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Oil prices to spike only with escalation of Middle-East conflict, damage to Iran oilfields Brent crude is projected to continue trading in a broad range of $75-80 per barrel and any spike in oil prices may happen only if the Middle-East conflict escalates and some damage is caused to oil fields in Iran, according to a report on Monday.  Brent is currently trading at $74 per barrel and the market traded most of the time in the lower part of the range. “What instilled in the markets a certain amount of anxiety is the development around the Middle-East conflict. Given...
Oil prices to spike only with escalation of Middle-East conflict, damage to Iran oilfields
Oil prices to spike only with escalation of Middle-East conflict, damage to Iran oilfields
Source: IANS
2024-11-04 02:02:08 pm
Improved monsoon leads to power demand moderation in India As monsoon coverage improves, power demand in India has moderated, especially in the southern regions, a report showed on Friday.  Power demand is estimated to have risen 7 per cent (year-on-year) in July to 150 billion units (BUs) owing to higher power demand in northern states, according to a Crisil report. “However, minus the 16 per cent on-year surge in power demand in the north, demand moderated in other regions,” the report mentioned. Power demand rose 4 per ce...
Improved monsoon leads to power demand moderation in India
Improved monsoon leads to power demand moderation in India
Source: IANS
2024-08-02 01:40:07 pm
Oil prices stable as demand uncertainty persists Oil prices were stable on Tuesday, as traders awaited signs of a hoped-for summer demand boost to prop up prices even as strong supply threatens to blunt gains. Benchmark Brent crude futures were down 7 cents, or 0.1%, to $84.18 per barrel at 1105 GMT after climbing in the previous session. U.S. West Texas Intermediate crude futures, which also rose on Monday, were down 6 cents, or 0.1%, to $80.27 a barrel. Both benchmarks gained around 2% on Monday, closing at their highest levels sinc...
Oil prices stable as demand uncertainty persists
Oil prices stable as demand uncertainty persists
Source: Reuters
2024-06-18 08:48:28 am
More than one in five cars sold worldwide is expected to be electric: IEA`s (International Energy Agency) annual Global Electric Vehicle Outlook  More than one in five cars sold worldwide this year is expected to be electric, with surging demand projected over the next decade set to remake the global auto industry and significantly reduce oil consumption for road transport, the new edition of the IEA’s (International Energy Agency) annual Global Electric Vehicle Outlook said on Tuesday. The Outlook finds global electric car sales are set to remain robust in 2024, reaching around 17 million by the end of the year. In the ...
More than one in five cars sold worldwide is expected to be electric: IEA`s (International Energy Agency) annual Global Electric Vehicle Outlook
More than one in five cars sold worldwide is expected to be electric: IEA`s (International Energy Agency) annual Global Electric Vehicle Outlook
Source: IANS
2024-04-23 02:44:02 pm
Oil prices rise on tighter supply, geopolitical risks Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14. "Geopolitical risks also remain elevated," analysts from ANZ wrote in a note, pointing to a stepped-up campaign of Ukranian drone strikes on Russ...
Oil prices rise on tighter supply, geopolitical risks
Oil prices rise on tighter supply, geopolitical risks
Source: Reuters
2024-03-18 08:58:24 am
Asia shares up on China data, await clutch of central bank meetings Asian shares firmed on Monday as Chinese data surprised on the upside for once, while investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and a slower glide path for U.S. rate cuts. Beijing reported industrial output climbed an annual 7% over January and February, while retail sales rose 5.5% on a year earlier. But real estate remained a worry as property investment fell 9% on the year, underlining the case for further p...
Asia shares up on China data, await clutch of central bank meetings
Asia shares up on China data, await clutch of central bank meetings
Source: Reuters
2024-03-18 08:54:42 am
Oil prices dip, but set for weekly gain of over 3% Oil prices dipped on Friday, a day after topping $85 a barrel for the first time since November, but prices were expected to finish more than 3% higher for the week on rising demand from U.S. refiners completing planned overhauls. Brent crude oil futures slid 9 cents or 0.11% to $85.33 a barrel at 12:16 p.m. CDT (1716 GMT). U.S. West Texas Intermediate (WTI) crude was down 17 cents or 0.21% to $81.09. "Supplies are tightening" for motor fuels, said Phil Flynn, analyst at Price...
Oil prices dip, but set for weekly gain of over 3%
Oil prices dip, but set for weekly gain of over 3%
Source: Reuters
2024-03-16 08:45:49 am
Oil dips on profit taking after price crosses $85 Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices. Brent crude oil futures for May fell 41 cents, or 0.5%, to $85.01 a barrel at 1234 GMT, after crossing $85 a barrel for the first time since November on Thursday. U.S. West Texas Intermediate (WTI) crude for April fell 32 cents, or 0.4%, to $80.94. The International...
