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Oil prices fall on demand concerns, strong dollar Oil prices fell in early trading on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down more than 2%. Brent crude futures fell by 31 cents, or 0.43%, to $72.57 a barrel by 0139 GMT. U.S. West Texas Intermediate crude futures fell 26 cents, or 0.26%, to $69.12 per barrel. Chinese state-owned refiner Sinopec said in its annual energy outlook, released on Thursday, that China's imports could ...
Oil prices fall on demand concerns, strong dollar
Oil prices fall on demand concerns, strong dollar
Source: Reuters
2024-12-20 09:01:53 am
OPEC+ Cautious on Renewed U.S. Oil Output Under Donald Trump by Amit Gupta, Kedia Advisory OPEC+ is concerned about the resurgence of U.S. oil production under Donald Trump’s presidency, which threatens to undermine their market share and efforts to stabilize prices. Despite earlier delays in raising output, the group has maintained supply cuts to support prices in a weakened demand environment. U.S. oil output has surged by 11% over recent years, with predictions for continued growth, further exacerbating the competition for market share. While Trump’s policies could b...
OPEC+ Cautious on Renewed U.S. Oil Output Under Donald Trump by Amit Gupta, Kedia Advisory
OPEC+ Cautious on Renewed U.S. Oil Output Under Donald Trump by Amit Gupta, Kedia Advisory
Source: Kedia advisory
2024-12-18 12:59:31 pm
Oil edges lower on 2025 supply surplus forecast, but set to notch weekly gain Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week. Brent crude futures edged down 8 cents to $73.33 a barrel by 0125 GMT while U.S. West Texas Intermediate crude was at $69.95 a barrel, down 7 cents. The International Energy Agency expects non-OPEC+ nations to boost supply by about 1.5 million barrels...
Oil edges lower on 2025 supply surplus forecast, but set to notch weekly gain
Oil edges lower on 2025 supply surplus forecast, but set to notch weekly gain
Source: Reuters
2024-12-13 09:03:03 am
Oil little changed as demand weakness offsets sanctions-driven supply risks Oil prices were little changed in early Asian trade on Thursday as forecasts of weak demand and a higher-than-expected rise in U.S. gasoline and distillate inventories stemmed gains from an additional round of European Union sanctions that threatened Russian oil flows. Brent crude futures were down 5 cents at $73.47 a barrel at 0141 GMT. U.S. West Texas Intermediate crude futures fell 11 cents to $70.18. Both benchmarks rose over $1 each on Wednesday. OPEC cut its demand growth forecast...
Oil little changed as demand weakness offsets sanctions-driven supply risks
Oil little changed as demand weakness offsets sanctions-driven supply risks
Source: Reuters
2024-12-12 08:57:34 am
Oil edges up as rising Mideast tensions offset demand fears Oil prices nudged higher on Monday as heightened tensions in the Middle East following the overthrow of Syrian President Bashar al-Assad by rebels offset concerns over weak Chinese demand that was highlighted by Saudi Aramco's price cuts to Asian buyers. Brent crude futures rose 22 cents, or 0.3%, to $71.34 per barrel by 0140 GMT. U.S. West Texas Intermediate crude futures gained 22 cents, or 0.3%, to $67.42 per barrel. Brent lost more than 2.5% last week and WTI fell 1.2% as analys...
Oil edges up as rising Mideast tensions offset demand fears
Oil edges up as rising Mideast tensions offset demand fears
Source: Reuters
2024-12-09 09:04:05 am
Oil set for weekly loss on surplus fears despite OPEC+ cut extensions Oil prices fell on Friday as analysts continued to forecast a supply surplus in 2025 despite the OPEC+ decision to postpone planned supply increases and extend deep output cuts to the end of 2026. Brent crude futures were down 66 cents, or 0.9%, to $71.43 per barrel at 1128 GMT. U.S. West Texas Intermediate crude futures were down 65 cents, or 1%, to $67.65 per barrel. For the week, Brent was on track to fall 2%, while WTI was on course for a 0.5% drop. The Organization of the Petrol...
Oil set for weekly loss on surplus fears despite OPEC+ cut extensions
Oil set for weekly loss on surplus fears despite OPEC+ cut extensions
Source: Reuters
2024-12-06 08:59:33 am
Oil prices rise with all eyes on OPEC+ supply decision Oil prices rose on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring tension in the Middle East. Brent crude futures climbed 12 cents, or 0.2%, to $72.43 a barrel by 0103 GMT while U.S. crude futures were at $68.70 a barrel, up 16 cents, or 0.2%. Both benchmarks fell nearly 2% on Wednesday. The Organization of the Petroleum Exporting Countries and its allies in OPEC+ are likely...
