Page 2 - Global Crude Oil Price

Oil rises by more than 1% after Houthi militants attack on Red Sea tanker

Oil rose more than 1% on Monday as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruptions.

Oil rises after Iran-backed Houthi attack on ship, weak sentiment weighs

A cruise missile launched from Houthi-controlled Yemen struck a commercial chemical tanker, causing a fire and damage but no casualties in the latest such attack to heighten safety risks for tankers

Explained: Why Opec+ members find it hard to agree oil production quotas

OPEC+ negotiations over production quotas have often been difficult in the past. Oil production tends to vary month by month, making it difficult to fix on a permanent production target.

Petrol, diesel price revision only when oil price stabilises below $80

State-owned fuel marketing companies are likely to revert to daily revision in prices of petrol and diesel only when international oil prices stabilise below USD 80 per barrel on a sustained basis, industry officials said. Three state-owned fuel retailers -- Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 20th month in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in the first half of 2022-23 fiscal year before easing rates propelled them to profitability. "There is considerable volatility in the international oil market and prices fluctuate wildly," an official said. "Oil companies can cut prices by Re 1 per litre and everyone will applaud. But when international oil prices go up, will they be allowed to raise rates remains in doubt." India is the

Global oil prices up due to tighter supply, China economy in focus

U.S. West Texas Intermediate crude futures gained 10 cents, or 0.13 per cent, to $81.74

India reimposes windfall tax on crude oil, levy on diesel exports scrapped

Latest move to reimpose windfall tax on crude oil means that now only domestically produced crude oil will attract a windfall tax of Rs 6,400 per tonne while petrol, diesel and ATF will remain exempt

Expectations of US interest rate hikes dragging crude benchmark downwards

Expectations of further rate hikes in the world's largest economy and in Europe have clouded the global growth outlook and driven both crude benchmarks down more than 5% so far this week

Iran may drain offshore crude oil cache if nuclear agreement reached

About 93 million barrels of Iranian crude and condensate are currently stored on vessels in the Persian Gulf, off Singapore and near China

India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy

The tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue

Rupee ends at record low as rebound in crude deepens CAD, inflation worries

Settles at 78.0825 to the dollar as against 77.9800 at 3:30 p.m. on Monday. The previous record closing low for the domestic currency was 78.0700 on June 17

No sign of overcapacity yet as global commodity prices come off peaks

The exception is energy, which isn't dictated by liquidity conditions, but by decisions of the Opec-plus cartel, where plenty of other factors come into play

India's 10-yr bond yield hits 7.5%, highest since 2019 ahead of RBI policy

India's benchmark 10-year bond yield rose to its highest levels since March 2019 in early trade on Monday as investors prepared for around a 50-basis-point rate increase later this week

IEA suggestion for easing Russian oil shock: Restrict people's car usage

President Vladimir Putin's invasion of Ukraine has upended global commodity markets, sending prices soaring and prompting a search for alternative sources of energy

Closely monitoring global energy market, potential supply disruptions: Govt

Minister of state in Petroleum and Natural Gas while replying to Rajya Sabha informed that geopolitical situation between Russia-Ukraine has resulted in a steep rise in global crude oil and gas prices

Expensive crude oil pushing up raw material prices: Jindal Steel & Power MD

There is a need to control energy prices across the globe as rising crude oil rates, amid the Ukraine crisis, are making raw materials costlier for steel industry, said to a top industry executive

Oil hits almost decade high of $119 before Iran throttles the rally

Analyst says Iran deal can't replace Russia disruptions; OPEC and its allies have snubbed calls to accelerate output rises

World stocks slip, oil blasts past $110 as sanctions on Russia bite

In the latest tightening of restrictions on Moscow, the United States banned Russian flights using American airspace, following similar moves by the European Union and Canada

Biden announces release of 30 mn barrels oil to control global oil prices

Biden announced that his council has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices during Russia Ukraine war

IEA weighing potential oil stocks release after Russia invasion

Crude oil was trading around $104 a barrel on Tuesday as some buyers shunned Russian barrels after Western allies imposed sanctions on Moscow

Rising oil can burn Rs 1-trillion hole in govt coffers in FY23: SBI report

Based on the existing value-added tax (VAT) structure and taking Brent crude price of $100 - $110 per barrel, SBI believes diesel and petrol prices should have been higher by Rs 9-14 each by now