U.S. petroleum inventories are falling towards more normal levels as the glut earlier this year caused by volume warfare among OPEC+ members and the first wave of epidemic-driven lockdowns is gradually absorbed. Falling inventories are likely to herald a tighter production-consumption balance and a cyclical upswing in both spot prices and calendar spreads next Read more

  MUMBAI – Crude oil prices in India and abroad reversed early losses and rose today as investors were optimistic that the Organization of the Petroleum Exporting Countries and allies may extend the current output cuts beyond Dec 31. The dollar’s weakness against a basket of major currencies also supported prices. A weaker dollar makes Read more

  Oil prices firmed on Wednesday on hopes OPEC and its allies will delay a planned increase in oil output and after Pfizer said its COVID-19 vaccine was more effective than previously reported.Brent crude rose 64 cents, or 1.5%, to $44.39 a barrel by 1444 GMT, while U.S. West Texas Intermediate crude gained 43 cents, Read more

  TOKYO- Oil prices fell on Wednesday after a bigger-than-expected build in U.S. crude stockpiles stoked fears for weak fuel demand and a potential supply glut, but hopes that OPEC and its allies will postpone a planned January increase to oil output braked losses. Brent crude futures for January dropped 14 cents, or 0.3 per Read more

  Oil prices slipped on Tuesday as worries that lockdowns to fight a new surge in coronavirus cases could hit short-term demand outweighed hopes for a vaccine and the possibility of tighter OPEC+ supply policies.Brent futures fell 38 cents, or 0.9 per cent, to $43.44 a barrel by 1-52 p.m. EST (1852 GMT), while U.S. Read more

  Abu Dhabi will open a commodities exchange in March to rival those of Middle Eastern neighbours, letting investors trade its crude using futures contracts for the first time.   The ICE Futures Abu Dhabi exchange will open on March 29 and offer contracts based on the emirate’s flagship Murban crude grade, pending regulatory approvals, Read more

  LONDON: Oil jumped by almost 10% on Monday for its biggest daily gain in almost six months after news of a highly effective Pfizer vaccine against Covid-19 and Saudi Arabia’s assurance that an OPEC+ oil output deal could be adjusted to balance the market.   Brent crude rose $3.41, or 8.6%, to $42.86 a Read more

    NEW YORK  – Oil surged about 8% on Monday, putting it on track for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine, boosting risk assets around the globe.   Brent crude LCOc1 was up $3.11, or 7.9%, at $42.56 a barrel at 1:35 Read more

  U.S. oil prices jumped more than 2% on Wednesday after industry data showed crude inventories in the United States dropped sharply and as investors awaited results from the tumultuous presidential election. West Texas Intermediate CLc1 was up $1.01, or 2.7%, at $38.67 a barrel by 1138 GMT Tuesday, after gaining more than 2% in Read more

  International oil prices fell on Friday and posted a second consecutive monthly drop, as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption.   Brent crude dropped 19 cents to settle at $37.46 a barrel, after touching a five-month low of $36.64 in the previous session. Read more

  Crude oil tumbled again on Thursday as lockdowns in Europe clouded the demand outlook while stocks were in and out of losses globally, hinging on support from Wall Street. French President Emmanuel Macron and German Chancellor Angela Merkel have ordered their countries back into coronavirus lockdowns, while cases are rising in 47 U.S. states Read more

    NEW YORK – Oil prices tumbled by more than 4% on Thursday, dropping to a five-month low and extending the previous day’s sharp decline on the impact renewed coronavirus lockdowns could have on oil demand.   December Brent crude futures were down $1.66, or 4.2%, at $37.45 by 12:34 EST (1634 GMT), after Read more

  The price of OPEC basket of thirteen crudes stood at US$39.53 a barrel on Tuesday, compared with US$39.22 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Read more

  The slide is attributed to unexpectedly large U.S. crude oil inventories for last week reported by the government, which reinforced concerns about depleting demand for fuel amidst the worsening global outbreak of Covid-19. At the time of writing, Brent crude traded at $39.44/Barrel down more than 5%. Why crude oil prices are falling heavily Read more

New Delhi: Crude oil futures on Monday fell by 0.57 per cent to Rs 2,952 per barrel as participants reduced their positions on low demand.On the Multi Commodity Exchange, crude oil for October delivery eased by Rs 17, or 0.57 per cent, to Rs 2,952 per barrel with a business volume of 2,971 lots. Crude Read more