Oil dips on profit taking after price crosses $85
Oil dips on profit taking after price crosses $85
Source: Reuters
2024-03-15 08:56:05 am
India`s January crude imports hit 21-month high  India's crude oil imports jumped to a 21-month high in January as the world's third-biggest oil importer and consumer shipped in more fuel to meet surging demand led by strong industrial activity. Crude oil imports in January rose 9.5% month-on-month to 21.39 million metric tons, and were up 5.7% on year-on-year basis, Petroleum Planning and Analysis Cell (PPAC) data showed on Thursday. India's fuel consumption rose 8.2% year-on-year last month, government data showed ...
India`s January crude imports hit 21-month high
India`s January crude imports hit 21-month high
Source: Reuters
2024-02-22 03:03:52 pm
Oil prices hold near 3-week highs on Middle East tensions, China demand Oil prices were little changed in early Asian trading on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand. Brent futures ticked down 8 cents to $83.48 a barrel by 0133 GMT. U.S. West Texas Intermediate (WTI) crude for April delivery inched down 10 cents to $78.36 a barrel. The March WTI contract rose 26 cents to $79.45 a barrel as traders prepared for that contract to expire during the day. Crude markets were "marginally low...
Oil prices hold near 3-week highs on Middle East tensions, China demand
Oil prices hold near 3-week highs on Middle East tensions, China demand
Source: Reuters
2024-02-20 08:58:33 am
Oil down in thin trade as US gears up for Presidents` Day Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. Brent crude futures were down 58 cents, or 0.69%, at $82.89 a barrel. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT. Markets are yet to see the direction of demand from China after that country returns...
Oil down in thin trade as US gears up for Presidents` Day
Oil down in thin trade as US gears up for Presidents` Day
Source: Reuters
2024-02-19 09:03:34 am
Oil settles up, records weekly gain on Middle East tensions Oil prices settled higher on Friday as geopolitical tensions in the Middle East more than offset a forecast from the International Energy Agency for slowing demand. Brent crude futures settled up 61 cents, or 0.74% at $83.47 a barrel. U.S. West Texas Intermediate crude settled $1.16, or 1.49%, higher at $79.19 with the nearby March contract expiring on Tuesday. The April contract rose 87 cents to $78.46. For the week, Brent gained more than 1% and the U.S. benchmark rose about 3%. Th...
Oil settles up, records weekly gain on Middle East tensions
Oil settles up, records weekly gain on Middle East tensions
Source: Reuters
2024-02-17 08:56:13 am
India to emerge as largest source of global oil demand growth between now and 2030: IEA The International Energy Agency (IEA) in its latest report ‘Indian Oil Market Outlook to 2030’ has said that India will emerge as the largest source of global oil demand growth between now and 2030, signaling a significant shift in the dynamics of the global oil market. According to the report, India’s pivotal role in driving global oil demand growth is underpinned by various factors, including urbanization, industrialization, and the burgeoning prosperity of the middle c...
India to emerge as largest source of global oil demand growth between now and 2030: IEA
India to emerge as largest source of global oil demand growth between now and 2030: IEA
Source: Accord Fintech
2024-02-08 10:21:53 am
India will be world`s biggest oil demand growth driver through 2030, IEA says India is expected to be the largest driver of global oil demand growth between 2023 and 2030, narrowly taking the lead from top importer China, the International Energy Agency (IEA) said on Wednesday. The world's third-largest oil importer and consumer is on track to post an oil demand increase of almost 1.2 million barrels per day (bpd) between 2023 and 2030, accounting for more than one-third of the projected 3.2 million bpd of global increases in the period, the IEA said in a report...
India will be world`s biggest oil demand growth driver through 2030, IEA says
India will be world`s biggest oil demand growth driver through 2030, IEA says
Source: Reuters
2024-02-07 12:56:12 pm
Oil prices drift lower on China demand worries Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Brent crude futures fell 17 cents, or 0.2%, to $78.93 a barrel by 0151 GMT, and U.S. West Texas Intermediate crude futures (WTI) slid 3 cents to $74.05. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency (IEA) joined producer group OPEC in forecast...
Oil prices drift lower on China demand worries
Oil prices drift lower on China demand worries
Source: Reuters
2024-01-19 09:01:54 am
Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output Oil prices edged higher on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the U.S. disrupted some oil production. Brent crude futures gained 28 cents to $78.16 a barrel by 0004 GMT, and U.S. West Texas Intermediate crude futures (WTI) rose 34 cents at $72.90. OPEC, in a monthly report, said world oil demand will rise by a robust 1.85 million barrels per day (bpd) in 2025 to 106.21 million bpd. For 2024, OPEC saw demand...
Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output
Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output
Source: Reuters
2024-01-18 08:58:56 am
Global coal demand expected to decline in 2026: IEA After reaching an all-time high this year, global coal demand is expected to decline in 2026 by 2.3 per cent, said the latest edition of the International Energy Agency’s (IEA) annual coal market report on Friday -- the first time that the report has predicted a drop in global coal consumption over its forecast period. Coal 2023 sees global demand for coal rising by 1.4 per cent in 2023, surpassing 8.5 billion tonnes for the first time. The global increase masks stark differences amo...
