Oil Prices Slip

Russia is the world's third-largest oil producer and sanctions imposed on its crude exports after its invasion of Ukraine nearly three years ago have supported higher prices

Mexican President Claudia Sheinbaum said U.S. and Mexico teams have started to work on Monday on security and business, adding that she proposed the pause in tariffs to Trump

Supply concerns eased after Libya's National Oil Corp said on Tuesday export activity was running normally after it held talks with protesters demanding a halt of loadings at one its main oil ports

Brent crude futures were down $1.52, or 1.9 per cent, at $78.63 per barrel at 1406 GMT. US West Texas Intermediate crude futures were down by $2.14, or 2.8 per cent, at $75.74

Both benchmarks fell more than 1 per cent on Wednesday as a stronger dollar and the bigger-than-expected rise in US fuel stockpiles weighed on prices

Brent crude futures fell 6 cents to $74.11 a barrel by 0111 GMT while the more active March contract was at $73.73 a barrel, down 6 cents

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

Brent crude futures settled at $71.83 a barrel, down $2.04 or 2.76 per cent . US West Texas Intermediate crude futures finished at $68.04 a barrel, down $2.34, or 3.32 per cent

Energy producers shut in more than 22 per centof oil output in the US Gulf of Mexico by Thursday as a precautionary measure to brace against Hurricane Rafael

Oil price today: Crude oil prices tumbled 6 per cent on Monday, with Brent settling under $72 and WTI at $67.38

US Secretary of State Antony Blinken arrived in Israel on Tuesday, the first stop on a Middle East tour in which he will seek to revive talks to end the Gaza war and defuse the spillover conflict

At 6:30 AM, GIFT Nifty Futures were trading about 14 points higher at 25,069, suggesting a flat to positive start for Indian markets.

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

Crude oil outlook today, Aug 20: Oil prices tumbled to two-week lows on Tuesday morning in Asian trade with WTI future trading down 0.4 per cent

Brent crude slid 2.2%, or $1.74, to $77.02 a barrel by 1024 GMT while U.S. West Texas Intermediate crude futures shed 2.3%, or $1.73, to $72.08

The rupee started the new year on a flat note and depreciated 3 paise to 83.19 against the US dollar in the morning session, amid a negative trend in domestic equities and dollar demand from importers. Forex traders said the rupee is trading in a narrow range as the support from easing crude oil prices was negated by the strength of the American currency in the overseas market. At the interbank foreign exchange, the rupee opened at 83.18 against the dollar, then fell to 83.19, registering a fall of 3 paise over its previous close. In the initial trade, the rupee also touched an early high of 83.15 against the US dollar. On Friday, the rupee appreciated 4 paise to settle at 83.16 against the US dollar on the last trading day of 2023. At the start of the new year, the dollar index was stable at 101.38, and Brent oil was at USD 77.07 per barrel. Asian currencies are also very stable with Yuan at 7.1253, IDR at 15,390, KRW at 1,294.53, said Anil Kumar Bhansali, Head of Treasury and ..

Brent crude edged higher toward $78 a barrel Friday, but is set to close 2023 about $8 below where it started the year

Brent crude futures fell 42 cents, or 0.5%, to $80.16 a barrel by 0901 GMT, while U.S. West Texas Intermediate crude futures were at $75.05 a barrel, down 49 cents, or 0.7%

The International Energy Agency said earlier this week that production growth means the global market won't be as tight as had been expected this quarter

The three weeks of declines are the longest weekly losing streak for both contracts since a four-week drop from mid-April to early May.