Page 14 - Oil Prices

Oil prices fall as China woes offset boost from high US fuel demand

Brent crude fell 20 cents, or 0.2%, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session

Surging prices: Indian refiners push the envelope on Russia crude oil

With Urals crude prices on the rise, refiners are negotiating for bigger discounts and alternative currencies for payment

India working on enhancing oil refining capability: Oil Minister Puri

India maintained "affordability" of petroleum products notwithstanding disruptions in the global energy markets and the hike in prices of petrol and diesel in the last two years has been marginal compared to several large economies and neighbouring nations, Oil Minister Hardeep Singh Puri said on Friday. In an interaction with a group of reporters, he also slammed the opposition for attacking the government on oil prices saying the states ruled by it are selling petrol and diesel at higher rates compared to those governed by the BJP which significantly cut the VAT on petroleum products to bring down the rates. The oil minister also said that India is in the process of expanding its oil refining capabilities. India is already the world's fourth largest refining hub and we are going to end up as the second largest refining place, Puri said while highlighting the Modi government's success in areas of trade and foreign policy. "PM Modi's governance is transforming our foreign policy, .

After outlier record high global diesel cracks in 2022, margins plunge

A crash in global cracks in April-June this year will shrink profits of refiners when compared with the outlier period of last year, an analysis of data and industry experts said

Oil prices rise as mild US inflation data calms fear of Fed rate hike

Oil prices also drew support from a weaker dollar and optimism surrounding Chinese stimulus, said Fiona Cincotta, senior financial markets analyst at City Index

Oil drops 1% as market frets about risk of US interest rate hike

OPEC upbeat over 2024 oil demand outlook despite slowdown

Oil settles higher, trade choppy as tight supply vies with rate hike fear

European Central Bank President Christine Lagarde has cemented expectations for a ninth consecutive rise in euro zone rates in July

Oil prices fall on concerns of slow fuel demand, weak China industrial data

Brent crude futures declined 40 cents, or 0.5%, to $73.63 a barrel by 0444 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.5%, to $69.24 a barrel

Oil prices ease on fears of more interest rate hikes denting fuel demand

Leaders of the world's top central banks reaffirmed on Wednesday they think further policy tightening will be needed to tame stubbornly high inflation

Oil prices jump 3% on bigger-than-expected decline in US crude storage

Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand

Oil rises as hawkish Fed talk expectations offset China demand worries

The congressional testimony by Powell later on Wednesday is expected to provide clues on future rate moves in the world's biggest economy

Goldman Sachs slashes forecast for oil prices by nearly 10% on weak demand

Goldman Sachs has slashed its forecast for oil prices by nearly 10 per cent, citing weak demand in China and a glut of supply from the sanctioned countries, including Russia

Oil prices edge higher as Saudi Arabia cut outweighs bearish backdrop

The unexpected build in fuel inventories raised concerns over consumption by the world's top oil user, especially as travel demand grew during the Memorial Day weekend

Heavyweights lift benchmarks; Sensex less than 1% away from all-time high

Shares of oil marketing companies fell close to a per cent, while oil producer ONGC gained 0.5 per cent, while RIL gained 0.9 per cent

Saudi Arabia cuts oil output by 1 mn barrel per day to boost sagging prices

Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024. This is a grand day for us, because the quality of the agreement is unprecedented, Saudi Energy Minister Abdulaziz bin Salman said in a news conference, adding that the new set of production targets are much more transparent and much more fair. The slump in oil prices has helped U.S. drivers fill their tanks more cheaply and given consumers worldwide some relief from inflation. That the Saudis felt another cut was necessary underlines the uncertain outlook

Oil stable as investors ponder strong travel demand in China, rate hikes

Brent crude fell 3 cents to $82.70 a barrel at 0620 GMT, while US West Texas Intermediate crude also eased 3 cents to $78.73 a barrel

India, China snap up Russian oil in April above 'price cap': Report

The advocates of the cap say it reduces revenues for Russia while allowing oil to flow, but its opponents say it is too soft to force Russia to backtrack on its activities in Ukraine

What higher oil prices mean for the fight against climate change

In the past year, soaring energy prices and Russia's invasion of Ukraine have been accelerants and a curse for the transition away from dirty fuels

ONGC, Oil India surge up to 6% as oil prices rise post OPEC+ output cut

Sustained higher crude oil prices and gas realisations can result in better profitability for upstream oil and gas companies, analysts said

Bond yields seen rising tracking oil prices; H1 borrowing plan weighs

The yield fell 14 basis points in March, its first monthly fall since November, but rose 48 bps in fiscal 2023, and recorded its third consecutive rise