Brent Oil

We remain bearish on oil prices for 2025, although Opec+ extension may hold prices from steep fall in Q1-2025

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.

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.

Brent crude, WTI oil trading strategy today, Aug 27: We expect oil prices to face immediate resistance of $80 and the rally would find it difficult to sustain above it

Brent crude futures slipped 10 cents, or 0.1 per cent, to $80.59 a barrel by 1057 GMT. US West Texas Intermediate crude futures were down 19 cents, or 0.2 per cent, to $78.16 per barrel

With the U.S. market shut on Thursday for the Independence Day holiday, trading was thin and there was no settlement for WTI, but prices have risen this week on strong summer demand expectations in US

In the previous session, Brent gained 1.3% to settle at $87.34 for its highest close since April 30. WTI, meanwhile, had settled at an 11-week high of $83.88

The WTI holding on to support of $78 in Asian hours, retreating from three weeks high of $79.12. hit on Wednesday

Oil prices are moving higher after posting three straight weekly declines following Opec+ decision on June 2

LONDON (Reuters) - India's Reliance has made its first foray into trading a type of U.S. crude oil that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said.

The direct impact on the energy sector should see a positive re-rating for OMCs (despite possible losses on marked-down inventory) since retail margins and refining margins may both improve

India's top oil and gas producer ONGC has signed term contracts with refiners to sell crude oil it produces from Mumbai offshore fields at a premium to international benchmark Brent, sources said. Oil and Natural Gas Corporation (ONGC) has signed deals to sell about 4.5 million tonne of crude oil each to Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL). The oil has been priced at the prevailing Brent crude oil price plus 1 per cent, company sources said. Brent, the world's best known benchmark for the raw material that is converted into fuels like petrol and diesel in refineries, is trading at USD 80 per barrel. As per the pricing in the term contracts, ONGC would get USD 80 plus USD 0.8 for the oil it will sell to HPCL and BPCL. ONGC produces 13-14 million tonne per annum of crude oil from its fields in the Arabian Sea, off the Mumbai coast. In June last year, the government abolished a rule that said oil from blocks awarded prior to 1999 mus

"This turn of diplomatic fortunes again garners fear of conflict spread and therefore the leap in oil," said John Evans of oil broker PVM

Crude has soared by about a quarter since mid-June, with Riyadh and Moscow joining hands to curtail exports in a bid to drain inventories and drive a rebound in prices

Markets expect one more interest rate rise before the US rate-hiking cycle peaks. Higher rates can slow economic growth and reduce oil demand

Stock market live updates: The SGX Nifty, on Monday, eyed a steady start amidst positive global cues as it rose over 50 points to 18,717 levels

Stock market live: Market action will be guided by global cues following the takeover of the fallen US lender First Republic Bank on Monday by JP Morgan Chase

Others, too, believe that $100 a barrel could become a reality

Oil on Monday rose by more than 1% on optimism over Chinese demand, which analysts expect to rebound this year after COVID-19 curbs that had limited use were scrapped

Brent crude oil prices have slipped nearly 15 per cent in the last few weeks, from a peak of around $98 a barrel to a little over $83 a barrel now despite OPEC+ cutting supply