Page 9 - Oil Prices

Oil prices up as US crude stocks seen falling, dollar eases in early trade

Brent crude futures rose 8 cents to $80.07 per barrel by 0126 GMT, while US West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29

Need to promote flex-fuel vehicles to deal with crude oil prices: Gadkari

Transport and Highways Minister Nitin Gadkari has said that the country needs to promote vehicles running on more than one fuel and e-vehicles to tide over the wide fluctuations in crude oil prices

Oil rises on uncertainty over Keystone pipeline restart, Russian supplies

Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut

Oil bounces on pipeline shutdown but heads for weekly loss on demand woes

Brent crude futures were at $76.73 a barrel, up 58 cents, or 0.76%, at 0716 GMT, after dropping 1.3% on Thursday

'Underweight' on India, China to lead Asian outperformance in 2023: Nomura

The key risks identified by the brokerage are stretched government finances and oil prices going past $120 a barrel

Oil price rebounds from 2022 lows on China demand hopes, tanker delays

Brent crude rose 29 cents, or 0.4%, to $77.46 a barrel by 0905 GMT, while U.S. West Texas Intermediate (WTI) crude gained 73 cents, or 1%, to $72.74

G-7 price ceiling on Russian oil not low enough to hit Kremlin's revenues

European officials touted the cap - negotiated last week after months of haggling among the US and its allies - as a way to starve Russia's war machine

What we have learned three days into the price cap on Russian oil

The unprecedented move by one set of countries to try to impose a price at which another can sell a commodity has drawn confusion among traders, and - from Moscow - a threat of retaliation

Oil falls close to 2022 lows on economic worries, easing supply fears

Brent crude fell $1.05, or 1.3%, to $78.30 a barrel by 1020 GMT. It touched $77.74 earlier, the lowest since Jan. 3. U.S. crude was down $1.24 or 1.7% to $73.01 and touched $72.25

Oil prices open mixed in early trade on economic fears, rate-hike prospects

Brent crude futures rose 17 cents, or 0.2%, at 0107 GMT to $79.52 a barrel. Last session the benchmark fell below $80 for the second time in 2022

Russian oil price cap evolves from revenue squeeze to market anchor: Report

Russia said the cap would not hurt the financing of its "special military operation" in Ukraine

Fitch expects windfall tax to be phased out in 2023 on moderating oil rates

Fitch Ratings on Tuesday said it expects the five-month-old tax on windfall profits made by oil companies to be phased out in 2023 on the back of moderating oil rates. The government had on July 1 levied a new tax on domestically-produced crude oil as well as on the export of petrol, diesel and jet fuel (ATF) to take away windfall gains accruing to oil companies from a global surge in energy prices following Russian invasion of Ukraine. The tax rates are revised every fortnight based on prevailing international rates. The levy on petrol export has since been abolished. "We expect the windfall taxes on domestic crude oil production levied by the government in 2022 to be phased out in 2023 with moderating prices," Fitch said in its APAC Oil & Gas Outlook 2023. Domestically-produced crude oil, which makes up for 15 per cent of all oil consumed in the country, is priced at international rates. With global oil prices rallying to a decade high in the aftermath of the Russia-Ukraine war,

Oil prices rise today after price cap on Russian crude, OPEC+ meeting

Oil prices edged higher after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea

Sensex, Nifty end flat after volatile day; Metal index up 2%, RIL down 1.5%

CLOSING BELL: RIL (down 1.45 per cent), Tech M, Dr Reddy's Labs, Bharti Airtel, Axis Bank, and TCS were the top laggards

Russia rejects $60-a-barrel price cap on its oil, warns of cutoffs

Russian authorities rejected a price cap on the country's oil set by Ukraine's Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at $60-per-barrel. The limit is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea. Kremlin spokesman Dmitry Peskov said Russia needed to analyze the situation before deciding on a specific response but that it would not accept the price ceiling. Russia's permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that the cap's European backers would come to rue their decision. From this year, Europe will live without Russian oil," Ulyanov tweeted. "Moscow has already made it clear that it will not supply oil to those countries that support anti-market price caps. Wait, very soon the EU will accuse Russia of using

Ukraine urges tougher western squeeze on Russian oil prices as war wages

The office of Ukrainian President Volodymyr Zelenskyy called Saturday for a lower price cap on Russian oil than the one agreed to by Ukraine's Western supporters, while Russian authorities called the $60-per-barrel cap harmful to free, stable markets. Andriy Yermak, the head of Zelenskyy's office, wrote on social media that the price ceiling set by the European Union, Australia, Britain, Canada, Japan, and the United States on Friday didn't go far enough. The cap is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea. It would be necessary to lower it to $30 in order to destroy the enemy's economy faster, Yermak wrote on Telegram, staking out a position also favored by Poland a leading critic of Russian President Vladimir Putin's war in Ukraine. The Russian Embassy in Washington insisted that Russian oil "will continue to be in demand" and criticized the price limit as reshaping the basic principles of the functioning of free markets. A post on the ...

Price cap on Russian oil to benefit mkts, constrain Putin's finances: US

The US has welcomed the USD 60-per-barrel price cap on Russian oil, describing it as an important tool that will benefit emerging markets and low-income economies and further cripple President Vladimir Putin's finances used to fund his brutal invasion on Ukraine. The European Union reached a deal on Friday for a USD 60-per-barrel price cap on Russian oil. The Group of Seven nations and Australia joined the European Union in adopting the price cap on Russian oil, aimed at significantly reducing Moscow's income and President Putin's ability to continue to finance the war in Ukraine. Europe needed to set the discounted price that other nations will pay by Monday when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap will encourage the flow of discounted Russian oil onto global markets and is designed to help protect consumers and businesses from global supply disruptions, US Treasury Secretary Janet Yellen said on Friday.

Oil price cap looks set to keep Russian oil flowing even as war continues

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

Oil prices remain steady ahead of OPEC+ meeting, EU Russian oil ban

Brent crude futures were up 14 cents, or 0.2%, at $87.02 per barrel by 1008 GMT. U.S. West Texas Intermediate (WTI) crude futures inched up 5 cents, or 0.1%, to $81.27 per barrel

European Union edges closer to $60-per-barrel Russian oil price cap

The European Union was edging closer to setting a USD 60-per-barrel price cap on Russian oil a highly anticipated and complex political and economic maneuver designed to keep Russia's supplies flowing into global markets while clamping down on President Vladimir Putin's ability to fund his war in Ukraine. EU nations sought to push the cap across the finish line after Poland held out to get as low a figure as possible, diplomats said Thursday. Still waiting for white smoke from Warsaw, said an EU diplomat, who spoke on condition of anonymity because the talks were still ongoing. The latest offer, confirmed by 3 EU diplomats, comes ahead of a deadline to set the price for discounted oil by Monday, when a European embargo on seaborne Russian crude and a ban on shipping insurance for those supplies take effect. The diplomats also spoke on condition of anonymity because the legal process was still not completed. The USD 60 figure would mean a cap near the current price of Russia's crude