LONDON: Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after Opec producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an Opec+ panel on Thursday, pledged to comply better…
Oil prices rose on Friday but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States’ economic rebound. Crude benchmarks followed other assets lower, pulling back from session highs after Boston Federal Reserve President Eric Rosengren said more fiscal and monetary support for the U.S.…
The crude oil market has witnessed some of the highest volatility in living memory in recent months, casting a spotlight on the evolving role of global crude benchmarks. In the Middle East and key consuming regions such as Asia, it follows that the market is keen to understand what the tradable value of Middle Eastern…
SHANGHAI/SINGAPORE: China’s marine fuel futures contract that debuts on Monday on the Shanghai International Energy Exchange (INE) is likely to attract strong interest, despite weakened ship fuel demand amid the coronavirus pandemic, industry participants said. The new low-sulphur fuel oil (LSFO) contract features marine fuel meeting stricter international emissions rules and is the latest commodity…
MOSCOW: The head of Russia’s sovereign wealth fund Kirill Dmitriev sees no point in extending strict global oil output cuts as world economies and oil demand recovers from the depths of the coronavirus crisis, he told the RBC Daily newspaper. The comments from Dmitriev, who is one of Moscow’s top negotiators in oil talks, indicate…
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low even as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell to a record low for a seventh week in a…
GUWAHATI: Lt General Rana Pratap Kalita, General Officer Commanding (GOC) of the 3 Corps with other senior officials from 3 Corps, Indian Army visited the Baghjan Blowout Area on Friday to monitor the progress of work at ground zero. The gas producing oil well blew on May 27 and on June 9 turned into a…
Petrol price on Friday was hiked by 56 paise per litre and diesel by 63 paise a litre, taking the cumulative increase in rates to Rs 7.11 and Rs 7.67 per litre respectively in less than two weeks. Petrol price in Delhi was hiked to Rs 78.37 per litre from Rs 77.81, while diesel rates…
Reliance Industries (RIL) rose 1.15% to Rs 1675.35 after the company announced that it has become net debt free. RIL on Friday (19 June) said has raised over Rs 168,818 crore in just 58 days through investments by global tech investors in Jio Platforms (Rs 115,693.95 crore) and through rights issue of RIL (Rs 53,124.20…
India is expected to resume spot imports of LPG in September after clearing the current inventory backlog, as rising LPG production after state-owned refiners ramp up operating rates, and languishing demand from the commercial sector during the lockdown added on to domestic supply, market sources said in the week of June 15. “The LPG market…
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