Oil prices rise with all eyes on OPEC+ supply decision
Oil prices rise with all eyes on OPEC+ supply decision
Source: Reuters
2024-12-05 08:59:38 am
Oil steady as markets weigh higher US stockpiles, OPEC+ supply plans Oil prices were little changed in early Asia trade on Wednesday as market participants weighed higher U.S. crude oil and fuel inventories as well as the likelihood of OPEC+ extending supply cuts. Brent crude futures fell 2 cents, or 0.03%, to $73.60 a barrel by 0145 GMT, while U.S. West Texas Intermediate crude futures eased 3 cents, or 0.04%, to $69.91. On Tuesday, Brent posted its biggest gain in two weeks, rising 2.5%. U.S. crude oil inventory rose 1.2 million barrels last week, m...
Oil steady as markets weigh higher US stockpiles, OPEC+ supply plans
Oil steady as markets weigh higher US stockpiles, OPEC+ supply plans
Source: Reuters
2024-12-04 08:56:21 am
Oil prices little changed ahead of OPEC+ meeting Oil prices inched down amid mixed market signals on Tuesday, with traders awaiting the outcome of an OPEC+ meeting this week. Brent crude futures fell 9 cents, or 0.13%, to $71.74 a barrel by 0205 GMT. U.S. West Texas Intermediate crude fell 14 cents, or 0.21%, to $67.96. "Investors are in wait-and-watch mode ahead of the OPEC+ meeting," ANZ analysts said in a note. Sources from the producer group say it will extend its latest round of output cuts until the end of the first...
Oil prices little changed ahead of OPEC+ meeting
Oil prices little changed ahead of OPEC+ meeting
Source: Reuters
2024-12-03 09:04:04 am
Oil inches up on upbeat China data, shaky Israel-Lebanon ceasefire Oil prices edged up on Monday supported by upbeat factory activity in the world's second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East. Brent crude futures climbed 8 cents, or 0.1%, to $71.92 a barrel by 0107 GMT while U.S. West Texas Intermediate crude was at $68.09 a barrel, up 9 cents, or 0.1%. Prices rose after an official survey showed that China's factory activity expanded modestly for...
Oil inches up on upbeat China data, shaky Israel-Lebanon ceasefire
Oil inches up on upbeat China data, shaky Israel-Lebanon ceasefire
Source: Reuters
2024-12-02 09:00:20 am
Oil prices mixed amid accusations of breaches to Israel-Hezbollah ceasefire Oil prices were mixed on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy. Brent crude futures fell by 7 cents, or 0.1%, to $73.21 a barrel by 0232 GMT. U.S. West Texas Intermediate crude futures were at $69.10, up 38 cents, or 0.55%, compared to Wednesday's closing price. Trading remained thin due to the Thanksgiving holid...
Oil prices mixed amid accusations of breaches to Israel-Hezbollah ceasefire
Oil prices mixed amid accusations of breaches to Israel-Hezbollah ceasefire
Source: Reuters
2024-11-29 08:55:50 am
Oil edges lower after jump in US gasoline stocks, OPEC+ supply decision in focus Oil prices edged lower in Asian trading on Thursday, after a surprise jump in U.S. gasoline stocks ahead of the nation's Thanksgiving holiday sparked worry over demand in the top consumer of the motor fuel. Brent crude futures fell by 4 cents, or 0.1%, to $72.79 per barrel by 0220 GMT, while U.S. West Texas Intermediate crude futures were a cent lower at $68.71 a barrel. Trading is expected to be light due to U.S. holiday. U.S. gasoline stocks rose 3.3 million barrels in the week...
Oil edges lower after jump in US gasoline stocks, OPEC+ supply decision in focus
Oil edges lower after jump in US gasoline stocks, OPEC+ supply decision in focus
Source: Reuters
2024-11-28 08:49:47 am
Oil prices steady amid focus on Israel-Hezbollah ceasefire, OPEC+ policy Oil prices steadied in early trade on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday's OPEC+ meeting. Brent crude futures fell 2 cents to $72.79 a barrel by 0114 GMT, while U.S. West Texas Intermediate crude futures were at $68.73 a barrel, down 4 cents, or 0.1%. Both benchmarks settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon's Hezbollah. A ceasefire between Israel and ...
