Brent Crude

Thus far in calendar year 2024 (CY24), Brent crude oil prices hit a low of around $69 a barrel before breaching the $91 a barrel mark in April 2024 as geopolitical concerns rose

Israel said on Monday it is moving toward a ceasefire in the war with Hezbollah but there are still issues to address

As North Korea may deploy as many as 100,000 troops to aid Russia's war on Ukraine, increasing the likelihood of North Korea becoming more directly involved in the conflict

Brent crude futures ticked up 16 cents, or 0.2 per cent, to $75.24 a barrel by 0841 GMT, while US West Texas Intermediate crude was at $71.65 a barrel, up 18 cents, or 0.3 per cent

A fall in oil prices is beneficial to OMCs as their costs for acquiring crude oil for refining drop

While the September inflation print may see a significant pick-up as base effects turn adverse and food prices register an upturn, food inflation, the RBI said, is expected to ease by Q4:2024-25

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

The 2023 addition of U.S. crude to the benchmark had the potential to limit the scope for trading plays that can distort Brent prices, analysts said at the time

A deterioration in the geopolitical situation is the biggest risk to global equity markets, Wood said, which he believes is not yet fully discounted by them

With Israel looking to carry out its offensive against Hezbollah to the next level, traders will monitor the evolving situation in Middle East closely for possibility of disruptions to oil supplies.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.05per cent

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

Oil prices showed marginal recovery on Monday to settle a per cent up at $68.71, following its worst weekly fall since October 2023 as WTI fell 8 per cent and Brent was down 10 per cent.

A broader sell-off had seen prices for Brent crude futures tumble as much as 11 per cent, or about $9, in a little over a week, hitting a low of $72.63 on Wednesday

Oil recorded its first back-to-back monthly decline amid signs of sluggish demand in China and the United States raised concerns about future consumption growth.

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

Analysts at JM Financial believe the strong pricing power of OPEC+ will continue to support Brent at ~$80/bbl, which is the fiscal break-even crude price for Saudi Arabia and a sweet spot for OIL/ONGC

Weakness in crude demand in China, the world's second-largest crude consumer, is bearish for oil prices, said analyst at Sharekhan by BNP Paribas.

ONGC stock hit an over nine-year high at Rs 303, and was trading close to its record high of Rs 314.67 touched on June 9, 2014.