Page 14 - Oil Prices

Oil prices plunge 3% on US inventory build, China Covid-19 worries

Brent crude futures settled at $92.65 a barrel, shedding $2.71, or 2.8%, while U.S. West Texas Intermediate (WTI) crude futures settled at $85.83 a barrel, dropping $3.08, 3.5%

Oil prices decline on US crude inventory build, China Covid worries

Brent crude futures fell 74 cents, or 0.7%, to $94.62 a barrel by 1201 GMT

Oil prices eases to $98 a barrel as China Covid-19 cases dampen spirits

Brent edged down below $98 a barrel, after losing ground in the week's opening session as China reaffirmed its commitment to its zero Covid-19 strategy

India will 'benefit' from price cap on Russian oil: US Treasury Secretary

India will "benefit" from the proposed price cap on oil, Treasury Secretary Janet Yellen has said, arguing that the United States does not want Russia to "profit unduly" from the war by enjoying prices that are essentially very high due to its Ukrainian invasion. Developing countries like India and China have been increasingly buying discounted Russian oil as global energy prices remain high and Western nations seek to scale down their reliance on Russian energy. We want Russian oil to continue to supply global markets; stay on the market. But we want to make sure that Russia doesn't profit unduly from the war by enjoying prices that are essentially very high due to the war, Yellen told PTI in an exclusive interview on Monday ahead of her trip to India later this week. India's oil purchase from Russia and the Ukrainian invasion is expected to be significant topics of discussion during her India trip, where Yellen is travelling to primarily co-chair the US-India Economic and Financia

Oil slips on demand concerns but holds near $100 a barrel as dollar weakens

Brent crude futures fell by 39 cents, or 0.4% to $98.18 a barrel by 1306 GMT. U.S. West Texas Intermediate crude fell by 47 cents, or 0.51%, to $92.14

External sector could face some anxious moments, says CEA Nageswaran

He said that the way the oil price cap is being discussed has encouraged oil and gas traders to stock up on volumes, creating unintended consequences

Oil climbs 3% as dollar slips; EU ban on Russian crude imports looms

US West Texas Intermediate (WTI) crude futures were up $3.52, or 3.99%, at $91.69 and on course for a weekly gain of more than 4%

Oil prices fall as US Fed interest rate hike raises fuel demand concerns

OPEC and its allies including Russia, known collectively as OPEC+, also decided to cut targeted output by 2 million bpd from this month

PSU oil companies losing a net Rs 4 per litre on diesel: Hardeep Singh Puri

PSU oil companies are losing a net Rs 4 per litre on diesel while their margins have turned positive on petrol, Oil Minister Hardeep Singh Puri said on Wednesday on talks of a price reduction in the offing as international rates have softened. Puri said his ministry will seek assistance for the three fuel retailers - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) for the losses they incurred on holding petrol and diesel prices since the Ukraine war to help the government fight inflation. "OMCs (oil marketing companies) still have under-recoveries on diesel," he told reporters when asked if there is a price reduction in the offing. The three firms held prices despite international oil prices shooting up to more than a decade high. The under-recovery - difference between the retail selling price and the international rate - currently is about Rs 27 per litre on diesel but the actual cash loss (the loss based on the

Oil prices rise before expected Fed rate hike as US crude stocks drop

Oil prices rose on Wednesday before an expected rate hike by the Federal Reserve, supported by another decline in US oil inventories as refineries picked up activity ahead of the winter heating seas

Oil prices slip ahead of US Fed meeting, crude stockpiles seen falling

At the same time, gasoline inventories fell 2.6 million barrels, more than expected. Official data is due at 1430 GMT.

China stocks roar back on reopening 'rumours'; oil price rises 1%

A gauge of Chinese stocks listed in Hong Kong surged almost 7 per cent intraday, rebounding from its lowest close since late 2005

Bond yields fall on 10-year US yield's drop below 4%, subdued oil

The benchmark 10-year Indian government bond yield ended at 7.3957%, after rising five basis points (bps) to 7.4454% on Monday

Oil prices fall on back of US output gains, Chinese demand doubts

Oil output in the United States climbed to nearly 12 million barrels per day in August, the highest since the onset of the Covid-19 pandemic, monthly government data showed

Oil prices fall on China Covid-19 curbs and weak factory activity data

Chinese cities are stepping up zero-Covid curbs as outbreaks widen, dampening hopes of a rebound in demand

Oil prices down as top crude importer China widens Covid-19 curbs

US West Texas Intermediate (WTI) crude futures were down $1.02, or 1.2 per cent, at $88.06

Energy prices to fall 11% in 2023 as economies slow down: World Bank study

Currency depreciation in developing countries could deepen food and energy inflation: Commodity Markets Outlook report

Better for Indian policymakers to understand what makes oil prices move

India imports more than 85% of its crude, half of its gas, and 60% of the cooking fuel, and any uptick in rates reduces the purchasing power of Indian households, something that is called inflation

Oil prices rises on weaker dollar and supply concerns; trade choppy

Benchmark Brent crude futures rose by 44 cents to $93.70 a barrel by 11:03 a.m. EDT, while U.S. West Texas Intermediate crude futures rose by 77 cents to $85.35

Oil price rises as US dollar loses steam though demand fears linger

Oil prices rose as the US dollar eased against major peers but gains were limited by worries of slowing global fuel demand growth amid bearish economic data from key oil importing economies