Oil prices steady amid focus on Israel-Hezbollah ceasefire, OPEC+ policy
Oil prices steady amid focus on Israel-Hezbollah ceasefire, OPEC+ policy
Source: Reuters
2024-11-27 08:52:02 am
Oil falls on potential deal to end Israel-Hezbollah conflict Oil prices slipped in early trade on Tuesday, extending declines from the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil's risk premium. Brent crude futures fell 28 cents, or 0.38%, to $72.73 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures were at $68.62 a barrel, down 32 cents, or 0.46%. Both benchmarks settled down $2 per barrel on Monday following reports that Lebanon and Israel had agreed to ...
Oil falls on potential deal to end Israel-Hezbollah conflict
Oil falls on potential deal to end Israel-Hezbollah conflict
Source: Reuters
2024-11-26 09:03:37 am
Oil nudges up after Russia-Ukraine tensions escalate Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while U.S. West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%. Russia unleashed its largest air strike on Ukraine in almost three mon...
Oil nudges up after Russia-Ukraine tensions escalate
Oil nudges up after Russia-Ukraine tensions escalate
Source: Reuters
2024-11-18 09:19:36 am
Oil set for weekly loss on uncertainty around Fed rate cuts, China demand fears Oil prices edged down early on Friday as oversupply concerns and demand worries stemming from a stronger dollar outweighed a steep draw in U.S. fuel stocks. Brent crude futures were down 30 cents, or 0.41%, at $72.26 a barrel by 0105 GMT. U.S. West Texas Intermediate crude futures were down 25 cents, or 0.36%, at $68.45. For the week, Brent is s Oil prices fell on Friday as investors weighed signs demand in top crude importer China continues to underperform amid the country's une...
Oil set for weekly loss on uncertainty around Fed rate cuts, China demand fears
Oil set for weekly loss on uncertainty around Fed rate cuts, China demand fears
Source: Reuters
2024-11-15 08:57:13 am
Oil prices edge down, forecasts for higher oil output, weak demand growth weigh  Oil prices dropped slightly early on Thursday on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices. Brent crude futures were down 6 cents, or 0.08%, at $72.22 a barrel by 0133 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 13 cents, or 0.19%, at $68.30. The U.S. Energy Information Administration has slightly raised its expectation of U.S. oil output to an average 13.23 million barrels pe...
Oil prices edge down, forecasts for higher oil output, weak demand growth weigh
Oil prices edge down, forecasts for higher oil output, weak demand growth weigh
Source: Reuters
2024-11-14 08:58:38 am
Stocks fall as rally pauses, yields climb on Donald Trump policy worry  A gauge of global stocks declined on Tuesday after advancing for five straight sessions while the dollar hit its highest level in over six months as investors weigh the impact of U.S. President-elect Donald Trump's likely path of policies. Investors have flocked in to assets expected to benefit from Trump policies for his second term in office, after he pledged to impose high tariffs on imports from key trading partners, as well as lower taxes and loosen government regulations. ...
Stocks fall as rally pauses, yields climb on Donald Trump policy worry
Stocks fall as rally pauses, yields climb on Donald Trump policy worry
Source: Reuters
2024-11-13 09:17:51 am
Oil pares losses on tight supply but cloudy demand caps gains Oil prices inched higher on Wednesday underpinned by signs of near-term supply tightness but held near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025. Brent futures rose 14 cents, or 0.2%, to $72.03 a barrel by 0745 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 13 cents, or 0.2%, at $68.25. "Crude oil prices edged higher as tightness in the physical market offset bearish sentiment on demand. Buy...
Oil pares losses on tight supply but cloudy demand caps gains
Oil pares losses on tight supply but cloudy demand caps gains
Source: Reuters
2024-11-13 08:49:43 am
US oil drilling costs may reach $67-$70 per barrel by 2026 under Donald Trump he Donald Trump presidency in the US could have a significant impact on the oil market, with potential growth largely dictated by price, according to a report on Monday.  Additional US oil production means a well drilling cost requirement of $64 per barrel. Going forward, in a couple of years, these costs could scale up to the $67 and $70 range as per the forward prices, according to the report by Ventura Securities. The new US administration's push for increased US oil product...
