Page 8 - Oil Prices

Oil prices surge over 3% on demand optimism as China's borders reopen

Brent crude was up $1.96, or 2.5%, at $80.53 a barrel by 1450 GMT while U.S. West Texas Intermediate crude rose $2.10, or 2.9%, to $75.87

Oil edges higher on hopes of Chinese demand boost; crude futures up 0.71%

China, the economy of which has been hit by another Covid wave, also announced more state support measures on Thursday

Oil prices rise $1 on China's reopening optimism, US' fuel inventories

Brent crude futures were 94 cents, or 1.2%, higher at $79.63 a barrel at 0345 GMT, after settling 85 cents stronger at $78.69 on Thursday

Oil prices rise after US fuel stocks draw down; economic concerns loom

Still, crude inventories rose more than expected at 1.7 million barrels, compared with analysts' expectations for a 1.2 million-barrel rise

Rupee gains on corporate investments, cheaper global oil prices

Currency could be poised to gain after recent sharp underperformance, say analysts

Oil rebounds after biggest two-day loss in decades at start of the year

Brent crude was up $1.22, or 1.6%, to $79.06 a barrel at 0922 GMT, while U.S. West Texas Intermediate crude futures gained $1.02, or 1.4%, to $73.86

Oil prices rebound as dollar weakens; economy concerns cap upside

Big declines in the previous 2 days were driven by worries about a potential global recession, especially since short-term economic signs in world's 2 biggest oil consumers, US and China seemed shaky

Oil dips 4% on mounting worry about global economy, rising Covid cases

Both benchmarks also plunged more than 4% on Tuesday, with Brent posting its biggest daily decline in more than three months

Oil falls again as concerns grow over global economy, China Covid cases

Brent futures fell $1.88 to $80.22 a barrel, a 2.3% loss, by 1032 GMT. U.S. crude dropped $1.68, or 2.2%, to $75.25 per barrel

Government bond yields little changed as traders await fresh triggers

The benchmark yield had dipped earlier in the day, as a fall in oil prices and U.S. yields supported buying sentiment for bonds

Oil prices steady after last session's slump as Fed minutes awaited

The Fed raised interest rates by 50 basis points (bps) in December after four consecutive increases of 75 bps each

Oil dips after IMF says slowing global growth engines portend tougher 2023

Oil prices slid from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023

Oil price spike brings back subsidies but India wins at crude diplomacy

A wild swing in international oil prices in 2022 brought back indirect fuel subsidies in India in a setback to reforms, but the nation won at crude diplomacy as it refused to succumb to western pressures and continued to buy oil from the cheapest available source. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly USD 140 per barrel in March 2022 after Russia invaded Ukraine, before sliding on weaker demand from top importer China and worries of an economic contraction. But for a nation that is 85 per cent dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) froze petrol and diesel prices for the longest ...

Oil ends year of wild price swings with second straight annual gain

Prices surged in March as Russia's invasion of Ukraine upended global crude flows, with international benchmark Brent reaching $139.13 a barrel, highest since 2008

Govt allows import of lentils, vegetable oil at lower duty until March 2024

India imports more than two-thirds of its edible oil needs and has been struggling to contain a rally in local oil prices over the last few months

Consumer gas prices in Germany to remain high for most of 2023: Minister

To secure Germany's gas supply, liquefied natural gas terminals were being constructed to create new infrastructure for imports

Oil prices hit three-week high as China eases Covid-19 restrictions

Brent crude was up 22 cents, or 0.3%, at $84.14 a barrel by 0911 GMT and U.S. West Texas Intermediate crude gained 7 cents to $79.63

Oil climbs on expected drop in Russian exports, offsets US storm impact

Oil prices rose on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the US could snuff out transport fuel demand

Oil rises on tight US stocks as winter festivities, holiday travel hits

Demand worries, however, stemming from China's COVID-19 surge and fears of a global recession may keep oil futures in check

Renewable energy sector to boom as investments may cross $25 bn in 2023

With an oil price shock threatening to derail economies globally, the focus has shifted to renewable energy with over USD 25 billion or Rs 2 lakh crore investment planned in India for using sunlight, water and air to produce energy. Oil and gas prices shooting through the roof in 2022 in the aftermath of Russia's war in Ukraine sent governments in import-dependent nations like India scrambling for options. Not just imports but a shift to renewables is also seen as a way to cut carbon footprint and meet net-zero targets. And so the government in 2022 aggressively pushed for the adoption of electric vehicles, the production of green hydrogen, manufacturing of solar equipment and energy storage in pursuit of its ambitious 500 GW renewable capacity target by 2030. India would have to add at least 25GW of renewable energy capacity per annum for eight years continuously to achieve the 500 GW target by 2030. At present, India has around 173GW of non-fossil fuel based clean energy capacity