Crude check: Oil can advance further
The manufacturing and services activity in China, the largest oil importer, improved considerably in February. Interestingly, the manufacturing Purchasing Managers’ Index (PMI) was recorded at 52.6 for the last month, the highest since April 2012. This aided the crude oil prices to rally last week. The Brent crude futures on the Intercontinental Exchange (ICE) posted […]
India’s unwavering appetite for Russian crude lifts Jan inflows to record high
India’s appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades.From a market share of less than 1 per cent in India’s import basket […]
Crude Check: Bears gaining traction
Rise in the US crude oil inventory and the strengthening of the dollar last week weighed on the prices of crude oil. While the dollar index rallied by about 1 per cent, the crude oil stocks in the US rose by 4.1 million barrels against the expected fall of nearly 1 million barrels. Thus, the Brent […]
Crude Check: Shorts being covered
Crude oil rode on the optimism backed by the potential Chinese demand after loosening the Covid restrictions and also the expected slowdown in the pace of interest rate hikes, particularly by the Fed. This led to the energy commodity posting a weekly gain for a second consecutive week.The Brent crude futures on the Intercontinental Exchange […]
Short build-up on MCX-Crude oil
Crude oil prices slumped last week and have begun the year on a weak note. The Brent futures on the Intercontinental Exchange (ICE) declined 8.6 per cent to end the week at $78.5 per barrel. Likewise, the continuous contract of crude oil on the Multi Commodity Exchange (MCX) tumbled 6.2 per cent to close the […]