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FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, USA. Members of oil producer cartel OPEC and allied countries are meeting online Thursday March 4, 2021, considering a possible increase in production now that prices have recovered to near their pre-pandemic levels. (AP Photo/Eric Gay, File)(AP)

OPEC ignores India's call; Saudi asks New Delhi to use cheap oil bought last yr

PTI, New Delhi
PUBLISHED ON MAR 05, 2021 05:51 PM IST
India had purchased 16.71 million barrels of crude in April-May, 2020 and filled all the three Strategic Petroleum Reserves created at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka.
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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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A crude oil pump jack in the Permian Basin in Loving County, Texas, US. (Reuters File Photo )
A crude oil pump jack in the Permian Basin in Loving County, Texas, US. (Reuters File Photo )

Oil prices climb after progress on huge US stimulus bill

Reuters, Singapore
PUBLISHED ON MAR 01, 2021 07:01 AM IST
More positive news on the coronavirus vaccination front and signs of an improving Asian economy also boosted prices.
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Global inventories are plunging at the steepest rate in two decades, according to Morgan Stanley.(REUTERS)
Global inventories are plunging at the steepest rate in two decades, according to Morgan Stanley.(REUTERS)

OPEC+ faces calls to cool oil market frenzy with extra barrels

Bloomberg
PUBLISHED ON FEB 28, 2021 12:09 PM IST
Prices have rallied to pre-virus levels, while US production has taken a hit from freezing storms.
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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.
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Brent futures for April delivery fell 16 cents, or 0.2%, to settle at $66.88 a barrel. The April Brent contract expires on Friday.(REUTERS)
Brent futures for April delivery fell 16 cents, or 0.2%, to settle at $66.88 a barrel. The April Brent contract expires on Friday.(REUTERS)

Oil mixed, US crude hits highest since 2019 as refineries restart

Reuters, New York
PUBLISHED ON FEB 26, 2021 06:30 AM IST
Earlier in the day, an assurance that US interest rates will stay low and a sharp drop in US crude output last week due to the winter storm in Texas, helped boost both US crude and Brent to their highest intraday prices since January 2020.
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FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo(REUTERS)
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo(REUTERS)

Oil set for monthly surge with market watching next OPEC+ move

Bloomberg
PUBLISHED ON FEB 26, 2021 06:13 AM IST
The recovery from the Covid-19 pandemic accelerated this year after Saudi Arabia pledged deeper output cuts, helping to drain bloated stockpiles.
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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 markets are now balanced, says Russian deputy premier Novak

Bloomberg
PUBLISHED ON FEB 15, 2021 11:51 AM IST
Brent crude has surged 21% this year to $62.43 a barrel as energy use recovers in the US and China and nations roll out vaccines.
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A weak dollar has also helped shored up prices of commodities.(Reuters file photo)
A weak dollar has also helped shored up prices of commodities.(Reuters file photo)

Oil climbs to 13-month highs on output cuts, demand recovery hopes

Reuters, Singapore
PUBLISHED ON FEB 09, 2021 10:35 AM IST
Investors are also pinning hopes on oil demand recovery when Covid-19 vaccines take effect.
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Despite the downtrend in stockpiles, a recovery in fuel consumption remains shaky as lockdown measures limit mobility and concerns grow over the spread of several Covid-19 mutations. (Representative Image)(Reuters file photo)
Despite the downtrend in stockpiles, a recovery in fuel consumption remains shaky as lockdown measures limit mobility and concerns grow over the spread of several Covid-19 mutations. (Representative Image)(Reuters file photo)

Oil extends rally after OPEC+ pledges to keep clearing surplus

Bloomberg
PUBLISHED ON FEB 04, 2021 11:50 AM IST
Futures in New York traded above $56 a barrel after closing at the highest level in more than a year. OPEC+ ministers led by Saudi Arabia and Russia “stressed the importance of accelerating market re-balancing without delay” amid “uncertain” prospects for oil demand, according to a communique.
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Crude’s futures curve kept strengthening, suggesting the large stockpiles built up last year are shrinking fast and will continue to do so. (Representative Image)(Reuters file photo)
Crude’s futures curve kept strengthening, suggesting the large stockpiles built up last year are shrinking fast and will continue to do so. (Representative Image)(Reuters file photo)

