Crude oil up on hopes of Chinese demand rising
Expectations of an increase in demand from China in 2023 buoyed crude oil futures higher on Monday morning. At 10.01 am on Monday, April Brent oil futures were up by 0.67 per cent at $84.56 and April crude oil futures on WTI were up by 0.63 per cent at $77.03. March crude oil futures were […]
Crude oil gains on IEA demand outlook
Crude oil traded higher on Thursday morning as the International Energy Agency (IEA) forecast an increase in the global oil demand in 2023. At 9.52 am on Thursday, April Brent oil futures were up by 0.52 per cent at $85.82 and March crude oil futures on WTI increased by 0.52 per cent to $79.11 . February […]
Crude oil declines on US plan to release 26 m reserve barrels
Crude oil traded lower on Tuesday morning following the US government’s decision to release crude oil from the strategic petroleum reserve (SPR). At 9.51 am on Tuesday, April Brent oil futures were down by 0.73 per cent at $85.98 and March crude oil futures on WTI were at $79.23, down by 1.14 per cent. February […]
Reliance seeks $12.75 for CBM gas, ONGC wants $9.35
Billionaire Mukesh Ambani’s Reliance Industries Ltd and state-owned Oil and Natural Gas Corporation (ONGC) are separately auctioning natural gas extracted from coal seams at prices linked to Brent crude oil price.Reliance is seeking a minimum $12.75 per million British thermal unit for coal bed methane (CBM) from a block in Shahdol district of Madhya Pradesh, […]
Reliance, BPCL, Nayara among buyers using UAE dirham for Russian oil
Reliance Industries Ltd., Bharat Petroleum Corp Ltd. and Nayara Energy Ltd. are among Indian refiners using United Arab Emirates dirham to pay for some shipments of Russian crude as they navigate Western sanctions. Buyers have shifted some transactions to the currency, according to people with direct knowledge of […]
Crude oil gains a tad as industry data show inventory decline in US
Crude oil futures traded marginally higher on Wednesday morning as industry data showed a decrease in the crude oil inventories in the US.At 10.01 am on Wednesday, April Brent oil futures were up 0.06 per cent at $83.74 and March crude oil futures on WTI were at $77.34, up by 0.26 per cent. February crude […]
Crude oil rises on impact of Turkey earthquake
Crude oil traded higher on Tuesday morning as Monday’s earthquake led to the halting of export operations at one of the oil terminals in Turkey.At 10 am on Tuesday, April Brent oil futures were up 0.95 per cent at $81.76 and March crude oil futures on WTI were at $74.90, a rise of 1.07 per […]
‘Russia equipped to meet India’s rising crude oil demand’
Russia is prepared to meet India’s rising demand for crude oil, Rosneft CEO Igor Sechin told Oil Minister HS Puri on Monday. Puri met with Sechin on the sidelines of the India Energy Week (IEW) in the IT city. “During this short meeting, Sechin told the Minister that whatever is India’s requirement, they [Russia] are ready to […]
Goldman Sachs Warns Of An Imminent Oil Supply Shortage
Crude oil could soon swing into a deficit that will make next year a difficult one, Goldman Sachs said, as spare production capacity dwindles and underinvestment threatens future supply.Speaking on the sidelines of an event in Saudi Arabia, Goldman’s top commodity analyst Jeffrey Currie said, as quoted by Bloomberg, that the industry is not spending […]
IEA’s faith in China’s recovery boosts crude oil prices
Crude oil futures traded higher on Monday morning as the International Energy Agency (IEA) reiterated that China will boost the demand for crude oil in the global markets. At 10 am on Monday, April Brent oil futures were at $80.16, up by 0.28 per cent; and March crude oil futures on WTI were at $73.53, up […]