Oil Price Rise

Oil price outlook: Given the low level of oil inventories, there could be a sustained geopolitical premium in crude price until the conflict is resolved in the short-term

At 7:06 AM, GIFT Nifty futures also indicated a weak start for the bourses, trading 66 points lower at 25,410 levels.

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

Both benchmarks fell less than 1% last week versus the previous week. A stronger US dollar, which rose about 1% over the last week, has kept a lid on prices

At its intra-day peak, the US West Texas Intermediate crude futures contract traded more than $1 above previous close

A cruise missile launched from Houthi-controlled Yemen struck a commercial chemical tanker, causing a fire and damage but no casualties in the latest such attack to heighten safety risks for tankers

West Texas Intermediate rose above $86 a barrel as a war-risk premium returned to markets. The combined death toll topped 1,100 as fighting headed into a third day

Union Minister Hardeep Singh Puri has long called for OPEC and its allies led by Russia, known as OPEC+, to consider how their policies affect oil-consuming countries

The company's prospects remain strong over FY24E / FY25E driven by steady increase in oil & gas output, and greater monetisation opportunities in gas via the imminent NE grid commissioning

Russia said exports would resume once it had stabilised its domestic market, but did not give a precise timeline

Saudi Arabia and Russia have announced a fresh extension to their voluntary supply cuts, amounting to a combined 1.3 million barrel per day (bpd) cut for another three months till December

Closing Bell on August 7: Among sectors, Nifty Healthcare, Nifty Pharma, and Nifty IT indices emerged as the top leaders, gaining up to 2 per cent

Brent crude oil for May was up 24 cents, 0.3%, to 83.69 a barrel at 0214 GMT. The April contract expired on Tuesday up $1.44, or 1.8%, at $83.89.

Brent crude futures had risen 12 cents to $86.24 per barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 30 cents to $80.45

Brent crude futures rose 72 cents, or 0.9%, to $79.76 a barrel by 0103 GMT while U.S. West Texas Intermediate crude was at $74.89 a barrel, up 60 cents, or 0.8%

At the same time, in a positive sign for fuel demand in the world's top oil importer, more Chinese cities eased COVID-19 curbs over the weekend

Brent crude futures for December delivery rose $1.22 to $93.67 a barrel, a 1.3% gain, by 11:29 a.m EST (1529 GMT), after retreating earlier in the day

Oil prices inched higher in early trade on Wednesday as OPEC stuck to forecasts for robust global fuel demand growth, offsetting concerns of another U.S. Federal Reserve interest rate hike next week

Brent crude futures had risen 81 cents, or 0.9%, to $95.73 a barrel by 0638 GMT. U.S. West Texas Intermediate crude was at $89.76 a barrel, up 75 cents, or 0.8%

Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors.