Why oil prices are falling

Oil prices reversed earlier gains on Friday as indications of strong Russian oil supply offset better than expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures were down 51 cents, or 0.6%, at $86.96 a barrel by 11:29 a.m. EDT (1629 GMT.) U.S. crude fell 65 cents, or 0.8%, to $80.37. Both benchmarks rose by more than $1 earlier in the session but are now poised to break a three-week run of gains. Oil loadings from Russia's Baltic ports are set to rise by 50% this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices, traders said and Reuters calculations showed. Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January, traders also. "If Russian supply remains strong heading into next month, oil is probably going to continue to trend … [Read more...] about Oil prices fall on profit taking, strong Russian supply

The expected surge in demand comes as the market braces for further sanctions on Russian oil Petrol and diesel prices held steady across metro cities on January 23, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31/litre and diesel for Rs 94.27/litre. Petrol and diesel are priced at Rs 102.63/litre and Rs 94.24/litre in Chennai and at Rs 106.03/litre and Rs 92.76/litre in Kolkata, respectively. Oil prices drifted lower in early trade on January 23, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures retreated by 46 cents, or 0.5 percent, to $87.17 at 0031 GMT, while US West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5 percent, to $81.24 a barrel. Read More … [Read more...] about Fuel prices on January 23: Check petrol, diesel rates in Delhi, Mumbai and other cities

Petrol and diesel prices held steady across metro cities on January 24, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre. In Mumbai, petrol is being sold for Rs 106.31 a litre and diesel for Rs 94.27 a litre. Petrol and diesel are priced at Rs 102.63 per litre and Rs 94.24 in Chennai and at Rs 106.03 a litre and Rs 92.76 in Kolkata, respectively. In another news, crude oil prices rose slightly in early Asian trade on Tuesday in a market focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings. Brent crude had risen 5 cents to $88.24 per barrel by 0116 GMT, while the US West Texas Intermediate (WTI) crude rose 13 cents to $81.75 per barrel. Read More Petrol & Diesel Rates Yesterday Friday, 27th January, 2023 Petrol Rate in Mumbai Yesterday Current Petrol Price Per Litre ₹ 106 … [Read more...] about Fuel prices on January 24: Check petrol, diesel rates in Delhi, Mumbai and other cities

Petrol and diesel prices held steady across metro cities on January 25, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 each litre. In Mumbai, petrol is being sold for Rs 106.31 a litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 per litre and Rs 94.24 in Chennai and at Rs 106.03 a litre and Rs 92.76 in Kolkata, respectively. Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and as preliminary data indicated a bigger than expected build in US oil inventories. Brent futures for March delivery fell $2.06, or 2.3 percent, to $86.13 a barrel. U.S. crude fell $1.49, or 1.8 percent, to $80.13 per barrel. Read More Petrol & Diesel Rates Yesterday Friday, 27th January, 2023 Petrol Rate in Mumbai Yesterday Current Petrol Price Per Litre ₹ 106 View more Friday, 27th January, 2023 Diesel Rate in Mumbai … [Read more...] about Fuel prices on January 25: Check petrol, diesel rates in Delhi, Mumbai and other cities

U.S. crude inventories edged up by 533,000 barrels to 448.5 million barrels in the week ending Jan. 20 (Representative image: Reuters) Oil prices rose more than 1% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data . Brent futures rose $1.18, or 1.4%, to $87.30 a barrel by 11:42 a.m. EST (1642 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.12, or 1.4%, to $81.27. Earlier in the session, WTI was on track for its highest close since Nov. 16. Currently, however, both Brent and WTI were on track for their highest closing levels since Jan. 23. "WTI is deriving some support from liquidation of NYMEX (New York Mercantile Exchange) crack spreads as products begin to shift focus" from bullish supply disruptions in December to weaker demand, analysts at energy consulting firm Ritterbusch and Associates said in a note. U.S. crack spreads – measures of refining profit … [Read more...] about Oil up 1% as positive US economic data, China reopening boosts demand optimism