Global coal demand expected to decline in 2026: IEA
Global coal demand expected to decline in 2026: IEA
Source: IANS
2023-12-15 11:28:54 am
Asian shares hit four-month peak as Fed pivot rally rolls on Asian shares hit a four-month peak on Friday as sharp declines in the dollar and U.S. yields extended the Fed-fuelled rally, but pushback on rate cuts from central banks in Europe may deal a blow to the global pivot hopes. MSCI's broadest index of Asia-Pacific shares outside Japan rallied 1.3% to the highest since early August and was up 3% for the week. Japan's Nikkei jumped 1.2%, heading for a weekly gain of 2.5%. Battered Chinese bluechips rose 0.8% to pull away from a five-y...
Asian shares hit four-month peak as Fed pivot rally rolls on
Asian shares hit four-month peak as Fed pivot rally rolls on
Source: Reuters
2023-12-15 08:49:35 am
Oil prices on track for first weekly rise in two months Oil prices rose in early Asian trade on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar. Brent futures rose 9 cents to $76.70 a barrel at 0006 GMT. U.S. West Texas Intermediate (WTI) crude climbed 10 cents to $71.68. Both benchmarks are on track for a modest weekly gain, having been lifted by a mid-week announcement from the U.S. Federal Res...
Oil prices on track for first weekly rise in two months
Oil prices on track for first weekly rise in two months
Source: Reuters
2023-12-15 08:45:25 am
IEA sees Indian oil product demand growth slowing in 2024 The International Energy Agency (IEA) said on Thursday the "explosive growth" in Indian oil product consumption may be coming to an end. In a monthly report, the IEA projected that India's oil product demand growth would slow to 2.5% next year from 4.1% in 2023. Indian oil product deliveries edged higher in November but were underwhelming compared to the usual seasonal rise, the agency noted. Deliveries in November increased by 40,000 barrels per day (bpd), compared with t...
IEA sees Indian oil product demand growth slowing in 2024
IEA sees Indian oil product demand growth slowing in 2024
Source: Reuters
2023-12-14 09:19:44 am
Global demand for oil, gas set to peak by 2030: IEA As oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, a major new special report from the International Energy Agency (IEA) on Thursday showed how the industry can take a more responsible approach and contribute positively to the new energy economy. The Oil and Gas Industry in Net Zero Transitions, analyses the implications and opportunities for the industry that would arise f...
Global demand for oil, gas set to peak by 2030: IEA
Global demand for oil, gas set to peak by 2030: IEA
Source: IANS
2023-11-23 04:58:13 pm
Oil prices little changed ahead of U.S. stocks data, potential OPEC+ cuts Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of U.S. crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group. Brent crude futures rose 11 cents, or 0.1%, to $82.56 a barrel by 0004 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $77.91. Both benchmarks have fallen for four straight weeks, and investors remained cautious ahead of Sunday's scheduled OPEC+ meeting, when the produc...
Oil prices little changed ahead of U.S. stocks data, potential OPEC+ cuts
Oil prices little changed ahead of U.S. stocks data, potential OPEC+ cuts
Source: Reuters
2023-11-22 09:01:28 am
Oil prices on track for fourth straight week of decline Oil prices were on track for the fourth straight week of decline as they remained little changed in early Asian trade after slipping about 5% to a four month-low on Thursday on worries over global demand. Brent futures were up 10 cents, or 0.1%, at $77.52 a barrel at 0232 GMT. U.S. West Texas Intermediate crude (WTI) was nearly flat at $72.95. Both indices have lost around a sixth of their value over the last four weeks. "There was little in the way of fresh fundamental development...
Oil prices on track for fourth straight week of decline
Oil prices on track for fourth straight week of decline
Source: Reuters
2023-11-17 08:51:04 am
JPMorgan analyst sees oil price surge as high as $150 JPMorgan's head of EMEA energy equity research, Christyan Malek, warned markets that the recent Brent price surge could continue upwards to $150 per barrel by 2026, according to a new research report, Oil Price reported.Several catalysts went into the $150 price warning, including capacity shocks, an energy supercycle?and of course, efforts to push the world further away from fossil fuels.Most recently, crude oil prices have surged on the back of OPEC+ production cuts, mostly led by Saudi Ara...
JPMorgan analyst sees oil price surge as high as $150
JPMorgan analyst sees oil price surge as high as $150
Source: IANS
2023-09-24 08:56:39 am
Oil prices on track for 3rd consecutive week of gains Crude oil prices were set for a third week of increases on Friday, lifted by the growing imbalance between demand and supply, and by China?s latest industrial output?report, which showed faster-than-expected growth in August.Brent crude was trading above $94 per barrel at the time of writing while West Texas Intermediate flirted with the $91 per barrel mark, Oil Price reported.Bullish sentiment only increased on the news that Chinese refiners broke refining rate records in August.They process...
Oil prices on track for 3rd consecutive week of gains
Oil prices on track for 3rd consecutive week of gains
Source: IANS
2023-09-15 02:31:51pm