Page 10 - Oil Prices

Oil prices drop as rising inventories offset Russian output cuts

Brent crude futures were down 57 cents, or 0.7%, at $81.64 a barrel by 1423 GMT, having risen by more than $1 earlier in the session

Centre slashes windfall tax on crude oil from Rs 5,050/tonne to Rs 4,350

Windfall tax: The additional excise duty on ATF has been cut to Rs 1.5 per litre from Rs 6 per litre earlier

Oil rises on China outlook, supply worries after Turkey earthquake

Brent crude futures were up $1.78, or 2.2%, to $82.77 per barrel at 1042 GMT, while West Texas Intermediate U.S. crude futures rose $1.74, or 2.4%, to $75.88 per barrel

Oil prices rise on supply concerns, China demand outlook brightens

Brent crude futures rose 40 cents, or 0.5%, to $81.39 per barrel by 0117 GMT, while West Texas Intermediate futures rose 43 cents, or 0.6%, to $74.54 per barrel

Windfall tax to continue for now; collections at Rs 25k cr this year: Govt

The seven-month-old windfall profit tax on domestically produced crude oil and export of fuel is likely to give about Rs 25,000 crore in the current fiscal ending March 31 and the levy will continue for now as international oil prices are up again, top government officials said. "As of now, crude prices are again on the rise. So, for time being windfall tax will continue," CBIC chairman Vivek Johri told PTI here. Separately, Revenue Secretary Sanjay Malhotra said the budget has estimated collection from windfall tax at Rs 25,000 crore in the current fiscal. As the geopolitical situation continues to be volatile, Johri said it would be "difficult to predict how long the windfall taxes will continue". India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF, and Rs 13 a litre (USD 26 a barrel) on diesel

Jet fuel price hiked 4% by Rs 4,218 per KL in line with rising oil rates

Jet fuel (ATF) price on Wednesday was hiked by 4 per cent in line with firming international oil prices but petrol and diesel rates remained on freeze for a record 10th month in running. Aviation turbine fuel (ATF) price was increased by Rs 4,218 per kilolitre, or 3.9 per cent, to Rs 1,12,356.77 per kl in the national capital, according to a price notification of state-owned fuel retailers. The increase follows three rounds of reduction since November. The price on January 1 was reduced to Rs 1,08,138.77 per kl from Rs 1,17,587.64. Prior to that, the price was slashed by 2.3 per cent on December 1 and 4.19 per cent on November 1. The rate hike will increase the burden on airlines for whom fuel makes for almost 40 per cent of the operating cost. ATF price is revised on the 1st of every month based on the average rate of international benchmark and foreign exchange rates. Petrol and diesel prices, however, continued to remain on freeze for a record tenth month in a row. Petrol costs

Oil prices rise as US recession fears over rate hikes ease, dollar weakens

Tamer rate hike expectations helped lower the dollar index, which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies

Oil nears 3-week low then steadies on higher US demand, weaker dollar

Although the front-month Brent futures contract was down 37 cents to $84.53 a barrel in low volumes, the more actively traded April Brent futures rose by 89 cents, or 1.1%, to $85.39 by 12:47 p.m. EST

Oil prices falls on US Fed interest rate hike worries, Russian export flows

Higher rates could slow the global economy and weaken oil demand

Oil steadies after falling on rate hike worries, Russian crude flows

Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to $77.99

Oil prices steady as China reopening is balanced by economic concerns

A weaker US currency makes dollar-denominated commodities such as oil cheaper for buyers using other currencies

Oil prices rise to $88 a barrel on back of stronger China outlook

Last week Brent rose 2.8%, while the U.S. benchmark logged a 1.8% gain

Oil prices head for second week of gains on China fuel demand outlook

For the week, Brent was heading for a gain of about 1.2% and the U.S. benchmark for a 0.8% rise

Oil prices gain around 1% on optimism over China's fuel demand recovery

But OPEC kept its 2023 global demand growth forecast unchanged

Sensex ends 390 pts higher driven by HDFC twins, metals, Nifty above 18,150

Closing Bell: Within sectors, the Nifty metal index closed with most strength, up 1.5 per cent, followed by financials and pharma pockets, while PSB index slumped the most by over 1 per cent

Improving marketing margins, prices to restore OMC profits in FY24: Moody's

OMCs are likely to see weak earnings in current fiscal year despite fall in oil prices mainly because of losses they incurred on holding prices in the first half, Moody's Investors Service said

China demand growth optimism sets oil on track for strong weekly gain

A weaker greenback tends to boost demand for oil, as it makes the commodity cheaper for buyers holding other currencies

Oil prices surge over 1% on China demand hopes, US inflation in focus

Brent crude rose $1.18, or 1.4%, to $83.85 a barrel by 1250 GMT, while U.S. West Texas Intermediate crude gained $1.15, or 1.5%, to $78.56

Oil prices slip as US crude, fuel inventories reignite demand concerns

Oil prices fell, erasing the previous session's gains, after industry data showed an unexpected build in crude and fuel inventories in the United States

Oil prices stable as market awaits clarity on US Fed interest rate hike

A weaker dollar can boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies