Oil prices have been supported this week by a pledge by Saudi Arabia, the world’s biggest oil exporter, to cut output by an additional 1 million barrels per day (bpd) in February and March.(Reuters/ File photo)
Oil prices have been supported this week by a pledge by Saudi Arabia, the world’s biggest oil exporter, to cut output by an additional 1 million barrels per day (bpd) in February and March.(Reuters/ File photo)

Oil prices rise as investors look to higher demand seen in second half

Brent crude futures for March rose 72 cents to $55.47 a barrel by 1152 GMT after slipping 35 cents in the previous session.
Reuters
PUBLISHED ON JAN 19, 2021 05:53 PM IST

Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption.

Brent crude futures for March rose 72 cents to $55.47 a barrel by 1152 GMT after slipping 35 cents in the previous session.

"The perception that any retracement will be quick as confidence in economic and oil demand recovery is unlikely to fade away," said PVM analysts in a note.

US West Texas Intermediate crude was at $52.65 a barrel, up 29 cents. There was no settlement on Monday as US markets were closed for a public holiday. Front-month February WTI futures expire on Wednesday.

Investors are upbeat about demand in China, the world's top crude oil importer, after data released on Monday showed its refinery output rose 3% to a new record in 2020.

China also avoided an economic contraction last year.

Investors are watching out for US oil inventory data from the industry association API, due on Wednesday, the same day US President-elect Biden's inauguration speech will likely give details on the country's $1.9 trillion aid package.

The International Energy Agency cut its outlook for oil demand in 2021, but pointed to a recovery in demand in the second half of the year to an annual average of 96.6 million barrels per day.

"Border closures, social distancing measures and shutdowns...will continue to constrain fuel demand until vaccines are more widely distributed, most likely only by the second half of the year," it said in its monthly report.

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Customers are paying more in taxes than the base price for petrol and diesel according to the latest price data for petrol and diesel.(Amal KS/ Hindustan Times)
Customers are paying more in taxes than the base price for petrol and diesel according to the latest price data for petrol and diesel.(Amal KS/ Hindustan Times)

Case to get petrol, diesel under the ambit of GST

By Roshan Kishore, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 07:35 AM IST
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To be sure, Sapre is also a member of the Mutual Funds Advisory Committee (MFAC) of Sebi.(Bloomberg News)

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Representational image of wearable technology.(Unsplash)

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UPDATED ON MAR 05, 2021 06:42 AM IST
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In February, Reliance Retail said it is building its own supply chain by converting its Reliance Market stores into fulfilment centres, to further the reach of its new commerce venture, JioMart, and expedite deliveries..(Bloomberg)
In February, Reliance Retail said it is building its own supply chain by converting its Reliance Market stores into fulfilment centres, to further the reach of its new commerce venture, JioMart, and expedite deliveries..(Bloomberg)

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Capco’s clients include top companies in the financial services and energy and commodities trading sectors.
Capco’s clients include top companies in the financial services and energy and commodities trading sectors.

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Deliberations are at an early stage and Flipkart could still explore other options, the people said.(REUTERS)
Deliberations are at an early stage and Flipkart could still explore other options, the people said.(REUTERS)

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PUBLISHED ON MAR 05, 2021 12:02 AM IST
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Two of the people said OMCs have already built a cushion of <span class='webrupee'>₹</span>2-3 per litre even as international oil prices have fallen after reaching a 13-month peak on February 24.
Two of the people said OMCs have already built a cushion of 2-3 per litre even as international oil prices have fallen after reaching a 13-month peak on February 24.

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People stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna. (AP File Photo )
People stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna. (AP File Photo )

OPEC+ to extend most oil cuts into April, Saudi to keep voluntary cut

Reuters, Dubai, Moscow
PUBLISHED ON MAR 04, 2021 11:27 PM IST
The news pushed oil prices back towards their highest levels in more than a year with Brent trading up 5% above $67 a barrel as the market had expected OPEC+ to release more barrels.
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OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.(AP)
OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.(AP)

OPEC+ meet on oil output with Saudi, Russia seeing fragile recovery

Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 04, 2021 10:12 PM IST
Saudi Energy Minister Prince Abdulaziz bin Salman and Deputy Prime Minister Alexander Novak, lynchpins in the OPEC+ group, have to decide with their allies whether a rally in oil prices is enough to warrant more supply or if uncertainty about the coronavirus crisis should encourage more caution.
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UK investigates Apple's App Store for 'stifling competition' and 'hurting consumers' (Reuters File Photo)

UK probes Apple's App Store for 'stifling competition' and 'hurting consumers'

PTI
PUBLISHED ON MAR 04, 2021 08:57 PM IST
UK's competition watchdog, the Competition and Markets Authority, said Thursday it was looking into “suspected breaches of competition law" by Apple. The App Store, Apple responded, is “a safe and trusted place for customers.”
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A branch of State Bank of India (SBI) is seen.(Mint)
A branch of State Bank of India (SBI) is seen.(Mint)

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The EPFO has decided it will pay an 8.5% interest on deposits based on the current position of earnings and deposits of the organisation.(File photo)
The EPFO has decided it will pay an 8.5% interest on deposits based on the current position of earnings and deposits of the organisation.(File photo)

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Square, Inc. says it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.(Greg Allen/Invision/AP)
Square, Inc. says it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.(Greg Allen/Invision/AP)

Square to pay $297 mn for majority stake in Jay-Z's Tidal, appoint him to board

Posted by Kunal Gaurav | Bloomberg
PUBLISHED ON MAR 04, 2021 07:09 PM IST
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FILE PHOTO: A logo of WhatsApp is pictured on a T-shirt worn by a WhatsApp-Reliance Jio representative during a drive by the two companies to educate users, on the outskirts of Kolkata, India, October 9, 2018. Picture taken October 9, 2018. REUTERS/Rupak De Chowdhuri/File Photo(REUTERS)
FILE PHOTO: A logo of WhatsApp is pictured on a T-shirt worn by a WhatsApp-Reliance Jio representative during a drive by the two companies to educate users, on the outskirts of Kolkata, India, October 9, 2018. Picture taken October 9, 2018. REUTERS/Rupak De Chowdhuri/File Photo(REUTERS)

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Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 04, 2021 06:12 PM IST
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Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)
Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)

OPEC+ debates whether to raise or freeze oil output as price recovers

Reuters, Dubai/moscow
PUBLISHED ON MAR 04, 2021 05:54 PM IST
OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.
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