remain steady over the week.
New Oil Minister Hardeep Singh Puri has made phone calls to key OPEC nations to convey the desire for an affordable price for consumers.
Futures in New York traded near $75 a barrel after rising 1.6% on Tuesday
But prices may remain uncomfortably high for most consumers
This would offset the recovery in volumes from the lows in May
Oil prices fall as economic worries offset tightening crude supplies
Drop was most since World War-II; renewable energy deployment zoomed in 2020
(Reuters) - Oil slipped on Tuesday, pulling back from its recent rally, after OPEC+ producers cancelled a meeting due to clashes over plans to increase supply to meet rising global demand.
Crude slips after surging to multi-year highs amid major crisis in Opec+
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.18 per cent to 92.38.