Oil rises past $54 aided by drop in dollar amid demand optimism

Bloomberg
PUBLISHED ON FEB 02, 2021 01:27 PM IST
Oil still faces a challenging short-term demand environment amid concern new virus variants will lead to more lockdowns and as vaccine rollouts don’t go as smoothly as anticipated in some countries.
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The medium-term outlook for oil looks good, but there are near-term risks around the virus and vaccine rollouts, said Stephen Innes, chief global strategist for Axi. (Representative Image)(Reuters file photo)
The medium-term outlook for oil looks good, but there are near-term risks around the virus and vaccine rollouts, said Stephen Innes, chief global strategist for Axi. (Representative Image)(Reuters file photo)

Oil climbs with supply tightness offsetting resurgent virus

Bloomberg
PUBLISHED ON FEB 01, 2021 01:49 PM IST
OPEC and its allies estimated they implemented 99% of their agreed oil-supply curbs in January, according to a delegate who asked not to be named. Chevron Corp. said it will wait until it has a firmer read on the trajectory of the pandemic and OPEC+ before resuming its plan to increase shale output.
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A 9.9 million barrel drawdown in US oil inventories last week and forecasts for a small drop in US oil production in February were also price-supportive. (Representative Image)(Reuters file photo)
A 9.9 million barrel drawdown in US oil inventories last week and forecasts for a small drop in US oil production in February were also price-supportive. (Representative Image)(Reuters file photo)

Oil prices rangebound as supply cuts offset virus worries

Reuters
PUBLISHED ON JAN 29, 2021 04:16 PM IST
Saudi Arabia is set to cut output by 1 million barrels per day (bpd) in February and March. Compliance with output curbs by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, has improved in January.
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Data out later on Thursday is expected to show the economy of the United States, the world's biggest oil user, contracted in 2020 at its sharpest pace since 1946 because of the pandemic. (Representative image)(Reuters File Photo )
Data out later on Thursday is expected to show the economy of the United States, the world's biggest oil user, contracted in 2020 at its sharpest pace since 1946 because of the pandemic. (Representative image)(Reuters File Photo )

Oil steadies as Covid-19 induced demand worries persist

Reuters
PUBLISHED ON JAN 28, 2021 07:27 PM IST
Oil prices were supported by data on Wednesday showing a huge 10 million barrel decline in US crude inventories last week, which analysts said was because of a pick-up in US crude exports and a drop in imports.
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Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US.(Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US.(Reuters)

Oil slips as Covid-19, demand concerns weigh ahead of supply report

Reuters
PUBLISHED ON JAN 27, 2021 10:24 PM IST
"Oil continues consolidating," said Jeffrey Halley of brokerage OANDA. "The Saudi Arabian cuts, OPEC+ compliance above 85% and an insatiable demand from Asia means that oil has seen its cyclical lows for 2021."
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Covid-19 vaccine breakthroughs and a recent pledge by Saudi Arabia to deepen output cuts has driven oil 50% higher since the end of October.(Reuters file photo)
Covid-19 vaccine breakthroughs and a recent pledge by Saudi Arabia to deepen output cuts has driven oil 50% higher since the end of October.(Reuters file photo)

Oil retreats from 10-month high as stronger dollar dents rally

By hindustantimes.com | Bloomberg
PUBLISHED ON JAN 15, 2021 12:07 PM IST
Crude is still set for the 10th weekly increase in eleven weeks, even after prices climbed into overbought territory.
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OPEC and its allies agreed last week to keep production unchanged for most members as their coalition seeks to keep output restrained amid slack demand and coronavirus shutdowns.(REUTERS)
OPEC and its allies agreed last week to keep production unchanged for most members as their coalition seeks to keep output restrained amid slack demand and coronavirus shutdowns.(REUTERS)

