Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data
1 year, 10 months ago

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data

Live Mint  

Oil prices edged lower on May 9, relinquishing some of the strong gains of the previous two sessions amid cautious trading ahead of US inflation data for April, which will be key to the Federal Reserve's next interest rate decision. The oil cartel last cut crude output in April with an aim to provide market stability, as per Saudi Arabia, OPEC's dominant member. While oil markets fell sharply last week with benchmark contracts falling 7 per cent 9 per cent on market selloff, prices rose on Friday and Monday as fears of recession eased in the US- the world's biggest oil consumer. As per the April OPEC+ report, the world oil demand growth estimate for 2022 remains at 2.5 million barrels per day, broadly unchanged from the assessment in March.

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History of this topic

Oil prices decline as investors continue to fret over tariff impact
Trending News
6 days, 21 hours ago

Oil prices decline as investors continue to fret over tariff impact

Live Mint  

By Florence Tan SINGAPORE, March 10 - Oil prices fell on Monday as concern about the impact of U.S. import tariffs on global economic growth and fuel demand, as well as rising output from OPEC producers, cooled investor appetite for riskier assets. WTI declined for a seventh successive week, the longest losing streak since November 2023, while Brent was down …

Top oil executives reckon with downturn even as Trump cheers them on
1 week, 1 day ago

Top oil executives reckon with downturn even as Trump cheers them on

Live Mint  

* Trump's policies have upended trade flows * Industry grapples with mass layoffs, activist investor push * Oil investment, output growth unlikely despite govt push * Oil prices hover around $70 a barrel By Arathy Somasekhar HOUSTON, March 7 - The world's energy industry leaders meet in Houston next week as plummeting oil prices push Big Oil to slash thousands …

Oil Falls to Lowest in Six Months as Trade Wars Cloud Outlook
Trending News
1 week, 4 days ago

Oil Falls to Lowest in Six Months as Trade Wars Cloud Outlook

Live Mint  

-- Oil plunged to the lowest in about six months as US President Donald Trump’s trade wars hammer the outlook for demand just as OPEC signals it’s ready to start opening the taps on supply. Trump’s trade measures are threatening to reduce global energy demand and redraw oil flows, though just how they will play out depends on their final …

Oil prices give up early gains as uncertainty reigns over supply
3 weeks, 5 days ago

Oil prices give up early gains as uncertainty reigns over supply

Live Mint  

By Paul Carsten LONDON - Oil lost early gains on Tuesday and prices were back near their previous close in the face of uncertainty over how supply will be affected by Ukraine-Russia peace talks, international trade tariffs and OPEC crude output. "Each rally seems to find willing sellers, whether or not it is because of neighbouring technical numbers that keep …

Oil to snap three-week losing streak as trade war fears ease
1 month ago

Oil to snap three-week losing streak as trade war fears ease

Live Mint  

By Paul Carsten LONDON - Oil prices rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs would not come into effect before April, providing more time to avoid a trade war. "Positive development on the trade front in light of U.S. tariff delays …

IEA slightly lifts oil demand outlook, says supply surplus narrowing
1 month ago

IEA slightly lifts oil demand outlook, says supply surplus narrowing

Live Mint  

The International Energy Agency modestly raised its forecast for global oil-demand growth and said improved compliance with output quotas among members of the OPEC+ alliance is reducing a projected supply surplus in the market. The Paris-based organization now estimates global demand to grow by 1.1 million barrels a day this year from 1.05 million barrels a day previously, reaching a …

OPEC sticks to oil-demand view, flags US trade policy risks
1 month ago

OPEC sticks to oil-demand view, flags US trade policy risks

Live Mint  

The Organization of the Petroleum Exporting Countries stuck to its oil-demand forecast after reaffirming plans to gradually hike output from April, but said U.S. President Trump’s trade policy is injecting a dose of uncertainty into markets. OPEC still expects demand to grow by 1.45 million barrels a day this year and 1.43 million barrels a day the next, with strong …