US oil drilling costs may reach $67-$70 per barrel by 2026 under Donald Trump
US oil drilling costs may reach $67-$70 per barrel by 2026 under Donald Trump
Source: IANS
2024-11-12 09:14:16 am
Oil prices hold their ground after falling on China stimulus  Oil prices were little changed in early trading on Tuesday, awaiting further price direction from OPEC's monthly report after China's stimulus plan and oversupply concerns took the wind out of markets in prior sessions. Brent crude futures fell 1 cent to $71.82 a barrel, by 0158 GMT. U.S. West Texas Intermediate crude futures were at $68.07 a barrel, up 3 cents. Both contracts had fallen by more than 5% over the previous two trading sessions. China on Friday unveiled a 10 ...
Oil prices hold their ground after falling on China stimulus
Oil prices hold their ground after falling on China stimulus
Source: Reuters
2024-11-12 08:43:18 am
Oil edges down ahead of US election, China NPC meeting  Oil prices eased slightly on Tuesday as markets braced for uncertainties from the U.S. presidential election, after rising more than 2% in the past session as OPEC+ delayed plans to hike production in December and eased supply concerns. Brent crude futures fell 15 cents, or 0.2%, to $74.93 a barrel by 0106 GMT while U.S. West Texas Intermediate crude was at $71.33 a barrel, down 14 cents, or 0.2%. "We are now in the calm before the storm," IG market analyst Tony Sycamore...
Oil edges down ahead of US election, China NPC meeting
Oil edges down ahead of US election, China NPC meeting
Source: Reuters
2024-11-05 08:45:58 am
Oil buyers, producers dialogue needed for market stability, says India min India's oil minister Hardeep Singh Puri called on Monday for discussions between oil producers and consumers to stabilise prices. Oil prices rose more than 2% following a decision by OPEC+ to delay by a month plans to increase output. [O/R] India, the world's third largest oil consumer, relies on overseas purchases for more than 80% of its oil needs. "I'm hoping as a professional that all the players in this game will see a reason that... both producers and consumers...
Oil buyers, producers dialogue needed for market stability, says India min
Oil buyers, producers dialogue needed for market stability, says India min
Source: Reuters
2024-11-04 05:19:29 pm
OPEC+ Delays December Output Increase Amid Weak Oil Demand by Amit Gupta, Kedia Advisory OPEC+ has decided to delay its planned oil production increase for December by one month due to ongoing concerns about weak demand, notably from China, and rising supply from non-OPEC sources. This decision extends the current 2.2 million barrels per day cut until the end of December, aiming to stabilize prices under pressure. The group also reiterated its commitment to full conformity with output targets, emphasizing the importance of balancing supply and demand in the oil market. OPEC+ memb...
OPEC+ Delays December Output Increase Amid Weak Oil Demand by Amit Gupta, Kedia Advisory
OPEC+ Delays December Output Increase Amid Weak Oil Demand by Amit Gupta, Kedia Advisory
Source: Kedia Advisory
2024-11-04 04:59:22 pm
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
Oil prices rise on optimism over solid US fuel demand Oil prices rose on Thursday, extending the previous day's rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support. Brent crude futures gained 35 cents, or 0.5%, to $72.90 a barrel by 0029 GMT. U.S. West Texas Intermediate crude futures climbed 32 cents, or 0.5%, to $68.93 per barrel. Both contracts rose more than 2% on Wednesday, after falling more tha...
Oil prices rise on optimism over solid US fuel demand
Oil prices rise on optimism over solid US fuel demand
Source: Reuters
2024-10-31 09:01:29 am
Oil slides by nearly 6% after limited Israeli retaliatory attack on Iran Oil prices tumbled by more than $4 a barrel on Monday after Israel's retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest since Oct. 1 at the open. By 1130 GMT Brent was down $4.28, or 5.6%, at $71.77 a barrel while WTI lost $4.25, or 5.9%, to $67.53. The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty over th...
Oil slides by nearly 6% after limited Israeli retaliatory attack on Iran
Oil slides by nearly 6% after limited Israeli retaliatory attack on Iran
Source: Reuters
2024-10-28 09:05:18 am
Oil edges up, but on track for biggest weekly loss in over a month Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand. Brent crude futures rose 16 cents, or 0.2%, to $74.61 a barrel by 0025 GMT while U.S. West Texas Intermediate crude was at $70.84 a barrel, up 17 cents, or 0.2%. Both contracts settled higher on Thursday for the first time in five sessions after data from t...