Abu Dhabi raises February Murban crude pricing after Saudi boost

Bloomberg
PUBLISHED ON JAN 10, 2021 06:15 PM IST
Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents a barrel to the regional benchmark, according to a notice from the producer. That’s 25 cents more than in January. Abu Dhabi pumps almost all of the oil in OPEC member the United Arab Emirates.
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While the coronavirus pandemic has impacted global energy demand, with the vaccination underway, there has been a bounce in international crude oil prices.(REUTERS)
While the coronavirus pandemic has impacted global energy demand, with the vaccination underway, there has been a bounce in international crude oil prices.(REUTERS)

Petrol prices set to breach all-time high

By Utpal Bhaskar | Hindustan Times, New Delhi
PUBLISHED ON JAN 07, 2021 01:05 AM IST
After holding steady for 29 days, the petrol price was increased by 26 paise per litre on Wednesday. The price of diesel was also increased by 25 paise per litre to be sold at Rs 74.12 per litre in the national capital.
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he absence of deliveries follows a slump in crude shipments to the US that left the desert kingdom in October.(Reuters file photo)
he absence of deliveries follows a slump in crude shipments to the US that left the desert kingdom in October.(Reuters file photo)

Saudi oil exports to US at zero for first time in 35 years

By Bloomberg | Posted by Deepali Sharma
UPDATED ON JAN 06, 2021 10:18 PM IST
For Saudi Arabia, cutting shipments to the US is the quickest way to telegraph to the wider market that it’s tightening supply.
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There is a warning note also from the Consumer Electronics and Appliances Manufacturers Association (CEAMA) saying that a price hike by the brands may also hamper the overall demand in the next quarter.(Milind Saurkar/HT Photo)
There is a warning note also from the Consumer Electronics and Appliances Manufacturers Association (CEAMA) saying that a price hike by the brands may also hamper the overall demand in the next quarter.(Milind Saurkar/HT Photo)

Prices of TV, other appliances likely to go up by around 10% from January

By Press Trust of India | Posted by Deepali Sharma | New Delhi
UPDATED ON DEC 28, 2020 12:02 PM IST
The Indian appliances and consumer electronics industry is largely dependent on global imports, mainly from China, for the sourcing of components and some of the finished goods
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Rising crude oil prices along with higher tax component of petrol-diesel prices can generate additional tailwinds for inflation going forward
Rising crude oil prices along with higher tax component of petrol-diesel prices can generate additional tailwinds for inflation going forward

Keep a close watch on inflation figures | HT Editorial

By HT Correspondent | Hindustan Times
UPDATED ON DEC 15, 2020 08:30 PM IST
A persistence of high inflation, especially in food items, might put a squeeze on household budgets and therefore mass demand
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In 18 days, the petrol price has gone up by Rs 2.65 per litre and diesel rate has risen by Rs 3.41.(Vipin Kumar/HT file photo)
In 18 days, the petrol price has gone up by Rs 2.65 per litre and diesel rate has risen by Rs 3.41.(Vipin Kumar/HT file photo)

Petrol, diesel prices rise for sixth straight day

By Press Trust of India | Posted by Deepali Sharma | New Delhi
PUBLISHED ON DEC 07, 2020 01:04 PM IST
This is the sixth straight day of price hike and the 15th increase in rates since November 20, when oil companies resumed daily price revision after nearly two-month hiatus.
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Officials said they do not see inflation softening immediately as oil prices have jumped by over $7 a barrel in just one month.(Mint photo)
Officials said they do not see inflation softening immediately as oil prices have jumped by over $7 a barrel in just one month.(Mint photo)

MPC likely to hold policy rates as oil prices may spike inflation

By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 04, 2020 09:55 AM IST
It appears that the immediate priority of the RBI is to tame inflation rather than to boost growth
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Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.(Bloomberg file photo)
Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.(Bloomberg file photo)