Iran calls for OPEC to unite against potential US oil sanctions
Trending News
1 month, 1 week ago

Iran calls for OPEC to unite against potential US oil sanctions

Al Jazeera  

Iran’s President Masoud Pezeshkian urged OPEC members to unite against possible US sanctions on the major oil producer after US President Donald Trump said he would seek to drive Tehran’s oil exports to zero. ‘Destabilise oil and energy markets’ Trump first imposed the “maximum pressure” campaign on Iran during his first term after withdrawing from the Joint Comprehensive Plan of …

OPEC+ sticks to output policy, Goldman Sachs eyes limited impact of Trump’s tariffs on crude oil; Brent, WTI gain 3%
1 month, 1 week ago

OPEC+ sticks to output policy, Goldman Sachs eyes limited impact of Trump’s tariffs on crude oil; Brent, WTI gain 3%

Live Mint  

Global crude prices edged lower on Monday, February 3, after rising more than $1 earlier in the session after the US and Mexico announced a month-long pause on tariffs the US had slapped on its southern neighbour. US President Donald Trump had imposed tariffs on Canada, Mexico and China to take effect from Tuesday, raising fears of a crude oil …

Oil snaps 4-week winning streak after Donald Trump plans to boost US crude output; Brent at $78, WTI sheds 4% in 5 days
1 month, 2 weeks ago

Oil snaps 4-week winning streak after Donald Trump plans to boost US crude output; Brent at $78, WTI sheds 4% in 5 days

Live Mint  

Global crude oil prices settled slightly higher in the previous session but logged a weekly decline, snapping a four-week winning streak, after US President Donald Trump announced sweeping plans to boost domestic crude oil production in the US while demanding that the Organisation of Petroleum Exporting Countries move to lower crude oil prices. -US President Trump on Friday reiterated his …

OPEC sticks to oil-demand view
2 months ago

OPEC sticks to oil-demand view

Live Mint  

OPEC’s overall forecast remains significantly more optimistic than others in the industry. The Vienna-based cartel still expects demand to grow by 1.45 million barrels a day this year and forecast growth of 1.43 million barrels a day the next, driven by transportation fuels. The group’s overall forecast remains significantly more optimistic than others in the industry, with the International Energy …

Oil prices down on US fuel stocks build, dollar strength
2 months, 1 week ago

Oil prices down on US fuel stocks build, dollar strength

Live Mint  

By Nicole Jao NEW YORK -Oil prices fell more than 1% on Wednesday as a stronger dollar and large builds in U.S. fuel inventories last week pressured prices, reversing earlier gains driven by tightening supplies from Russia and other OPEC members. Gasoline stocks rose by 6.3 million barrels last week to 237.7 million barrels, compared with analysts' expectations in a …

Oil prices drop amid supply concerns and weak economic data
2 months, 1 week ago

Oil prices drop amid supply concerns and weak economic data

Hindustan Times  

Oil prices eased on Tuesday, extending losses into a second consecutive session after last week's rally, although concerns about tighter Russian and Iranian supply amid widening Western sanctions checked losses. Despite worries about tighter Russian and Iranian supplies amid growing Western sanctions, oil prices dropped on Tuesday, extending losses into a second straight session following last week's gain. "This week's …

Oil prices extend losses, firmer dollar and supply outlook weigh
2 months, 1 week ago

Oil prices extend losses, firmer dollar and supply outlook weigh

Live Mint  

By Colleen Howe BEIJING, Jan 7 - Oil prices extended losses into a second straight session on Tuesday on technical correction after last week's rally, while forecasts for ample supply and a firm dollar also weighed. Both benchmarks rose for five days in a row last week and settled at their highest levels since October on Friday, partly due to …

Oil rises from two-month highs on optimism ove
2 months, 1 week ago

Oil rises from two-month highs on optimism ove

Live Mint  

By Florence Tan SINGAPORE - Oil prices extended their gains on Friday after closing at their highest in more than two months in the previous session on hopes governments across the world may increase policy support to revive economic growth that would lift fuel demand. Factory activity in Asia, Europe and the U.S. ended 2024 on a soft note as …

