Page 11 - Oil Trade

Singapore files 105 new charges against oil trader Hin Leong founder OK Lim

Hin Leong, one of Asia's largest oil traders, was wound up in March after failing to restructure some $4 billion in debt following a crash in the oil price during the coronavirus pandemic

US accepted lifting all sanctions on oil and shipping, says Iran

Iran agreed in 2015 to curbs on its nuclear programme in return for the lifting of international sanctions

Major traders see oil staying above $70/ barrel, $100 not impossible

Oil prices crashed in April last year when the Covid-19 movement restrictions hit their peak with the U.S. crude benchmark turning negative for the first time.

Oil stocks are the best cyclical, economy reopening bet: Chris Wood

Global markets, according to a note by Goldman Sachs, are currently underestimating the demand for oil

Oil mixed, US crude hits highest since 2019 as refineries restart

Brent futures for April delivery fell 16 cents, or 0.2%, to settle at $66.88 a barrel. The April Brent contract expires on Friday

Oil drops second day as surging coronavirus cases prompt demand worries

CEOs of the world's biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices

With fuel demand falling, Indian Oil bets on plastics to cushion the blow

While there is consumer and govt pressure across the world to reduce the use of plastics, processors in Asia are building or planning petrochemical plants with demand for transport fuels set to ease

China ramps up US oil purchases ahead of trade deal review: Report

China had emerged as a top U.S. crude buyer, taking $5.42 billion worth in 2018 before trade tensions brought flows to a near halt

European banks face indigenous calls to end Amazon oil trade: Report

Fears over the impact of oil extraction in the Amazon were heightened in April when a pipeline ruptured, depriving 27,000 indigenous people of their main water source

Saudi Arabia turns off oil tap for Pakistan over deferred payments

The development comes at a time when Pakistan faces a challenging situation as its IMF programme also remains technically suspended for the past five months

Brent is likely to find support in June in the range of $35-40/barrel

The speed at which the oil market rebounded to $40 per barrel has certainly grabbed attention, but it needs to walk before it can run

China drives global oil demand recovery out of coronavirus collapse

Benchmark oil prices have also bounced back as lockdown measures eased, with Brent futures rallying 50% and US crude futures over 90% since May 1

Oil prices increase ahead of Opec+ meeting on extended output cuts

OPEC+ producers are considering extending their output cut of 9.7 million barrels per day (bpd), about 10 per cent of global production, into July or August

BSE enables negative price trading in crude oil, testing on Monday

Exchange's BOLT Plus trading system has been modified to execute such trades, existing versions of the trading system will also support negative pricing

ICICI Bank confirms exposure to Singapore-based oil trader Hin Leong

The Bank did not elaborate the extent of its exposure and the steps it is taking to protect its interest

Budget 2020 Wishlist: Here are the key challenges for oil and gas sector

Resolving gas transmission and distribution infrastructure constraints are one of the industry's key demands

Three years after $1-billion Venezuela deal, US oil firm shuts doors

Horizontal never completed the wells, its financial backer took a provision for losses on the loan, and Venezuela's production continued to fall

High oil prices, global tensions threat to improvement in Indian CAD: DBS

Downbeat sentiments saw USD-INR exchange rate test past 72 to two-month high, while the benchmark equity indices witnessed mayhem on Monday

Reliance, BP ink deal to set up fuel retail stations under Jio-BP brand

The venture is expected to be formed during the first half of 2020; it aims to expand RIL's retail fuel network to 5,500 in 5 years

OPEC, allies agree to deepen oil production cuts to prevent a global glut

Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing a global glut, are set to expire in March.