Oil

Crude oil prices moved lower today after the U.S. Energy Information Administration reported an estimated inventory increase of 2.9 million barrels for the week to December 15. This followed a weekly inventory decline of 4.3 million barrels for the previous week. The estimate also came out a day after the …

Oil prices ticked higher on Wednesday after rising more than 1% in the previous session on jitters over global trade disruption and geopolitical tensions in the Middle East following Houthi attacks on ships in the Red Sea. Brent crude futures edged up 6 cents, or 0.1%, to $79.29 a barrel …

Russia is working on the possibility of increasing exports of oil and petroleum products to Uzbekistan, Deputy Prime Minister Denis Manturov said, Trend reports. The remark was made during the meeting of the intergovernmental commission on economic cooperation between Russia and Uzbekistan. The official noted that, the Russia supports Uzbekistan’s …

Oil prices rose in Asian trade on Monday, rising nearly 1 per cent in early trade, supported by lower exports from Russia and as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruption. Brent crude futures climbed 32 cents, or 0.4 per cent, …

Global oil demand growth is slowing down sharply as economic activity weakens in key countries, the International Energy Agency said as it slashed estimates for this quarter. The IEA sliced nearly 400,000 barrels a day from assessments of consumption growth for the final three months of 2023, and continues to …

Crude oil demand growth in India is projected to slow down next year as the post-pandemic rebound begins to lose momentum both in China and India. This is according to Rystad Energy, whose head of oil trading Mukesh Sahdev predicts India’s oil demand growth will fall to 150,000 bpd in …

The Brent crude oil spot price will average $83 per barrel next year, the Energy Information Administration (EIA) said in its monthly Short Term Energy Outlook (STEO) published on Tuesday. In last month’s STEO, the EIA had forecast 2024 forecast for the Brent crude oil benchmark at $93 per barrel. …

India’s purchases of Russian crude oil averaged $84.20 per barrel in October—the highest price the world’s third-largest crude importer has paid since the $60 price cap came into force at the end of last year, according to preliminary data from the Indian government cited by Reuters. The price India paid …

Oil steadied after a steep drop as rising Russian flows and higher US output added to concerns that supply is running ahead of demand. Global benchmark Brent traded near $73 a barrel after shedding almost 4% on Tuesday, while West Texas Intermediate was above $68. The weekly average of Russia’s …

Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …