Oil oil price

Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak U.S. fuel demand. Brent crude futures rose 53 cents, or 0.6%, at $97.31 a barrel by 0020 GMT while West Texas Intermediate (WTI) crude futures rose 55 cents, also a 0.6% gain, to $91.21. Both benchmark fell to their weakest levels since February in the previous session. U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said. On the supply side, ministers for the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to a small increase in the group's output target, equal to about 0.1% of global oil demand. While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up … [Read more...] about Oil prices rebound after dropping to lowest in months on weak US demand

The United Nations chief has slammed Oil Companies over their “grotesque greed” for making record profits from the energy crisis on the back of the world’s poorest people. Secretary-General Antonio Guterres said the executives were “immoral” after the largest Oil Companies in the year’s first quarter made combined profits of close to $100 billion. Governments should tax these excessive profits “and use the funds to aid the most vulnerable people in these difficult times,” he said. According to Guterres, the Oil Companies and their financiers are punishing the poorest and most vulnerable people while destroying the planet. Speaking at the press conference, the secretary-general outlined the findings of a report issued by the Global Crisis Response Group, which he established to deal with the triple crises of food, energy and finance, which have particularly affected countries recovering from the COVID-19 pandemic and dealing with the war in Ukraine. According to … [Read more...] about U.N. Chief Urges Countries to Tax on Greedy Oil Companies

As U.S. equity futures fell late Sunday evening as U.S. oil prices rose to their highest level since 2008 amid the ongoing war between Russia and Ukraine, U.S. equity futures dipped. The Dow lost 331 points, or 0.9%, while the S&P 500 futures and Nasdaq 100 futures both fell by 1.3% and 1.8%, respectively. During the week, West Texas Intermediate crude futures, the U.S. benchmark for crude oil, traded upwards of 10%, reaching $130 per barrel at one point. However, it sagged back a bit. It is also the highest Oil Price since 2008 for Brent crude, an international benchmark, which traded 9% higher to $128.60. The Minister of State for Foreign Affairs Antony Blinken said on Sunday, in retaliation for the country’s attack on Ukraine, that he and his allies may consider banning Russian oil and natural gas imports. AAA reports a spike in gas prices, with the national average averaging $4 per gallon, which is the highest level since 2008. As a result of Russia’s … [Read more...] about Oil Prices Spike to 13-year high as Dow futures fall more than 300 points

Share to Twitter Share to Linkedin In the latest signal of a faltering oil market, energy analytics and intelligence firm Enverus said Wednesday it was lowering its outlook for crude oil prices in the face of a looming recession and signs of demand destruction. In an email, the firm said it was reducing its outlook for the international Brent price to drop below $100 by the end of 2022. “Until July we have argued that Brent pricing was well supported at $100/bbl. However, the downside risks are becoming more prominent, and we now expect some sort of European recession by the end of the year. This will loosen balances by 1-2 MMbbl/d as weaker global demand emerges. We expect Brent to drift to the mid-$80s/low-$90s by year-end,” said Bill Farren-Price, one of the report’s authors and a director at Enverus Intelligence Research. Farren-Price also noted recent strength in U.S. natural gas prices, and forecasts that prices to drop significantly in the months … [Read more...] about Enverus Lowers Oil Price Forecast, Rig Count Drops Amid Record Industry Profits

Oil prices fell about 1% in early trade on Wednesday, reversing gains from the previous session ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar. Brent crude futures fell 94 cents, or 0.9%, to $99.60 a barrel at 0020 GMT, wiping out the previous session's gain. West Texas Intermediate (WTI) crude futures were down 68 cents, or 0.7%, at $93.74 a barrel, after climbing 53 cents on Tuesday. The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the group will likely keep output unchanged in September, or raise it slightly. Analysts are expecting no change due to a weak outlook for demand as recession fears grow, and said top producer Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict. Close Ahead of the … [Read more...] about Oil falls on demand worries, stronger US dollar

Oil languished near its lowest since the start of the war in Ukraine on Friday on fears of a global recession, though stocks ignored such worries, gaining ahead of U.S. jobs data that will give another clue to the health of the world's largest economy. Benchmark Brent crude futures were up a touch at $94.23 a barrel and U.S. crude futures were also a whisker higher at $88.70 a barrel, after both closed the previous session at their lowest levels since February. Losses were partly due to data on Wednesday showing surge in U.S. inventories last week. "It's a combination of the inventory data and a bit of worries about demand. Because the market is worried about growth more than inflation - even though inflation is still a major issue - the oil price has come down," said Prashant Bhayani, chief investment officer for Asia at BNP Paribas Wealth Management. In another warning sign for the global economy, the closely watched part of the U.S. Treasury yield curve measuring the gap … [Read more...] about Oil languishes on recession fears; unconcerned stocks climb on

Oil headed for a punishing weekly loss on increasing evidence that a global economic slowdown is spurring demand destruction, with prices collapsing to the lowest level in six months. West Texas Intermediate steadied below $89 a barrel in Asia, with the US benchmark down more than 10% this week. Official data showed US gasoline consumption has softened while crude stockpiles rose. The slump came even as Saudi Arabia has boosted prices, and OPEC+ warned of scant spare capacity. After surging in the first five months of the year crude’s rally has been thrown into reverse, with losses deepening this month after falls in June and July. The sell-off, which has wiped out gains triggered by Russia’s invasion of Ukraine, will ease the inflationary pressures coursing through the global economy that have spurred central banks including the Federal Reserve to hike rates. “The market is still struggling on the back of a deteriorating demand picture in the US, with pressure on its … [Read more...] about Crude oil heads for 10% weekly collapse as slowdown hits demand

(Representative image) Petrol and diesel prices held steady on August 8, the latest price notification issued by fuel retailers showed. Fuel prices have stayed unchanged for more than a month. Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol in Delhi costs Rs 96.72 and diesel Rs 89.62 a litre. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata respectively. Oil marketing companies are reportedly incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel. India meets 80 percent of its fuel needs through imports. IOC, HPCL, BPCL post Rs 18,480 crore loss in Q1 State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost. Close Petrol & Diesel Rates Aug 06, 2022 Saturday, 06th … [Read more...] about Fuel Prices Today On August 8: Check petrol, diesel rates in Delhi, Mumbai, and other cities

A worker uses a power tool to assemble components on a diesel engine at the Cummins Seymour Engine Plant in Seymour, Indiana, U.S., on Monday, April 18, 2022. S&P Global is scheduled to release manufacturing figures on April 22. State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost. According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG. This wiped away gains from the record refining margin. IOC, HPCL and BPCL, which are supposed to revise petrol and diesel prices daily in line with cost, have not changed rates for four months now despite international oil prices shooting up. They have also not changed cooking gas LPG rates in tandem with cost. IOC on July 29 reported a net loss of Rs 1,995.3 … [Read more...] about IOC, HPCL, BPCL post Rs 18,480 cr loss in Q1 on holding petrol, diesel prices

Representative image (Source: Reuters) PRO Only Highlights - Quarterly performance largely backed by improved realisations - Medium-term triggers China plus and protectionist measures for tyre industry - Valuations not inexpensive; but improved medium-term outlook Crude oil prices have come down significantly in the last one month while refining margins have crashed from all-time highs to long-term averages. Brent crude, it may be noted, had remained above $100 for 159 days. However, the recent price crash does not offer definite signals about its future course. (image) No significant supply increase post US President visit In our last note, we talked about the expectations of higher oil supply following the US President's visit to Saudi Arabia. But it... … [Read more...] about Oil: Price fall in a tight market makes it a tricky affair