Oil rises as investors return from holidays, eye China recovery
2 months, 2 weeks ago

Oil rises as investors return from holidays, eye China recovery

The Hindu  

Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Investors are also awaiting weekly U.S. oil stocks data from the Energy Information Administration that has been delayed until Thursday due to the New Year …

Oil rises as investors return from holidays, eye China recovery
Trending News
2 months, 2 weeks ago

Oil rises as investors return from holidays, eye China recovery

Live Mint  

By Florence Tan SINGORE, - Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Traders are returning to their desks and probably weighing higher geopolitical risks and also the impact of …

Oil spikes 1% in holiday-thinned session over China stimulus outlook; Brent hits $74 in rangebound trade
2 months, 2 weeks ago

Oil spikes 1% in holiday-thinned session over China stimulus outlook; Brent hits $74 in rangebound trade

Live Mint  

International crude oil prices rose almost one per cent on Thursday, December 26, in a holiday-thinned trading session driven by hopes for additional fiscal policy stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in US crude inventories. Crude oil trades higher in holiday-thinned session -According to news agency Reuters, Chinese authorities …

Oil prices up in thin pre-Christmas trade
Trending News
2 months, 2 weeks ago

Oil prices up in thin pre-Christmas trade

Live Mint  

By Katya Golubkova TOKYO, Dec 24 - Oil prices were up on Tuesday in thin trade ahead of the Christmas Day holiday, with prices supported by U.S. economic data and rising oil demand in India, the world's third-largest oil importer. In the shorter term, traders are looking for indications of U.S. demand from the crude oil and fuel stockpiles data …

Oil prices ease on surplus concerns, dollar strength
2 months, 3 weeks ago

Oil prices ease on surplus concerns, dollar strength

Live Mint  

By Nicole Jao NEW YORK -Oil prices edged lower on Monday in thin trade ahead of the Christmas holiday on concerns about a supply surplus next year and a strengthened dollar. Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, …

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl
2 months, 3 weeks ago

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl

Live Mint  

International crude oil prices settled little changed in the previous session after markets weighed weak Chinese demand and fewer interest rate-cut expectations by the US Federal Reserve after recent prints of US inflation. -The US dollar retreated from a two-year high but was heading for a third consecutive week of gains after data showed cooling US inflation two days after …

IEA lifts 2025 oil-demand forecast but expects growth to remain subdued
3 months ago

IEA lifts 2025 oil-demand forecast but expects growth to remain subdued

Live Mint  

aThe International Energy Agency lifted next year’s oil-demand estimates citing the impact of China’s stimulus measures, but said the pace of growth is expected to remain subdued. Both forecasts are considerably lower than last year’s growth of more than 2 million barrels a day, reflecting a weaker macroeconomic environment and shifts in oil consumption. The agency’s projections also remain substantially …

Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days
3 months, 1 week ago

Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days

Live Mint  

International crude oil prices fell by more than one per cent in the previous session to report a weekly loss after analysts projected a supply surplus next year on weak demand despite the Organisation of Petroleum Exporting Countries and its allies 's recent decision to delay the oil output hikes till April 2025 and extend the deep production cuts to …

Morgan Stanley, HSBC slash crude oil supply forecast; Brent average pegged near $70 for 2025 after OPEC+ verdict
3 months, 1 week ago

Morgan Stanley, HSBC slash crude oil supply forecast; Brent average pegged near $70 for 2025 after OPEC+ verdict

Live Mint  

OPEC+ verdict: Leading global investment bankers Morgan Stanley and HSBC revised down their expectations for an oil market surplus next year and forecast a Brent crude price of $70 per barrel, following a decision by the Organisation of Petroleum Exporting Countries to delay and slow plans for a higher crude output. Brent crude average, oil supply forecasts for 2025 According …

Oil Steady After OPEC Once Again Delays Plan to Restore Output
3 months, 1 week ago

