The IEA monthly report said it expects oil demand to grow by 1.24 million barrels per day (bpd) in 2024, up 180,000 bpd from its previous projection. Oil traders also worried about geopolitical risks in the Middle East. Pakistan conducted strikes inside Iran, targeting Baluchi separatist militants, the country’s foreignRead More →
Shares of Indian oil marketing companies (OMCs) recovered off lows and scored record-high levels on Thursday, January 18, a day after the the Organistation of Petroleum Exporting Countries (OPEC) provided a bullish demand growth forecast for oil markets, despite the ongoing geopolitical conflicts. Shares of Indian Oil Corporation (IOC) hitRead More →
The rally – in thin trade with some markets closed for public holidays, added to last week’s gains of about three per cent after Houthi attacks on ships disrupted global shipping and trade while the Israel-Hamas conflict shows no sign of easing. Brent crude futures were up by $1.79, orRead More →
Crude oil posted the biggest weekly gain since October as attacks in the Red Sea forced hundreds of ships to take safer but longer routes, delaying the delivery of oil cargoes. Oil prices also eased expectations Angola could increase oil output after leaving the Organisation of Petroleum Exporting Countries (OPEC)Read More →
Oil prices fell by more than $1 per barrel on Thursday, December 21, after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC) cartel. Angola’s oil minister Diamantino Azevedo said the country’s membership in OPEC was not serving its interests. Brent crude futures were down $1.30,Read More →
Crude oil benchmark Brent futures has moved sideways in the last one year – between January to December 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) as well as the Israel-Hamas war. Oil majors including Saudi Arabia and RussiaRead More →
Brent futures settled down 6 cents, or 0.08 per cent, at $76.55 a barrel. US West Texas Intermediate (WTI) crude finished down 15 cents, or 0.21 per cent, at $71.43, according to news agency Reuters. Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a DecemberRead More →
Oil prices fell by 2.5 per cent on Wednesday, December 6, as a bigger-than-expected rise in US gasoline inventories worried markets about demand and outweighed a draw in crude stocks. US gasoline stocks rose by 5.4 million barrels last week, said the Energy Information Administration. Brent crude futures fell $1.96,Read More →
Oil prices ticked higher after falling to five-month lows on Tuesday, December 5, after Russia said that the Organisation of Petroleum Exporting Countries and its allies (OPEC+) was ready to deepen output cuts in the first quarter of next year. Russian Deputy Prime Minister Alexander Novak said that OPEC+ couldRead More →
Oil prices declined more than 2 per cent in the previous session as investors remained cautious over the depth of supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies (OPEC+). Concerns over sluggish global manufacturing activity also weighed on market sentiments. Brent crude futures for FebruaryRead More →
