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Oil prices resume climb after U.S. stockpiles drop in tight market

While prices dipped on Tuesday as it appeared the European Union was unlikely to agree to a ban on Russian oil, the market remains on edge over the prospect of further sanctions on Russia.
(Representational image) (Reuters)
(Representational image) (Reuters)
Published on Mar 23, 2022 08:20 AM IST
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Reuters |

Oil price hike may be delayed as crude plunges below $100

  • The price of Brent Crude dropped to an almost three-week low of $97.44 per barrel on Tuesday on slower anticipated demand due to surging Covid-19 cases in China, ceasefire talks between Russia and Ukraine, and hope for resumption of the Iran nuclear deal.
The price of petrol and diesel may not rise as much as feared because the price of crude oil has declined by about 30% after hitting an intraday peak of $139 per barrel for Brent Crude on March 7. (REUTERS File Photo)
The price of petrol and diesel may not rise as much as feared because the price of crude oil has declined by about 30% after hitting an intraday peak of $139 per barrel for Brent Crude on March 7. (REUTERS File Photo)
Updated on Mar 16, 2022 04:52 AM IST
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ByRajeev Jayaswal, New Delhi

Oil breaches $100 for first time since 2014 on Ukraine attacks

Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons strikes, Foreign Minister Dmytro Kuleba said in a tweet.
Brent crude hit a high of $101.34 a barrel in early Asia trade, the loftiest since September 2014, and was at $101.20 a barrel at 0423 GMT, up $4.36, or 4.5%.(Reuters)
Brent crude hit a high of $101.34 a barrel in early Asia trade, the loftiest since September 2014, and was at $101.20 a barrel at 0423 GMT, up $4.36, or 4.5%.(Reuters)
Published on Feb 24, 2022 10:14 AM IST
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Oil near 6-week low as China readies crude reserve release

The bid by the US to cool markets, asking China to join a coordinated action for the first time, comes as inflationary pressures - partly driven by surging energy prices - start to produce a political backlash.
Brent crude was down 42 cents, or 0.5%, to $79.86 a barrel by 1217 GMT, after earlier dropping to $79.28, the lowest since Oct. 7.(REUTERS)
Brent crude was down 42 cents, or 0.5%, to $79.86 a barrel by 1217 GMT, after earlier dropping to $79.28, the lowest since Oct. 7.(REUTERS)
Published on Nov 18, 2021 06:10 PM IST
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Oil drops after rallying on signs of rising global fuel demand

The coronavirus is still looming over the market, however, with a resurgence in regions such as India and Brazil clouding the near-term outlook. OPEC+ warned earlier in the week that the flare-up could even derail the recovery.
General view of Neste's oil refinery(Reuters File Photo)
General view of Neste's oil refinery(Reuters File Photo)
Published on Apr 30, 2021 10:38 AM IST
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Monday, May 16, 2022