Oil Steady After OPEC Once Again Delays Plan to Restore Output

Live Mint  

-- Oil was steady after OPEC ’s decision to push back the revival of shuttered production by another three months failed to lift sentiment in a market that’s expected to suffer from a glut next year. “OPEC has given a robust indication that it continues to be willing to balance the oil market,” Morgan Stanley analysts including Martijn Rats said …

Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026
3 months, 1 week ago

Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026

Live Mint  

International crude oil prices traded higher on Thursday, December 5, after the Organisation of Petroleum Exporting Countries and its allies, in its virtual meeting, decided to delay its planned output increase by three months to April 2025 and extend the full unwind of production cuts by a year until the end of 2026. -According to Reuters calculations, the gradual unwinding …

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
3 months, 1 week ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
3 months, 1 week ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
3 months, 1 week ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl
3 months, 1 week ago

Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl

Live Mint  

International crude oil prices rose more than 1.5 per cent on Tuesday, December 3, ahead of the output policy decision by the Organisation of Petroleum Exporting Countries and its allies meeting. Global benchmark Brent crude futures last rose $1.16, or 1.6 per cent, to $72.99 per barrel, while the US West Texas Intermediate crude was last up $1.16, or 1.7 …

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops
Trending News
3 months, 1 week ago

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops

Live Mint  

-- Oil was little changed as traders watched for clues on OPEC ’s supply plans ahead of a key meeting this Thursday. “Despite the ongoing cross-currents we’ve hit a fair value that looks sticky for the short-term” with Brent at current levels, said Chris Weston, head of research for Pepperstone Group. “For now, the oil market is happy to massage …

The Wrong Oil Price Is Truthfully a Problem for OPEC
3 months, 2 weeks ago

The Wrong Oil Price Is Truthfully a Problem for OPEC

Live Mint  

-- The best scandals are those that start when someone, somewhere, decides to say something utterly shocking: the truth! A senior official of the OPEC oil cartel has said publicly what many thought privately — the group has been keeping oil prices too high, effectively subsidizing its rivals. But weak oil prices had forced OPEC to delay the increases already …

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
3 months, 2 weeks ago

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts

Live Mint  

International crude oil prices edged lower in the previous session to log a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as the Organisation of Petroleum Exporting Countries and its allies is expected to extend output cuts. According to news …

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell
3 months, 2 weeks ago

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Nov 28 - Asia's imports of crude oil ticked up slightly in November, led by a recovery by top importer China, but arrivals are still on track to be weaker this year than in 2023. For the first 11 months of the year, Asia's crude imports were 26.52 million bpd, down 370,000 bpd from the …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
3 months, 2 weeks ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil
3 months, 3 weeks ago

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil

CNN  

CNN — President-elect Donald Trump may find the road to cheaper gas prices is a little rocky. Andy Cross/The Denver Post/Getty Images The United States produces more than 13.4 million barrels of oil each day and oil production is projected to increase to an estimated 13.6 million by the end of 2025 — the most oil produced by any country …

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
4 months ago

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71

Live Mint  

International crude oil prices settled down more than two per cent in the previous session as investors fretted about weaker Chinese oil demand and a potential slowing in the pace of US Federal Reserve interest rate cuts after the latest macroeconomic data. Back home, crude oil futures settled 1.86 per cent lower at ₹5,660 per barrel on the multi commodity …

Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
4 months ago

Oil heads for weekly loss as Chinese demand continues to underperform

Live Mint  

By Nicole Jao and Gabrielle Ng SINGAPORE -Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery. The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending …

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?
4 months ago

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?