Oil edges up, but on track for biggest weekly loss in over a month
Oil edges up, but on track for biggest weekly loss in over a month
Source: Reuters
2024-10-18 08:55:24 am
OPEC Cuts China Oil Demand Forecast Amid Falling Imports by Amit Gupta, Kedia Advisory OPEC has reduced its forecast for China's crude oil demand growth in 2024 for the third consecutive month, now expecting an increase of 580,000 barrels per day (bpd). The revised estimate is lower than September's 650,000 bpd forecast and July's 760,000 bpd prediction. China's oil imports have consistently fallen, with customs data showing a decline of 2.8% in the first nine months of 2024 compared to the same period in 2023. Despite an uptick in domestic oil production, the o...
OPEC Cuts China Oil Demand Forecast Amid Falling Imports by Amit Gupta, Kedia Advisory
OPEC Cuts China Oil Demand Forecast Amid Falling Imports by Amit Gupta, Kedia Advisory
Source: Kedia Advisory
2024-10-15 10:04:03 am
OPEC Cuts 2024 Oil Demand Forecast, Russia Output Declines by Amit Gupta, Kedia Advisory OPEC revised its global oil demand growth forecast for 2024 to 1.93 million barrels per day (bpd), down from the 2.03 million bpd predicted earlier, citing economic concerns and a shift towards cleaner fuels. China’s demand forecast was lowered due to slowing economic activity and LNG substitution. Meanwhile, Russia reduced its oil production to 9 million bpd in September, slightly above the OPEC+ quota. OPEC acknowledged that Russia, Iraq, and Kazakhstan exceeded their quotas but promi...
OPEC Cuts 2024 Oil Demand Forecast, Russia Output Declines by Amit Gupta, Kedia Advisory
OPEC Cuts 2024 Oil Demand Forecast, Russia Output Declines by Amit Gupta, Kedia Advisory
Source: Kedia Advisory
2024-10-15 09:21:45 am
Oil falls 3% as concerns ease on potential Iran supply disruption Oil prices slid 3% in early Asian trade on Tuesday after a media report said Israel is willing not to strike Iranian oil targets, which eased fears of a supply disruption, and after OPEC lowered its outlook for global oil demand growth in 2024 and 2025. Both benchmarks plunged 3% in early trade on Tuesday, following a 2% drop on Monday. Brent crude futures were down $2.27 at $75.19 per barrel, while U.S. West Texas Intermediate futures fell $2.22 to $71.60 per barrel as of 0127 GMT. Pri...
Oil falls 3% as concerns ease on potential Iran supply disruption
Oil falls 3% as concerns ease on potential Iran supply disruption
Source: Reuters
2024-10-15 09:17:12 am
OPEC cuts 2024, 2025 global oil demand growth view again OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group's third consecutive downward revision. The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 1.93 million barrels per day (bpd) in 2024, down from growth of 2.03 million bpd it expected last month. There is a wide split between forecasters on the ...
OPEC cuts 2024, 2025 global oil demand growth view again
OPEC cuts 2024, 2025 global oil demand growth view again
Source: Reuters
2024-10-14 05:25:52 pm
Oil edges lower after rallying to highest in over a month on Middle East war risk  Oil prices edged lower in early Asian trading hours on Tuesday as traders booked profits after prices rallied to their highest in over a month on Monday amid fears that the Middle East could be on the brink of a region-wide war. Fighting in the Middle East intensified after Iran-backed Hezbollah fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, a year after the Hamas attack on Israel that sparked the Israel's o...
Oil edges lower after rallying to highest in over a month on Middle East war risk
Oil edges lower after rallying to highest in over a month on Middle East war risk
Source: Reuters
2024-10-08 08:46:39 am
Oil prices dip after strongest weekly rise in over a year Oil prices fell on Monday after posting their steepest weekly rise in over a year last week as oversupply concerns amid softer demand countered the worries of a wider Middle East war disrupting exports in the key producing region. Brent crude futures fell 31 cents, or 0.4%, to $77.74 per barrel by 0435 GMT. U.S. West Texas Intermediate crude futures slipped 20 cents, or 0.27%, to $74.18 per barrel. Brent rose by over 8% last week, the biggest weekly gain since January 2023, while the WT...
