Oil Prcies

Weak demand, particularly in top importer China, and non-Opec+ supply growth were two factors behind the move

At 6:40 AM, GIFT Nifty futures were trading 11 points higher at 24,228, suggesting a flat to positive start for the Indian bourses

New Delhi has repeatedly defended its purchases from Russia as necessary to keep prices in check

Israeli intelligence suggested that Iran is preparing to attack Israel with a large number of drones and ballistic missiles

Oil prices climbed this week as tensions in the Middle East escalated. Iran launched missiles at Israel and the Israelis threatened retaliation, raising the possibility of a disruption to the flow of oil from the region. A jump in oil prices automatically spurs fear of a spike in gas prices, but experts see reasons that may not happen. Here's a look at the current situation and the outlook for oil and gas prices: Familiar tensions, different times Oil prices rose than USD 6 per barrel this week and prices at the pump moved higher as well. The average price for a gallon of gas rose 5 cents from last week. Any major escalation of tensions in the Middle East conjures up memories of the oil embargo that followed the start of the Yom Kippur war in 1973, which quadrupled oil prices. However, the global supply of oil has been altered radically since the 1970s, with the US becoming the world's largest oil producer. Months of war between Israel and Hamas and Hezbollah, two Iranian proxies,

Biden earlier in the day contributed to a surge in global oil prices when he said Washington was discussing strikes on Iran's oil facilities

Novak, who also oversees the broader Russian economy, said the sanctions-hit economy will sustain any pressure

Trinamool Congress leader Derek O'Brien on Monday questioned why petrol prices in India are not decreasing despite a decline in global crude oil prices. In a post on X, the Rajya Sabha MP said the crude oil prices have come down by around 24 per cent in last ten years, but petrol price in India has gone up by 30 per cent. In August 2014, crude oil was priced USD 102 per barrel and petrol price was Rs 73, while in August 2024, crude oil is at USD 78 per barrel, and yet petrol price is Rs 95, he said. "Why are petrol prices in India not decreasing despite a decline in global crude oil prices?" wrote O'Brien, TMC's parliamentary party leader in the Rajya Sabha. "In the last 10 years, crude oil price down by nearly 24 percent, but petrol price in India increased by 30 percent," he said. "Windfall profits of oil companies are not being passed on to consumers," the TMC leader added. Petrol, diesel prices in India were last revised ahead of the general election in March when it was redu

Crude oil strategy, Sept 12: WTI crude oil rice may fall to $65 in medium-term

Brent crude price today: Analysts prefer aviation and tyre stocks among the lot, but remain cautious on paints and oil marketing companies

Non-veg thali costs also reduced by 12% due to lower tomato prices, a kitchen staple in India, as well as reduced vegetable oil, spices, and fuel costs

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.

Oil trading strategy, August 6, 2024: Oil prices are expected to remain subdued in short to medium term as demand has deteriorated sharply from Asia and, with the US on the verge of recession

The rupee turned flat at 83.73 against the US currency on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to forex traders, the Indian currency found support due to softening dollar against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level. On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks". "The next key US economic release is the July jobs report, expected on Friday," he added. Meanwhile, the dollar index, which gauges the greenback's str

Global benchmark Brent crude futures rose 71 cents, or 0.9 per cent, to $81.55 a barrel by 0605 GMT

Srinivas also mentioned that a proposal for 40 new Volvo buses has been submitted to the government

Crude oil price outlook: WTI short term resistance is at $82 for the day, while short term trading range should be in range of $77-$82

Libya's state-owned oil company resumed production at the country's largest oilfield Sunday, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages. The National Oil Corp. said in a terse statement that it lifted the force majeure at the Sharara oil field in the country's south and resumed full production. It didn't provide further details. Force majeure is a legal maneuver that releases a company from its contractual obligations because of extraordinary circumstances. The company had activated the maneuver on Jan. 7 after protesters from the desert town of Ubari, about 950 kilometers (590 miles) south of the capital, Tripoli, shut down the field to protest fuel shortages. Over the past two weeks the company's chief, Farhat Bengdara, and military officials from eastern Libya have been negotiating with the protest leaders, Fezzan Group. Barzingi al-Zarrouk, the protesters' spokesman, announced that they have suspended their protest after they ..

An oil price surge of 10 per cent from the baseline of $85 per barrel could weaken domestic growth by 15 basis points and increase inflation by 30 basis points

Saudi Arabia and Russia, the world's two biggest oil exporters, called in December for all OPEC+ members to join an agreement on output cuts after a fractious meeting of the producers' club