Decommissioned oil platforms stand ahead of Hurricane Laura in Sabine Pass, Texas, US on Tuesday(Bloomberg File Photo)
Decommissioned oil platforms stand ahead of Hurricane Laura in Sabine Pass, Texas, US on Tuesday(Bloomberg File Photo)

Oil holds near five-month high on US output cuts and inventories

Oil was also boosted on Tuesday by US and Chinese officials reaffirming their commitment to a Phase 1 trade deal.
By Reuters | Posted y Kanishka Sarkar | London
UPDATED ON AUG 26, 2020 02:56 PM IST

Oil rose towards $46 a barrel on Wednesday, near the highest since March, lifted by US producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a drop in US crude inventories.

Renewed worries over the Covid-19 pandemic, which has squeezed demand and sent prices to record lows in April, capped gains after reports this week of patients being re-infected, raising concerns about future immunity.

Brent crude rose 2 cents to $45.88 a barrel by 0815 GMT, while US West Texas Intermediate crude fell 3 cents to $43.32. Both benchmarks settled at a five-month high on Tuesday.

“Oil traders will be preoccupied with the hurricane today,” said Tamas Varga of broker PVM. “Once the danger passes, demand considerations will come into focus again.”

The US energy industry was preparing on Tuesday for a major hurricane strike. Producers shut 1.56 million barrels per day (bpd) of crude output, representing 84% of the Gulf of Mexico’s offshore production and close to the 90% outage that Hurricane Katrina brought 15 years ago.

“We do see some support on the back of hurricane activity,” Dutch bank ABN AMRO said in a report. “The threat of being infected by the COVID-19 virus threatens a further recovery in oil demand.”

Oil was also boosted on Tuesday by US and Chinese officials reaffirming their commitment to a Phase 1 trade deal. Further support came from American Petroleum Institute figures showing US crude stocks fell more than expected.

A record oil output cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia has helped to lift Brent from April’s 21-year low below $16.

The US government’s Energy Information Administration report at 1430 GMT will be in focus to see if it confirms the API figures.

SHARE THIS ARTICLE ON
Close
A neighborhood experiencing a power outage after winter weather caused electricity blackouts in San Marcos, Texas, US on February 16, 2021.(Reuters Photo )
A neighborhood experiencing a power outage after winter weather caused electricity blackouts in San Marcos, Texas, US on February 16, 2021.(Reuters Photo )

Texas’s power market is $1.3 billion short after energy crisis

Bloomberg
PUBLISHED ON FEB 27, 2021 02:31 PM IST
On Friday, the grid operator announced it would cover part of the shortfall with $800 million in congestion revenues, money generated from trading bottlenecks on the grid that is supposed to be returned to consumers.
Close
Following the acquisition of Dynamic Yield, McDonald’s executives called it a central part of the company’s evolving digital strategy.(Reuters)
Following the acquisition of Dynamic Yield, McDonald’s executives called it a central part of the company’s evolving digital strategy.(Reuters)

McDonald's to sell part of its artificial intelligence start-up

Bloomberg
PUBLISHED ON FEB 27, 2021 12:06 PM IST
The company works with other clients besides McDonald’s, and that business has grown since the acquisition and now works with 300 other brands globally.
Close
Mukesh Ambani, chairman and managing director of Reliance Industries. (Reuters File Photo)
Mukesh Ambani, chairman and managing director of Reliance Industries. (Reuters File Photo)

Mukesh Ambani is again richest Asian as China’s Zhong loses $22 billion

Bloomberg
PUBLISHED ON FEB 27, 2021 09:45 AM IST
Ambani spent most of the past two years leading the ranking of Asia’s richest people, taking over from Alibaba Group Holding Ltd.’s Jack Ma.
Close
The fall in gold prices led to buying and a surge of demand across the country.(Reuters)
The fall in gold prices led to buying and a surge of demand across the country.(Reuters)

Weekly wrap: After early surge, gold prices fall for last 3 days

By hindustantimes.com, Hindustan Times, New Delhi
UPDATED ON FEB 27, 2021 09:33 AM IST
  • Gold set off to a brighter start at the beginning of the week as the price of the precious metal went up by 278 to 46,013 per 10 grams on Monday.
Close
The RBI report also suggested changes in the inflation targeting framework for better transparency, accountability and operational efficiency.(REUTERS)
The RBI report also suggested changes in the inflation targeting framework for better transparency, accountability and operational efficiency.(REUTERS)

RBI in favour of retaining inflation target for 5 years

By Gopika Gopakumar, Livemint, Mumbai
PUBLISHED ON FEB 27, 2021 04:47 AM IST
Under India’s flexible inflation targeting (FIT) approach, the central bank is expected to work to maintain retail inflation at 4%, with an upper tolerance limit of 6% and a lower limit of 2%.
Close
The agencies also made the recommendation based on “the nature of China Telecom’s US operations,” which they said allow Chinese government actors “to engage in malicious cyber activity.(Mint)
The agencies also made the recommendation based on “the nature of China Telecom’s US operations,” which they said allow Chinese government actors “to engage in malicious cyber activity.(Mint)