Oil prices dip after strongest weekly rise in over a year
Oil prices dip after strongest weekly rise in over a year
Source: Reuters
2024-10-07 08:57:33 am
Oil steady but on track for weekly drop on firmer supply outlook Oil prices held on Friday but remained on track for a weekly fall as investors weighed expectations for increased output from Libya and the broader OPEC+ group against fresh stimulus from top importer China. Brent crude futures were up 8 cents, 0.1%, at $71.68 per barrel, as of 0840 GMT, while U.S. West Texas Intermediate crude futures were up 6 cents, also 0.1%, to $67.73. On a weekly basis, Brent crude was down almost 4%, while WTI was on track to lose nearly 6%. "The recent d...
Oil steady but on track for weekly drop on firmer supply outlook
Oil steady but on track for weekly drop on firmer supply outlook
Source: Reuters
2024-09-27 08:17:07 am
Petrol, diesel likely to see Rs 2-3 per litre cut if crude prices remain stable  Healthy marketing margins on auto fuels could spur price reductions of Rs 2-3 per litre in petrol and diesel prices in the country if crude prices remain stable, leading rating agency ICRA said on Thursday.  The marketing margins on retail sales of auto fuels for the Indian oil marketing companies (OMCs) have improved in recent weeks with the reduction in crude prices. The rating agency anticipates that there is headroom for the downward revision of retail fuel prices if crud...
Petrol, diesel likely to see Rs 2-3 per litre cut if crude prices remain stable
Petrol, diesel likely to see Rs 2-3 per litre cut if crude prices remain stable
Source: IANS
2024-09-26 01:43:16 pm
Global energy demand to grow 24 per cent by 2050 with oil dominating: OPEC Global energy demand will grow 24 per cent by 2050, with oil dominating world markets in need of 120.1 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) said.  Coinciding with Rio Oil & Gas, the largest oil and natural gas fair in Latin America, which runs through Thursday in Rio de Janeiro, OPEC released its annual World Oil Outlook, for the first time outside its headquarters in Vienna, reports Xinhua news agency. The organisation, whic...
Global energy demand to grow 24 per cent by 2050 with oil dominating: OPEC
Global energy demand to grow 24 per cent by 2050 with oil dominating: OPEC
Source: IANS
2024-09-25 05:34:15 pm
Oil prices extend recovery rally to cap volatile week  Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana. Brent crude futures rose by 34 cents, or 0.5%, to $72.31 per barrel by 0016 GMT. U.S. West Texas Intermediate crude futures rose by 38 cents, or 0.6%, to $69.35 a barrel. If those gains hold, both benchmarks will break a streak of weekly declines, despite a rough start that saw B...
Oil prices extend recovery rally to cap volatile week
Oil prices extend recovery rally to cap volatile week
Source: Reuters
2024-09-13 08:52:28 am
India wants OPEC+ to raise oil output, oil secretary says India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation's oil secretary Pankaj Jain said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, last week agreed to delay a planned oil output increase for October and November and said they could further pause or reverse the hikes if needed. India, the world's third biggest oil importer...
India wants OPEC+ to raise oil output, oil secretary says
India wants OPEC+ to raise oil output, oil secretary says
Source: Reuters
2024-09-12 01:52:24 pm
Oil steadies on U.S. crude stock drawdown, OPEC+ output hikes delay Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data. Brent crude futures rose 19 cents, or 0.26%, to $72.88 at 0010 GMT, and U.S. West Texas Intermediate crude futures were up 22 cents, or 0.32%, to $69.37. "Crude oil edged higher as bullish signals offset the bearish sentiment that has gripped the market in recent days," ANZ analys...
Oil steadies on U.S. crude stock drawdown, OPEC+ output hikes delay
Oil steadies on U.S. crude stock drawdown, OPEC+ output hikes delay
Source: Reuters
2024-09-06 09:13:19 am
Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns. Brent crude futures for November rose 15 cents, or 0.1%, to $72.85 at 0402 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. U.S. West Texas Intermediate crude futures for October were up 15 cents, or 0.22%, to $69.35 after drop...
Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall
Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall
Source: Reuters
2024-09-05 09:53:20 am
Softer commodity prices bode well for India`s growth prospects & macro stability! Prices of cyclical commodities including oil, copper and aluminium have softened after rising in H1 2024. For example, crude oil and copper have fallen almost ~15% and ~18% respectively from their Year to Date highs. Record high production in USA and proposed withdrawal of output cuts from OPEC+ has kept oil prices close to levels seen at the start of the year, despite continuing geopolitical tensions in the Middle East. Meanwhile weak demand from China, due to the ongoing housing market slow...
