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.
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.
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.
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.
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.
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.
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.
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.
PUBLISHED ON FEB 09, 2021 10:35 AM IST
Investors are also pinning hopes on oil demand recovery when Covid-19 vaccines take effect.
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.
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.
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.
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.
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.
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."
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.
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.
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.
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.
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
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
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.
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
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.
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.
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
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.
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.
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.
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.