The focus has now shifted to the policy outcome of Organization of the Petroleum Exporting Countries and its allies, or OPEC+ on June 4, which will impact oil prices and set the course for price fluctuations in the near-term. OPEC+ is considering the deepening of oil production cuts, possibly byRead More →
The Organization of the Petroleum Exporting Countries and its allies or OPEC+ are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day (bpd) on June 4, according to a report by news agency Reuters. Oil prices declined towards $70 per barrel and market analystsRead More →
Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. Officials from the US Federal Reserve said on Wednesday thatRead More →
The market will take further cues from the upcoming meeting of the oil producing cartel even as conflicting messages from Russia and Saudi Arabia’s energy minister have kept oil prices on edge. Also, price volatility is expected to remain high till the outcome of the US debt ceiling discussions, accordingRead More →
Stocks are primed to drop if the US fails to raise the debt limit and delays government payments. Meanwhile, markets continue to be buffeted by tension between China and the US and its allies. President Joe Biden said on Sunday he expected ties with China to improve “very shortly” afterRead More →
OPEC+ announced a surprise oil production cut on Sunday, ignoring previous assurances that it would hold supply steady to maintain a stable market. The reduction is slated to exceed 1 million barrels a day, and according to analysts, may mean a rise in global oil prices by $10 per barrel.Read More →
The shares worldwide fell on Thursday on worries of aggressive interest rates hike by the central banks. US stocks US stocks on Thursday were dragged down by banks as investors remain cautious about interest rate hike by the Federal Reserve and awaited monthly jobs data on Friday. The S&P banksRead More →
Both the US and the European stock markets fell on Tuesday following Federal Reserve chair Jerome Powell’s hawkish remarks in his testimony before the US Congress. Jerome Powell said on Tuesday that Federal Reserve is likely to increase interest rates higher than earlier anticipated. “Although inflation has been moderating in recent months,Read More →
New Delhi: Global crude oil prices remained under pressure on Friday amid rising concerns overl demand following the fresh surge in Covid-19 cases in China. Around 0400pm, the March Brent contract the Intercontinental Exchange traded at $83.10 per barrel, down 0.43% from previous close. February West Texas Intermediate (WTI) futuresRead More →
Shun Tai crude oil tanker is seen anchored at the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia on December 4. | Photo Credit: REUTERS The story so far: After months of negotiation, western countries comprising the Group of Seven nations, the European Union and Australia,Read More →
