Page 3 - Oil Prcies

Why petrol prices stay high despite global oil price drop: Derek O'Brien

Trinamool Congress leader Derek O'Brien on Monday questioned why petrol prices in India are not decreasing despite a decline in global crude oil prices. In a post on X, the Rajya Sabha MP said the crude oil prices have come down by around 24 per cent in last ten years, but petrol price in India has gone up by 30 per cent. In August 2014, crude oil was priced USD 102 per barrel and petrol price was Rs 73, while in August 2024, crude oil is at USD 78 per barrel, and yet petrol price is Rs 95, he said. "Why are petrol prices in India not decreasing despite a decline in global crude oil prices?" wrote O'Brien, TMC's parliamentary party leader in the Rajya Sabha. "In the last 10 years, crude oil price down by nearly 24 percent, but petrol price in India increased by 30 percent," he said. "Windfall profits of oil companies are not being passed on to consumers," the TMC leader added. Petrol, diesel prices in India were last revised ahead of the general election in March when it was redu

How to trade oil futures amid weak demand, Hurricane Francine? Outlook here

Crude oil strategy, Sept 12: WTI crude oil rice may fall to $65 in medium-term

IndiGo, Ceat: Which stocks are on analysts' radar as oil falls below $70?

Brent crude price today: Analysts prefer aviation and tyre stocks among the lot, but remain cautious on paints and oil marketing companies

Veg thali cost drops 8% in August, driven by low tomato prices: Crisil

Non-veg thali costs also reduced by 12% due to lower tomato prices, a kitchen staple in India, as well as reduced vegetable oil, spices, and fuel costs

Crude Oil: Check trading strategy, target price and other key levels here

Oil recorded its first back-to-back monthly decline amid signs of sluggish demand in China and the United States raised concerns about future consumption growth.

How to trade WTI crude oil amid US recession, Iran-Israel war concerns?

Oil trading strategy, August 6, 2024: Oil prices are expected to remain subdued in short to medium term as demand has deteriorated sharply from Asia and, with the US on the verge of recession

Rupee turns flat at 83.73 against US dollar amid high crude oil prices

The rupee turned flat at 83.73 against the US currency on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to forex traders, the Indian currency found support due to softening dollar against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level. On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks". "The next key US economic release is the July jobs report, expected on Friday," he added. Meanwhile, the dollar index, which gauges the greenback's str

Oil prices rise during trade on risk of broadening Middle East conflict

Global benchmark Brent crude futures rose 71 cents, or 0.9 per cent, to $81.55 a barrel by 0605 GMT

KSRTC bus fare hike inevitable due to rise in oil prices: Chairman Srinivas

Srinivas also mentioned that a proposal for 40 new Volvo buses has been submitted to the government

Crude oil: 4 factors keep outlook bullish for WTI; check near-term strategy

Crude oil price outlook: WTI short term resistance is at $82 for the day, while short term trading range should be in range of $77-$82

Production has resumed at largest oilfield after over 2-week hiatus: Libya

Libya's state-owned oil company resumed production at the country's largest oilfield Sunday, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages. The National Oil Corp. said in a terse statement that it lifted the force majeure at the Sharara oil field in the country's south and resumed full production. It didn't provide further details. Force majeure is a legal maneuver that releases a company from its contractual obligations because of extraordinary circumstances. The company had activated the maneuver on Jan. 7 after protesters from the desert town of Ubari, about 950 kilometers (590 miles) south of the capital, Tripoli, shut down the field to protest fuel shortages. Over the past two weeks the company's chief, Farhat Bengdara, and military officials from eastern Libya have been negotiating with the protest leaders, Fezzan Group. Barzingi al-Zarrouk, the protesters' spokesman, announced that they have suspended their protest after they ..

Risk of Oil price spike impacting India in Fy25 is low: CEA Nageswaran

An oil price surge of 10 per cent from the baseline of $85 per barrel could weaken domestic growth by 15 basis points and increase inflation by 30 basis points

Russia to deepen oil export cuts in Dec by at least 50,000 barrels per day

Saudi Arabia and Russia, the world's two biggest oil exporters, called in December for all OPEC+ members to join an agreement on output cuts after a fractious meeting of the producers' club

TotalEnergies sticks to share buyback plans despite net income dro

Its shares dipped 0.34% in early trading

US sanctions 2 shipping companies for violating Russian oil price cap

The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. The United States, along with the European Union, countries in the Group of Seven and Australia, imposed a $60 a barrel limit last year on what Russia could charge for its oil. The cap was designed to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network. The companies being penalized are based in the United Arab Emirates and Turkey, the department said in a statement. A ship owned by the Emirates-based company Lumber Marine carried oil priced above $75 a barrel from a Russian port. Separately, a vessel owned by Turkey-based Ice Pearl Navigation ferried oil from Russia priced at $80 a barrel. Both companies relied on US service providers. As a result of the sanctions, the Biden ...

Oil prices slip on weak Chinese outlook despite US stock drawdown

Brent crude futures fell 19 cents, or 0.2%, to $90.41 a barrel by 11:33 a.m. EDT (1533 GMT), while U.S. West Texas Intermediate crude (WTI) futures fell 17 cents, or 0.2% to $87.36

Petrol, diesel prices unlikely to change in India as oil nears $90 in 2023

Oil prices hit a 10-month high of nearly USD 90 per barrel as Saudi Arabia and Russia extended their voluntary production and export cuts until the end of the year. For a nation that is more than 85 per cent dependent on imports for its oil needs, the surge in prices means India will have to shell out more and the prospect of returning to market-driven petrol and diesel prices in the near future diminished further. Brent crude prices surged around 6.5 per cent over the past week after Saudi Arabia, which leads the expanded OPEC+ cartel with Russia, decided to keep its one million barrels a day reduction in supplies to the global market until the end of December. Russia has added its own voluntary export cuts in recent months. The move has led to Brent rising above USD 90 a barrel for the first time this year on Tuesday. On Wednesday, it was trading at USD 89.67 per barrel. The basket of crude oil that India imports has averaged USD 89.81 per barrel this month, up from USD 86.43 in

Oil prices rise for third day as tighter market offsets demand risks

Meanwhile, some refined products such as diesel - the workhorse fuel of the global economy - have started pricing in scarcity this winter, boosting their premium to the oil from which they are made

Global shares sink after US Fed notes dent hopes of rate hikes ending

Global stocks followed Wall Street lower Thursday after notes from a US Federal Reserve meeting dented hopes interest rate hikes are finished. London, Hong Kong, Paris and Seoul declined. Shanghai and Wall Street futures advanced. Oil prices rose. Wall Street's benchmark S&P 500 lost 0.8% on Wednesday after minutes from the Fed's latest meeting suggested board members are unsure what to do after raising their key lending rate to a two-decade high. Traders had hoped the board would decide inflation was under control and last month's rate hike was the last. Fed officials face a tough balancing act between the risk of an inadvertent over-tightening of policy against the cost of an insufficient one, said Tan Boon Heng of Mizuho Bank in a report. In early trading, the FTSE 100 in London fell 0.3% to 7,332.01. The CAC 40 in Paris lost 0.4% to 7,233.00 and the DAX in Frankfurt retreated 0.3% to 15,738.25. On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average ...

Opec upbeat over oil demand outlook despite for next year despite slowdown

Opec will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year