US Crude Oil

Crude oil prices have been steadier on Thursday around $70.50/b in Asian hours, ahead of the weekly EIA inventory release from the US.

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 prices showed marginal recovery on Monday to settle a per cent up at $68.71, following its worst weekly fall since October 2023 as WTI fell 8 per cent and Brent was down 10 per cent.

India may have bought over $1 bn of US oil in August; increasing such shipments helps it to trim trade surplus with the US

A broader sell-off had seen prices for Brent crude futures tumble as much as 11 per cent, or about $9, in a little over a week, hitting a low of $72.63 on Wednesday

Oil market is also broadly underpinned by supply cuts from OPEC+ group of producers, as Iraq's oil ministry said at the weekend that it will compensate for overproduction since the beginning of 2024

Crude oil prices at $83.50, hover near two months high driven by the renewed geo-political risk in the middle east and red sea region along with the threat of Hurricane Beryl

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

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

Crude oil outlook and strategy: Analyst at Sharekhan believes buying WTI crude on correction would be a good strategy for the day

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.

India's Reliance, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by Sovcomflot after recent US sanctions

Closing Bell on Monday, November 20, 2023: In the broader markets, the BSE MidCap index ended mildly lower, down 0.06 per cent, while the BSE SmallCap index jumped 0.39 per cent

Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand

Gasoline stocks rose by about 846,000 barrels, while distillate stocks rose by about 1.7 million barrels, according to the sources, who spoke on condition of anonymity

In December, crude oil imports from the US shot up 93 per cent to 3.9 million MT

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

Both OPEC and US Energy Department have cut their demand outlooks, while a flare-up in Covid cases in China has sparked fresh concerns over fuel consumption in the world's top crude importing-country

The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg

Oil prices fell on Wednesday ahead of a key U.S. report on inflation and after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand.