Oil Prices

Oil prices up due to West Asia conflict, watching situation carefully: Puri

With global oil prices flaring due to widening conflict in the Middle East, India is watching the situation carefully and is confident of navigating any challenges it may pose, Oil Minister Hardeep Singh Puri said on Monday. International oil prices have flared to over USD 78 per barrel from about USD 70 per barrel, as the market waited to see if Israel would retaliate against Iran for a missile attack last week. "We are watching the situation very very carefully," Puri said at ExxonMobil Global Outlook 2024 here. Energy availability, he said, can be affected if there is an escalation in the Middle East. But supplies are not impacted and India, the world's third largest oil consuming and importing nation, is confident of being able to navigate any situation. "I am confident, we will be able to navigate as we did previously," he said. Puri said there is no shortage of oil and India is confident of sourcing its requirement. After the Iranian missile attack, it is being speculated

Asia shares fall, oil set for weekly gains on Middle east tensions

The Nikkei has had a choppy few sessions this week as investors weighed the rising geopolitical tensions against the domestic rate outlook

Oil gains up by 4% on supply concerns as West Asia conflict intensifies

There are concerns that such escalation could prompt Iran to block the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019

Oil prices rise 2% on US interest rate cut, helps Brent crude recover

Crude prices were also being boosted by rising tensions in the Middle East, said Tim Snyder, chief economist at Matador Economics

Price cut before Maha elections in question as global oil market volatile

International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below USD 70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at USD 74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at USD 71.71. A decline in price of crude oil -- which is converted into fuels like petrol and diesel at refineries -- had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction earlier this year. "Oil prices continue to be volatile. They fell one day last week to below USD 70 but rose the day after," the official, speaking on condition of anonymity,

ONGC, OIL rise up to 2.5% as govt cuts windfall tax on crude oil to nil

Govt cuts windfall tax to nil: On Tuesday, Centre scrapped windfall tax on crude oil from Rs 1,850 per tonne amid ease in oil prices

Oil prices rise almost 2% on fears over hurricane impact on US output

On Thursday the International Energy Agency (IEA) cut its 2024 oil demand growth forecast by 70,000 bpd, or about 7.2 per cent, to 900,000 bpd, citing muted Chinese demand

Crude oil prices fall on demand concerns, Brent below $70, near 3-year low

On Tuesday, the Organization of the Petroleum Exporting Countries (Opec) in a monthly report said world oil demand will rise by 2.03 million barrels per day (bpd) in 2024

Opec+ discusses to delay planned oil output hike amid low prices: Report

Last week, the group looked set to proceed with a 180,000 barrel per day (bpd) hike in October, but market volatility and a weak demand outlook have raised concern

Oil strategy today: WTI crude may test support of $72, MCX Crude 6050

Crude oil trading strategy today, Aug 29: Weakness in the crude crack spread is bearish for oil prices

Oil up 3% on Israel-Hezbollah war, Libya oil field closure; how to trade?

Brent crude, WTI oil trading strategy today, Aug 27: We expect oil prices to face immediate resistance of $80 and the rally would find it difficult to sustain above it

Crude oil prices hit 2-week lows; how to trade, key levels to watch today?

Crude oil outlook today, Aug 20: Oil prices tumbled to two-week lows on Tuesday morning in Asian trade with WTI future trading down 0.4 per cent

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

Crude oil strategy for Budget 2024 day: WTI eyes breakout, next target: $82

Budget 2024-25: How to trade WTI crude oil today? Find out strategy, key levels here

Oil price continues to drop amidst growing ceasefire hope, demand concerns

War in Gaza has lent support to oil prices as investors priced in the risk of potential disruptions to global crude supply in the key producing region of the Middle East, but peace now seems close

WTI Oil strategy, June 25: Outlook bullish on tight supply; Support at $77

Crude oil strategy: Crude remains on track for a monthly gain. The immediate support for WTI remains at $ 78.78 (50-DMA) and short-term support stays at $77.13 (200-DMA)

WTI crude oil to stay rangebound within $78-$83; check strategy for June 20

Crude oil strategy for June 20, 2024: WTI crude oil could test resistance of $85 over the medium term

WTI, Brent crude oil prices enter 'oversold' zone; check levels for June 6

Commodity outlook: The economic slowdown has already been priced in by the markets and we expect limited downside in oil prices

Oil market headed for bearish times on softening global economic conditions

Given the above-mentioned developments, we believe that the oil market is heading lower in the short to medium term due to softening of global economic conditions

Oil prices up on prospect of Opec+ holding cuts, weaker US dollar

For the online meeting of OPEC+ oil producers coming up on Sunday, traders and analysts are predicting 2.2 million barrels per day of voluntary production cuts to stay in place