Oil Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth. Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday. The economic worries were exacerbated by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday. U.S. crude stocks rose by about 3.4 million barrels in the week ended Jan. 20, according to market sources citing American Petroleum Institute figures on Tuesday. That was triple the build of about 1 million forecast in a preliminary Reuters poll on Monday. "But the build is expected to be temporary as the supply disruptions from a cold … [Read more...] about Oil rebounds as China demand recovery optimism supports prices

Oil Crude oil prices rose slightly in early Asian trade on Tuesday in a market focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings. Brent crude had risen 5 cents to $88.24 per barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude rose 13 cents to $81.75 per barrel. Crude oil prices in physical markets have started the year with a rally, as China, no longer held back by pandemic controls, has shown signs of more buying and as traders have worried that sanctions on Russia could tighten supply. However, crude prices are wavering as the dollar stabilizes and over exhaustion from China-reopening headlines, according to OANDA analyst Edward Moya. In the United States, "the economy still could rollover and some energy traders are still skeptical on how quickly China's crude demand will bounce back this quarter," Moya wrote in a note. Read More Demand for products has lifted the … [Read more...] about Oil rises slightly; focus on China demand and US outlook

Typically, silver tends to outperform gold in times of a weakening Dollar and falling US bond yields. Carsten Menke, Head, Next Generation Research at Julius Baer Gold prices have reached new multi-month highs recently, but we struggle to see who is in the driving seat of these moves. Investors are still on the sidelines of the gold market, and in fact have even become sellers. Meanwhile, Asian demand does not show signs of strength, and Dollar and US bond yields seem to be playing less of a role of late after lifting the markets during the past few weeks. All in all, we reiterate our view that prices are on a somewhat soft footing and that we would not chase this rally. The gold market is becoming more and more puzzling. While prices have reached new multi-month highs recently, trading at around $1,930 per ounce, we struggle to see who is in the driving seat of these moves. Investors are still staying on the sidelines of the market as indicated by stagnant holdings … [Read more...] about Gold prices hit new highs recently — who’s in the driving seat?

Under the OMSS policy, the government allows FCI to sell food grains, especially wheat and rice, at pre-determined prices in the open market from time to time to bulk consumers and private traders. The central government on January 24 approved a proposal to sell 30 lakh tonnes of wheat in the open market to control prices of wheat and wheat flour. "Offloading of 30 LMT wheat in the market through OMSS (D) scheme within a span of two months through multiple channels will have wider reach as well as immediate impact on the soaring wheat and atta (wheat flour) prices and will help contain the rising prices and will bring much relief to the common man," the Ministry of Consumer Affairs, Food & Public Distribution said in a statement. Earlier today, the Group of Ministers headed by Home Minister Amit Shah held a meeting to discuss the buffer stock position of the country. Last week, food secretary Sanjeev Chopra said that prices of wheat and atta had increased in the … [Read more...] about Govt approves proposal to sell 30 lakh tonnes of wheat in open market to control prices

There’s a caveman-sized gap in the wellness industry. Brian Johnson, better known as Liver King, has embodied the “ancestral living” movement for the past couple of years, his jacked, sunburnt, Caucasian physique defining the aesthetic for his millions of devotees, regardless of what their own actual ancestors may have looked like. Johnson’s Instagram and TikTok accounts, followed by more than 5 million people, showcase his ripped body—supposedly built solely through lengthy, grueling workouts and regular consumption of raw beef liver and testicles—and he has popularized certain phrases, such as “Why eat vegetables when you can eat testicles?” through a volume-forward posting strategy. His thriving retail operation, Ancestral Supplements, hawks desiccated cow liver and bull testicle capsules. His “Nine Ancestral Tenets,” a collection of nouns and verbs, are “sleep, eat, move, shield, connect, cold, sun, fight, and bond.” Today, Johnson is also the defendant in a … [Read more...] about After Liver King’s fall, the ancestral living movement will need a new dad