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Brent crude is the international benchmark used by OPEC. India imports primarily from OPEC countries. It is the benchmark for oil prices in India. Most of the oil produced in Europe, Africa and the Middle East is priced according to the cost of the Brent crude. Brent crude has a slightly higher API than the WTI. API measures how heavy or light a petroleum liquid is compared to water. According to Investopedia, Brent is the reference for about 2/3rd of the oil traded round the world, making it slightly more sensitive to geopolitical tensions. Cost of shipping for Brent crude is typically lower since it is produced near the sea and can be put on ships immediately. Brent futures are primarily traded on the ICE in London. World oil prices on February 24 breached $100 for the first time in more than seven years, this time on supply fears after major producer Russia attacked Ukraine. European benchmark Brent North Sea crude surged more than eight percent to $105.79 per barrel -- the highest level since 2014. The US contract WTI reached $100.54 per barrel, also a peak last seen more than seven years ago. In early 2020, oil briefly turned negative following the onset of the coronavirus pandemic that shut offices and factories -- and grounded planes worldwide. The market tumbled also on scarce storage facilities and a Saudi-Russia price war. Brent tanked to a record low $15.98. Oil prices have since recovered, rocketing to around $70 per barrel as economies reopened from lockdowns, sparking a surge in demand for crude. Russia is a key member of the expanded OPEC+ producers' grouping that also includes number one player Saudi Arabia. In the 2012 Iran crude embargo, oil started the year above $100 after Western powers imposed a raft of economic sanctions on Iran, including crude exports, aimed at halting its controversial nuclear programme. Brent soared to $127 in March 2011 following unrest in the oil-producing Middle East and North Africa region. On July 11, 2008, Brent hit a record high of $147.50 per barrel, having breached $100 at the start of the year for the first time. But by December 2008, Brent had tanked to sit at around $36 owing to a severe economic recession worldwide in the wake of the global financial crisis. More

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  • Oil inches up amid wrangling over Russian oil price cap Nov 25, 2022 07:21 AM IST

    Oil inches up amid wrangling over Russian oil price cap

    U.S. West Texas Intermediate (WTI) crude futures jumped 35 cents, or 0.5%, from Wednesday's close to $78.32 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.

  • Oil falls as supply-disruption fears ease amid Russian price cap talks Nov 24, 2022 07:49 AM IST

    Oil falls as supply-disruption fears ease amid Russian price cap talks

    Brent crude futures had slid 43 cents, or 0.5%, to $84.98 a barrel by 0102 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $77.59 a barrel.

  • Oil prices climb on big drop in US crude stocks, Russia supply uncertainty Nov 23, 2022 06:58 AM IST

    Oil prices climb on big drop in US crude stocks, Russia supply uncertainty

    Brent crude futures gained 25 cents, or 0.3%, to $88.61 a barrel at 0101 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.4%, to $81.30 a barrel.

  • Oil rises after Saudis deny report of OPEC+ supply increase Nov 22, 2022 07:35 AM IST

    Oil rises after Saudis deny report of OPEC+ supply increase

    Brent crude futures rose 17 cents, or 0.2%, to $87.62 by 0007 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 7 cents, or 0.1%, to $80.11 a barrel.

  • Brent slips below $85/barrel amid report of OPEC countries discussing output increase Nov 21, 2022 09:00 PM IST

    Brent slips below $85/barrel amid report of OPEC countries discussing output increase

    Global benchmark Brent fell below $85 a barrel for the first time since September on Monday.

  • Crude oil trades at two-month low, OPEC+ to meet on December 4 | Commodities LIVE Nov 21, 2022 01:03 PM IST

    Crude oil trades at two-month low, OPEC+ to meet on December 4 | Commodities LIVE

    Crude oil trades at a two-month low. Prices fell 10 percent in the previous week and 6 percent in the past month. For all details, catch today's commodity chat with Manisha Gupta!

  • Fuel Prices on November 21: Check petrol, diesel rates in Delhi, Mumbai and other cities Nov 21, 2022 08:45 AM IST

    Fuel Prices on November 21: Check petrol, diesel rates in Delhi, Mumbai and other cities

    Global oil prices hovered near two-month lows on November 21 as supply fears receded while concerns over China's fuel demand and rising interest rates weighed on prices

  • Oil dips near 2-month lows as supply concerns ease Nov 21, 2022 08:11 AM IST

    Oil dips near 2-month lows as supply concerns ease

    Brent crude futures for January had slipped 28 cents, or 0.3%, to $87.34 a barrel by 0103 GMT after settling at their lowest since Sept. 27.

  • Oil climbs as dollar slips, but demand outlook clouds market Nov 18, 2022 08:04 AM IST

    Oil climbs as dollar slips, but demand outlook clouds market

    Brent crude futures clawed back 67 cents, up 0.8% to $90.45 a barrel at 0130 GMT, but were not far off a four-week low of $89.53 hit in the previous session.

  • Oil falls as geopolitical tensions ease, China COVID concerns return Nov 17, 2022 07:34 AM IST

    Oil falls as geopolitical tensions ease, China COVID concerns return

    Brent crude futures dropped by 62 cents, or 0.7%, to $92.24 a barrel by 0110 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 65 cents, or 0.8%, to $84.94 a barrel.