Firstpost  

The surplus could provide a buffer for prices against potential supply-side price shocks from conflicts in West Asia and other regions Low oil demand from China, supply-side shocks due to the conflict in West Asia, and increase in oil production by countries like US and Brazil are all important factors in determining crude oil price. The IEA forecasts that global …

IEA lifts 2024 oil demand forecast but trims 2025 projections
4 months ago

IEA lifts 2024 oil demand forecast but trims 2025 projections

Live Mint  

The International Energy Agency lifted its forecast for this year’s oil-demand growth but slightly trimmed next year’s estimates, citing the impact of China’s economic slowdown on consumption. “China’s marked slowdown has been the main drag on demand, with its growth this year expected to average just a tenth of the 1.4 million barrels a day increase in 2023," the IEA …

Oil Holds Near November Lows as Traders Brace for Crude Glut
4 months ago

Oil Holds Near November Lows as Traders Brace for Crude Glut

Live Mint  

-- Oil held near November lows, settling near $68 a barrel, as increasingly bearish fundamentals capped the session’s gain. In the physical market, a key supply gauge suggests a glut is coming sooner than expected, while timespreads in the futures market are flashing signs of oversupply. Also weighing on oil: OPEC cut its demand growth forecasts for a fourth consecutive …

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
4 months, 2 weeks ago

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again

Associated Press  

Oil prices are falling as the reality of weak global demand takes center stage again. The price of benchmark U.S. crude tumbled 6% Monday after a weekend retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world's seventh largest producer of crude. This puts the price of a barrel of U.S. crude well under …

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
4 months, 2 weeks ago

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Global oil prices are falling …

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor
4 months, 3 weeks ago

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor

Live Mint  

Oil prices remain volatile as the Middle East war rages on, with Brent crude futures settling higher for the second consecutive session. China's recent efforts to stimulate its economy are expected to have a positive impact on oil demand, but it may take some time for the stimulus efforts to filter through to oil demand. Global oil inventories point to …

Oil Prices Soar as Middle East Tensions Escalate
5 months, 1 week ago

Oil Prices Soar as Middle East Tensions Escalate

The Hindu  

Oil prices extend upward march on Mideast tensions, with Brent North Sea crude reaching close to $80 per barrel on Monday. The rise is partly attributed to concerns about geopolitical unrest in the Middle East, but also to hopes of stronger Chinese demand after Beijing recently announced major stimulus measures to boost its flagging economy.

Saudi minister warns of $50 oil as OPEC+ members flout production curbs
5 months, 2 weeks ago

Saudi minister warns of $50 oil as OPEC+ members flout production curbs

Live Mint  

The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel. But geopolitical tensions have persisted for months without meaningful effect on oil prices, and the declines have been frustrating for Saudi officials in part because other …

Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary
6 months ago

Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary

Live Mint  

Secretary at the Ministry of Petroleum and Natural Gas, Pankaj Jain, said on Thursday that oil companies will consider cutting fuel prices if crude oil remains low for an extended period. With the rise in fuel demand, India wants increased output from the Organisation of Petroleum Exporting Countries, its allies, and Russia, the Oil Secretary added. Global crude oil prices …

Oil Rebounds After Brutal Week as Traders Take Stock of Outlook
6 months, 1 week ago

Oil Rebounds After Brutal Week as Traders Take Stock of Outlook

Live Mint  

Oil rose from its lowest close since 2021 after a deep weekly loss pushed futures close to levels regarded as oversold, with the focus this week on three reports that may clarify the demand outlook. Traders are in line for bumper crop of market insights this week as the three most prominent forecasters — OPEC, the Energy Information Administration and …

Oil sheds China demand worries, gains 1% on weaker US dollar & drop in stockpiles; Brent nears $85/bbl
7 months, 3 weeks ago

Oil sheds China demand worries, gains 1% on weaker US dollar & drop in stockpiles; Brent nears $85/bbl

Live Mint  

Crude oil prices climbed about one per cent on Wednesday, July 17, on a bigger-than-expected weekly drop in US crude stockpiles. Brent futures rose 96 cents, or 1.2 per cent, to $84.69 per barrel, while US West Texas Intermediate crude rose $1.36, or 1.7 per cent, to $82.12. Coming to domestic prices, crude oil futures last traded 1.95 per cent …

Russian deputy PM says global oil market will be balanced from second half of 2024
8 months ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

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