Oil prices extend gains on Covid-19 vaccine hopes, Mideast tensions

By Reuters | Posted by Niyati Singh | Singapore
UPDATED ON NOV 23, 2020 02:17 PM IST
Oil prices rose 1% on Monday, extending gains as traders eyed a recovery in crude demand due to successful coronavirus vaccine trials, and concerns over tensions in the Middle East.
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A worker passes pipework at the Naftna Industrija Srbija AD (NIS) deep oil processing and refining complex, operated by Gazprom PJSC, in Pancevo, Serbia, on Wednesday.(Bloomberg)
A worker passes pipework at the Naftna Industrija Srbija AD (NIS) deep oil processing and refining complex, operated by Gazprom PJSC, in Pancevo, Serbia, on Wednesday.(Bloomberg)

Oil pares gains as fresh Covid-19 curbs stoke demand concerns

By Bloomberg | Posted by Kanishka Sarkar
PUBLISHED ON NOV 19, 2020 05:59 AM IST
Vaccine-related developments have helped drive oil prices to the upper end of its recent trading range, but further gains have been limited as a resurgent coronavirus in the US and Europe leads to renewed restrictions.
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A file photo of Kolkata Port. The shipping ministry has set up a panel comprising chairmen of the Cochin, Paradip and VO Chidambaranar ports to work out an amicable settlement to the issue.(Indranil Bhoumik/Mint)
A file photo of Kolkata Port. The shipping ministry has set up a panel comprising chairmen of the Cochin, Paradip and VO Chidambaranar ports to work out an amicable settlement to the issue.(Indranil Bhoumik/Mint)

Exports shrink 5.12% in Oct on sharp fall in oil, jewellery shipments

By Gireesh Chandra Prasad | Livemint, New Delhi
UPDATED ON NOV 14, 2020 07:02 AM IST
Crude oil price in world markets had fallen by over a third in October from the year ago period as the global economy grappled with the shock dealt by the pandemic
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A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas US.(Reuters File Photo)
A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas US.(Reuters File Photo)

Oil slips on weaker demand outlook after US gasoline stocks build

By Reuters | Posted by Kanishka Sarkar | Melbourne
PUBLISHED ON OCT 22, 2020 09:11 AM IST
US gasoline stocks rose by 1.9 million barrels in the week to Oct. 16, the Energy Information Administration (EIA) said, compared with expectations for a 1.8 million-barrel drop.
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Oil prices dipped on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand(Reuters)
Oil prices dipped on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand(Reuters)

Oil slips as surge in Covid-19 cases cloud demand recovery

By Reuters | Posted by Prashasti Singh | Singapore
PUBLISHED ON SEP 28, 2020 11:12 AM IST
Brent crude fell 23 cents, or 0.6%, to $41.69 a barrel by 0243 GMT after dropping 2.9% last week. US West Texas Intermediate was at $40.04 a barrel, down 21 cents or 0.5%, following a 2.1% decline last week.
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US West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.9%, to $39.57 a barrel at 0217 GMT, while Brent crude futures fell 28 cents, or 0.7%, to $41.49 a barrel.(Reuters file photo)
US West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.9%, to $39.57 a barrel at 0217 GMT, while Brent crude futures fell 28 cents, or 0.7%, to $41.49 a barrel.(Reuters file photo)

Oil falls on fuel demand growth concerns as Covid-19 lingers

By Reuters| Posted by: Harshit Sabarwal | Melbourne
UPDATED ON SEP 24, 2020 10:04 AM IST
Those fears prompted a rally in the dollar as investors turned to safer assets, adding pressure to oil prices. A stronger dollar makes oil, priced in US dollars, less attractive to global buyers.
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US crude rose $1.29, or 3.5% to settle at $38.05 a barrel, having fallen nearly 8% in the previous session.(Bloomberg)
US crude rose $1.29, or 3.5% to settle at $38.05 a barrel, having fallen nearly 8% in the previous session.(Bloomberg)

Oil prices edge up off three-month lows, but demand concerns persist

By Reuters | Posted by Shivani Kumar | New York, United States
UPDATED ON SEP 10, 2020 07:13 AM IST
Brent crude rose $1.01, or 2.5%, to settle at $40.79 a barrel. The benchmark dropped more than 5% on Tuesday to fall below $40 for the first time since June.
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