Telecom sector revenues back at pre-Jio levels

By Ishita Guha, Livemint, New Delhi
PUBLISHED ON FEB 27, 2021 04:43 AM IST
According to data released by the Telecom Regulatory Authority of India (Trai), net mobile revenues rose 4.5% sequentially to $25 billion in the December quarter. The last time the sector had earned $25 billion was in April-June of calendar year 2016.
Close
Indian shares fell in line with Thursday’s rout in the US after Treasury yields rose to their highest level in a year.(REUTERS)
Indian shares fell in line with Thursday’s rout in the US after Treasury yields rose to their highest level in a year.(REUTERS)

Indian shares crash as panic grips bond, global markets

By Nasrin Sultana, Livemint, Mumbai
PUBLISHED ON FEB 27, 2021 04:36 AM IST
On Friday, the benchmark Sensex fell 1,939 points, or 3.78%, to 49,099.99, the biggest daily drop since 4 May 2020. The 50-share Nifty index declined 3.78% to 14,529, led by banks and financial services stocks.
Close
To be sure, the Indian economy will still face its largest ever contraction in the current fiscal year.(AP file photo. Representative image)
To be sure, the Indian economy will still face its largest ever contraction in the current fiscal year.(AP file photo. Representative image)

India out of recession as GDP expands 0.4% in Q3

By Roshan Kishore, New Delhi
PUBLISHED ON FEB 27, 2021 02:43 AM IST
India’s gross domestic product (GDP) grew at 0.4% on a year-on-year basis in the quarter ending December 2020, according to data released by the National Statistical Office (NSO) on February 26.
Close
Congress chief spokesperson Randeep Singh Surjewala(PTI)
Congress chief spokesperson Randeep Singh Surjewala(PTI)

'Hit by double whammy of low growth, high inflation': Cong on economy's state 

Edited by Prashasti Singh, Hindustan Times, New Delhi
PUBLISHED ON FEB 26, 2021 10:21 PM IST
The Congress responded to the data and said the government spent a lot less than what was needed to revive the Indian economy.
Close
India's largest stock exchange, NSE announced on Wednesday it shut at 11:40am local time because of a telecoms problem.(MINT_PRINT)
India's largest stock exchange, NSE announced on Wednesday it shut at 11:40am local time because of a telecoms problem.(MINT_PRINT)

India's NSE defends reopening market after exchange's shutdown

Posted by Kunal Gaurav | Reuters, Mumbai
PUBLISHED ON FEB 26, 2021 09:08 PM IST
Brokers had criticised the NSE over the lack of information after the four-hour shutdown on Wednesday.
Close
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(REUTERS)
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(REUTERS)

Oil slumps with wider markets, denting record start to 2021

Bloomberg
UPDATED ON FEB 26, 2021 06:52 PM IST
The demand outlook has improved, with traders and investment banks this week making a series of bullish calls and upward price revisions.
Close
There is also another plan at <span class='webrupee'>₹</span>1,499 that offers a JioPhone device, unlimited voice calls and data (2GB high-speed data every month) for one year(Reuters File Photo)
There is also another plan at 1,499 that offers a JioPhone device, unlimited voice calls and data (2GB high-speed data every month) for one year(Reuters File Photo)

Reliance Jio launches new unlimited plans to usher in '2G-mukt Bharat'

ANI, Mumbai
PUBLISHED ON FEB 26, 2021 06:47 PM IST
  • According to the plan, new users will get a JioPhone device, unlimited voice calls and data (2GB high-speed data every month) for two years at 1,999.
Close
The lockdown imposed to curb spreading of coronavirus infections had significantly impacted business activities and in turn contributed to sluggish revenue realisation. (Representative Image)(BLOOMBERG NEWS)
The lockdown imposed to curb spreading of coronavirus infections had significantly impacted business activities and in turn contributed to sluggish revenue realisation. (Representative Image)(BLOOMBERG NEWS)

Fiscal deficit rises to 12.34 lakh crore at end of January

PTI
PUBLISHED ON FEB 26, 2021 06:41 PM IST
The fiscal deficit at the end of January in the previous financial year was 128.5% of the Revised Estimates (RE).
Close
Trading in EU shares and derivatives, for example, has already left Britain for continental Europe. REUTERS/Simon Dawson/File Photo(REUTERS)
Trading in EU shares and derivatives, for example, has already left Britain for continental Europe. REUTERS/Simon Dawson/File Photo(REUTERS)

London could lose out to New York under draft EU finance deal

Reuters, London
PUBLISHED ON FEB 26, 2021 06:12 PM IST
  • Britain's financial services industry has been largely cut off from the EU, its biggest customer, since a Brexit transition period ended on Dec. 31 as the sector is not covered by the UK-EU trade deal.
Close
Union finance minister Nirmala Sitharaman. (File photo)
Union finance minister Nirmala Sitharaman. (File photo)

Support both public, private projects: FM to infra ministries

By Rajeev Jayaswal
PUBLISHED ON FEB 26, 2021 06:00 PM IST
The National Infrastructure Pipeline (NIP) will play a critical role in revitalising the economy that is recovering from the devastating impact of Covid-19 pandemic, said finance minister on Friday
Close
SHARE
Story Saved
OPEN APP