Oil slips as traders eye Opec-plus meeting to extend production cuts

Oil prices fell nearly 1 per cent on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. Brent crude fell 34 cents to $37.50 a barrel, in the first day of trading in…

Oil piled up in storage worldwide will be OPEC’s next challenge

LONDON – While OPEC has helped global oil markets recover from the coronavirus crisis, the cartel will soon face a new challenge: the mountain of unwanted crude that piled up during the pandemic. When the Organization of Petroleum Exporting Countries and its partners meet in just over a week, the unprecedented accumulation of oil inventories…

Drop in oil prices ‘gives crypto miners an edge’

Bitcoin educator Andreas Antonopoulos sees the recent downturn in oil prices as a net positive for crypto miners worldwide, particularly those at the Bitmain mining facility in Texas, Cointelegraph reported. In a video he posted to his YouTube channel titled Down the Rabbit Hole, Antonopoulos said falling oil prices will benefit crypto miners by providing…

Cooking gas price hiked as India starts to lose advantage of low oil prices

India is losing the advantage of substantially low international oil prices as its cost of crude imports in rupee terms has surged 69% in just two months, forcing state-run companies to raise the cooking gas price for the first time since February by Rs 11.50 a cylinder. State-run Indian Oil Corporation (IOC), the country’s largest…