Softer commodity prices bode well for India`s growth prospects & macro stability!
Softer commodity prices bode well for India`s growth prospects & macro stability!
Source: PR Agency
2024-09-04 05:38:03 pm
Oil extends losses on weak China data and expected OPEC+ supply boost Oil prices slipped on Monday, extending losses from the end of last week on expectations of higher OPEC+ production from October while signs of sluggish demand in China and the United States raised concerns about future consumption growth. Brent crude futures were down 8 cents, or 0.1%, at $76.85 a barrel by 1020 GMT while U.S. West Texas Intermediate crude slipped 11 cents, or 0.2%, to $73.44. Brent and WTI had lost 1.4% and 3.1% respectively on Friday. With momentum skewed to the d...
Oil extends losses on weak China data and expected OPEC+ supply boost
Oil extends losses on weak China data and expected OPEC+ supply boost
Source: Reuters
2024-09-02 08:46:10 am
Oil set for weekly gain on supply concerns Oil prices edged higher on Friday on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the U.S. economy grew faster than initial estimates eased recession fears. Still, signs of weakened demand, particularly in China, limited gains. Brent crude futures for October delivery, which expire on Friday, were up 46 cents, or 0.58%, at $80.40 a barrel by 0845 GMT. The more actively traded contract for November rose...
Oil set for weekly gain on supply concerns
Oil set for weekly gain on supply concerns
Source: Reuters
2024-08-30 08:56:15 am
Oil steady as Libyan supply woes counter modest US stock draw Oil prices steadied on Thursday, after two losing sessions as supply concerns over Libya returned, while a smaller-than-expected draw in U.S. crude inventories sapped demand expectations. Brent crude futures had edged up 3 cents, or 0.04%, to $78.68 a barrel by 1024 GMT, while U.S. West Texas Intermediate crude futures were up 15 cents, or 0.2%, at $74.67. Both contracts lost more than 1% on Wednesday, after data showed U.S. crude inventories last week fell by 846,000 barrels to 425.2 m...
Oil steady as Libyan supply woes counter modest US stock draw
Oil steady as Libyan supply woes counter modest US stock draw
Source: Reuters
2024-08-29 08:44:24 am
Oil prices pause after surging on Libyan outages, Middle East tensions Oil prices paused their recent advances, receding in Asian trading on Tuesday after surging more than 7% in the previous three sessions on supply concerns prompted by fears of a wider Middle East conflict and the shutdown of Libyan oil fields. Brent crude futures fell 32 cents, or 0.39%, to $81.11 a barrel at 0154 GMT, while U.S. West Texas Intermediate crude futures fell 36 cents, or 0.46%, to $77.06 a barrel. Oil markets are retracing slightly after sharp gains in the previous three s...
Oil prices pause after surging on Libyan outages, Middle East tensions
Oil prices pause after surging on Libyan outages, Middle East tensions
Source: Reuters
2024-08-27 08:52:18 am
Oil prices set for weekly gains on renewed enthusiasm around US economy Oil prices edged lower in early Asian trading on Friday, but the market's benchmarks were set for a second consecutive weekly gain after upbeat U.S. economic data eased investor worries about a potential recession in the top oil consuming nation. Brent crude futures fell 16 cents, or 0.2%, to $80.88 per barrel by 0024 GMT. U.S. West Texas Intermediate crude futures fell 23 cents, or 0.3%, to $77.93 a barrel. Brent was set to advance 1.6% on a weekly basis, while WTI was on track for...
Oil prices set for weekly gains on renewed enthusiasm around US economy
Oil prices set for weekly gains on renewed enthusiasm around US economy
Source: Reuters
2024-08-16 08:51:11 am
Oil prices edge up as demand concerns duel with rate cut optimism Oil prices ticked up on Thursday as optimism built that potential U.S. interest rate cuts will boost economic activity and fuel consumption, but concerns over slower global demand curbed gains. Brent crude futures were up 51 cents, or 0.6%, at $80.27 a barrel at 1107 GMT, recovering some of the previous day's losses. U.S. West Texas Intermediate crude futures were up 47 cents, or 0.6%, at $77.45 per barrel. Both benchmarks fell more than 1% on Wednesday after U.S. crude inventories ...
Oil prices edge up as demand concerns duel with rate cut optimism
Oil prices edge up as demand concerns duel with rate cut optimism
Source: Reuters
2024-08-15 09:56:44 am