  • Oil prices slip on OPEC cut in demand forecast, China COVID cases Nov 15, 2022 07:18 AM IST

    Oil prices slip on OPEC cut in demand forecast, China COVID cases

    Brent crude futures fell 39 cents, or 0.4%, to $92.75 a barrel by 0133 GMT after settling down 3% on Monday. U.S. West Texas Intermediate crude was at $85.31 a barrel, down 56 cents, or 0.7%, after tumbling 3.5% in the previous session.

  • Oil prices extend gains on China demand hopes Nov 14, 2022 07:04 AM IST

    Oil prices extend gains on China demand hopes

    Brent crude futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday.

  • Gold set for best week in 8 months; US dollar flutters around 2-month low Nov 11, 2022 03:32 PM IST

    Gold set for best week in 8 months; US dollar flutters around 2-month low

    The dollar fell sharply after US inflation eased more than expected.

  • Oil crawls higher on US hopes, but COVID rise in China caps gains Nov 11, 2022 07:27 AM IST

    Oil crawls higher on US hopes, but COVID rise in China caps gains

    Brent crude futures were up 23 cents, or 0.3%, to $93.80 a barrel at 0101 GMT, extending a 1.1% rise in the previous session.

  • Oil falls for a fourth day as China COVID concerns grow Nov 10, 2022 08:35 AM IST

    Oil falls for a fourth day as China COVID concerns grow

    Brent crude futures fell 34 cents, or 0.4%, to $92.31 a barrel at 0115 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 31 cents at $85.52 a barrel.

  • OPEC+ cuts that steadied market now bring risk of $100 crude Nov 09, 2022 09:46 AM IST

    OPEC+ cuts that steadied market now bring risk of $100 crude

    For about a month, the group’s decision appeared to fulfill its stated aim of stabilizing oil markets, with crude prices steadying against a deteriorating backdrop for fuel demand.

  • Oil steadies after 3% drop on demand fears Nov 09, 2022 07:21 AM IST

    Oil steadies after 3% drop on demand fears

    Brent crude futures rose 2 cents to $95.38 a barrel by 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 4 cents to $88.87 a barrel.

  • Oil prices steady as supply woes offset recession fears Nov 08, 2022 09:08 AM IST

    Oil prices steady as supply woes offset recession fears

    Brent crude rose 7 cents, or 0.1%, to $97.99 a barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude rose 7 cents, or 0.1%, to $91.86 a barrel.

  • Oil falls as China sticks to strict COVID policy Nov 07, 2022 06:39 AM IST

    Oil falls as China sticks to strict COVID policy

    Brent crude futures dropped $1.58, or 1.6%, to $96.99 a barrel by 2336 GMT, after hitting as low as $96.50 earlier. U.S. West Texas Intermediate crude was at $90.84 a barrel, down $1.77, or 1.9%, dropping to a session-low of $90.40 a barrel earlier in the session.

  • Oil prices drop as demand fears dominate Nov 04, 2022 06:53 AM IST

    Oil prices drop as demand fears dominate

    Brent crude futures dropped by 22 cents, or 0.2%, to $94.45 a barrel at 0025 GMT after falling 1.5% in the previous session. The contract was on track to fall more than 1% for the week.

  • Oil slips as dollar firms, but supply worries check losses Nov 03, 2022 08:57 AM IST

    Oil slips as dollar firms, but supply worries check losses

    Brent crude shed 44 cents, or 0.5%, to $95.72 a barrel at 0146 GMT, while U.S. West Texas Intermediate (WTI) crude futures retreated 59 cents, or 0.7%, to $89.41.

  • Oil climbs on demand hopes after big drawdown in US crude stocks Nov 02, 2022 06:33 AM IST

    Oil climbs on demand hopes after big drawdown in US crude stocks

    Brent crude futures picked up 17 cents, or 0.1%, to $94.82 a barrel at 0014 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3%, to $88.63 a barrel.

  • Oil climbs on expectations of tight supply as Russia sanctions loom Oct 24, 2022 07:17 AM IST

    Oil climbs on expectations of tight supply as Russia sanctions loom

    Brent crude futures climbed 54 cents, or 0.6%, to $94.04 a barrel by 0125 GMT while U.S. West Texas Intermediate crude was at $85.56 a barrel, up 51 cents, or 0.6%.

  • Oil near flat as inflation concerns contend with potential quarantine easing in China Oct 21, 2022 06:35 AM IST

    Oil near flat as inflation concerns contend with potential quarantine easing in China

    Brent crude futures lost 5 cents to trade at $92.33 a barrel by 00:02 GMT. U.S. West Texas Intermediate futures rose 7 cents to trade at $84.58 a barrel.

  • Oil prices start session mixed on uncertain demand, supply concerns Oct 20, 2022 06:30 AM IST

    Oil prices start session mixed on uncertain demand, supply concerns

    Brent crude futures for December settlement fell 28 cents, or 0.3%, to $92.13 a barrel by 0010 GMT. U.S. West Texas Intermediate crude for November delivery (WTI), which expires on Thursday, rose 34 cents, or 0.4%, to $85.89 per barrel.