Oil Prices Jump

Analysts and energy traders said the sanctions will push China and India to source more crude from the Middle East, Africa and the Americas, boosting prices and shipping costs

Syrian rebels announced on state television on Sunday they had ousted Assad, ending a 50-year family dynasty in a lightning offensive that raised fears of a new wave of instability in a region already

An output hike of 180,000 bpd - a fraction of the total - was planned for January from the eight members involved in OPEC+'s most recent cuts of 2.2 million bpd. The hike has been delayed from October

In the Middle East, Israel said on Tuesday that it would return to war with Hezbollah if their truce collapses and that its attacks would go deeper into Lebanon and target the state itself

Brent crude futures were up 70 cents, or 0.9 per cent, at $80.46 a barrel at 1222 GMT, recovering some of the previous day's losses

Brent crude futures rose 56 cents to $79.15 a barrel as of 1159 GMT, while U.S. West Texas Intermediate crude climbed 59 cents to $73.90

Brent crude futures were up $3.16, or 4.1%, at $80.57 a barrel at 1124 GMT, while U.S. West Texas Intermediate crude futures climbed $3.05, or 4.2%, to $75.07

With inventories swelling in the US and timespreads signaling weaker conditions, hedge funds have slashed their bets on oil to the least bullish in 20 weeks

Israeli forces carried out their biggest Gaza ground attack in their 20-day war with Hamas overnight

Russia is the world's second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply

Lower U.S. bond yields are stoking risk appetite, which in turn is supporting equities and oil, UBS analyst Giovanni Staunovo said

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

Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand

Higher oil prices increase risks for India

CLOSING BELL ON SEPTEMBER 06, 2023: The Sensex gained 483 points from the day's low, with HDFC Bank, ITC and Bharti Airtel contributing 217 points to the BSE benchmark on Wednesday.

Sustained higher crude oil prices and gas realisations can result in better profitability for upstream oil and gas companies, analysts said

Brent crude futures rose 65 cents, 0.7%, to $95.32 a barrel at 0155 GMT. The contract was on track to end the week down just 0.5%

Brent crude rose 56 cents, or 0.6%, to $96.25 a barrel by 1057 GMT. U.S. West Texas Intermediate (WTI) crude gained 41 cents, or 0.5%, to $88.32

Benchmark Brent crude futures rose by 44 cents to $93.70 a barrel by 11:03 a.m. EDT, while U.S. West Texas Intermediate crude futures rose by 77 cents to $85.35

Brent crude futures gained 15 cents, or 0.2%, to $93.52 per barrel by 1340 GMT after settling 1.7% up in the previous session.