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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 climbs as major producer UAE says it has no spare capacity Jun 28, 2022 06:23 AM IST

    Oil climbs as major producer UAE says it has no spare capacity

    The UAE and Saudi Arabia have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supply and weak output from other member nations.

  • Oil slides more than $1 as G7 debates Iran nuclear deal, Russia Jun 27, 2022 06:12 AM IST

    Oil slides more than $1 as G7 debates Iran nuclear deal, Russia

    Brent crude futures slipped $1.42, or 1.3%, to $111.70 a barrel by 0010 GMT after rebounding 2.8% on Friday. U.S. West Texas Intermediate crude was at $106.08 a barrel, down $1.54, or 1.4%, following a 3.2% gain in the previous session.

  • Oil prices rise on tight supply, inventory uncertainty Jun 24, 2022 06:22 AM IST

    Oil prices rise on tight supply, inventory uncertainty

    Brent crude futures rose 39 cents, or 0.4%, to $110.44 a barrel at 0012 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.4%, to $104.31 a barrel.

  • Oil extends losses as recession fears mount Jun 23, 2022 06:33 AM IST

    Oil extends losses as recession fears mount

    U.S. West Texas Intermediate (WTI) crude futures fell $2.39, or 2.3%, to $103.80 a barrel by 0031 GMT. Brent crude futures dropped $2.24, or 2.0%, to $109.50 a barrel.

  • WTI crude plunges 5% on recession fears Jun 22, 2022 12:55 PM IST

    WTI crude plunges 5% on recession fears

    Crude has soared in recent months to multi-year highs on concerns that tight supplies caused by the Ukraine war will not be enough to meet demand from reopening world economies, particularly China as it emerges from months-long lockdowns.

  • Oil prices slide as Joe Biden pushes for US fuel cost cuts Jun 22, 2022 06:24 AM IST

    Oil prices slide as Joe Biden pushes for US fuel cost cuts

    U.S. West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2%, to $108.18 a barrel at 0031 GMT, while Brent crude futures dropped $1.33, or 1.2%, to $113.32 a barrel.

  • Oil rises on market caution over supply concerns Jun 21, 2022 06:35 AM IST

    Oil rises on market caution over supply concerns

    Brent crude futures rose $1.32, or 1.2%, to $115.45 a barrel at 0040 GMT, adding to a 0.9% gain on Monday. The benchmark contract fell 7.3% last week in its first weekly fall in five.

  • Oil wobbles as global economic worries offset tightening supply Jun 20, 2022 07:03 AM IST

    Oil wobbles as global economic worries offset tightening supply

    Brent crude futures slipped 8 cents, or 0.1%, to $113.04 a barrel by 0242 GMT, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, its first weekly fall in five.

  • Oil prices slip ahead of expected US Fed interest rate hike Jun 15, 2022 06:20 AM IST

    Oil prices slip ahead of expected US Fed interest rate hike

    WTI crude futures fell 8 cents, or 0.1%, to $118.85 a barrel by 0008 GMT. Brent crude futures fell 26 cents, or 0.2%, to $120.91 a barrel.

  • Oil bounces around as tight supply offsets China, recession fears Jun 14, 2022 07:42 AM IST

    Oil bounces around as tight supply offsets China, recession fears

    U.S. West Texas Intermediate (WTI) crude eased 4 cents to $120.89 a barrel at 0156 GMT, while Brent crude futures dipped 6 cents to $122.21 a barrel.

  • Oil prices slide on Beijing COVID warning, inflation concerns Jun 13, 2022 07:00 AM IST

    Oil prices slide on Beijing COVID warning, inflation concerns

    Brent crude futures fell $2.06, or 1.7%, to $119.95 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $118.54 a barrel, down $2.13, or 1.8%.

  • Oil hovers near 13-week high on robust US demand, China optimism Jun 09, 2022 06:50 AM IST

    Oil hovers near 13-week high on robust US demand, China optimism

    Brent crude futures for August nudged up 12 cents to $123.70 a barrel by 0033 GMT, while U.S. West Texas Intermediate crude for July was at $122.17 a barrel, up 6 cents.

  • In the oil market, the strong US dollar is the world’s problem Jun 08, 2022 01:32 PM IST

    In the oil market, the strong US dollar is the world’s problem

    Crude is trading at a record in many local currencies. That will eventually lead to demand destruction

  • Oil prices inch higher ahead of US inventories data Jun 08, 2022 06:42 AM IST

    Oil prices inch higher ahead of US inventories data

    Brent crude futures for August rose 22 cents, or 0.2%, to $120.79 a barrel by 0012 GMT after closing at the highest since May 31 on Tuesday.

  • Oil prices edge higher on relaxed China COVID curbs, tight supplies Jun 07, 2022 07:11 AM IST

    Oil prices edge higher on relaxed China COVID curbs, tight supplies

    Brent crude futures were up 19 cents, or 0.2%, at $119.70 barrel at 0050 GMT.

  • Oil jumps after Saudi Arabia hikes crude prices Jun 06, 2022 06:46 AM IST

    Oil jumps after Saudi Arabia hikes crude prices

    Brent crude futures were up $1.80, or 1.5%, at $121.52 a barrel at 2319 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday.

  • Oil prices steady on doubts OPEC+ can make up Russian deficit Jun 03, 2022 07:53 AM IST

    Oil prices steady on doubts OPEC+ can make up Russian deficit

    U.S. West Texas Intermediate (WTI) crude futures were up 1 cent at $116.88 a barrel at 0112 GMT, while Brent crude futures were up 7 cents at $117.68 a barrel.

  • Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting Jun 02, 2022 06:39 AM IST

    Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

    Brent crude was down $2.76, or 2.4%, at $113.53 a barrel at 0024 GMT, having risen 0.6% the previous day.

  • Oil prices open higher on EU Russian oil ban, end of Shanghai lockdown Jun 01, 2022 06:47 AM IST

    Oil prices open higher on EU Russian oil ban, end of Shanghai lockdown

    Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 a barrel at 0037 GMT. The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%.

  • Oil powers to sixth monthly gain as EU set to curb Russian flows May 31, 2022 07:07 AM IST

    Oil powers to sixth monthly gain as EU set to curb Russian flows

    Global benchmark Brent topped $122 a barrel, hitting a two-month high. The latest round of EU sanctions would forbid buying oil from Russia delivered by sea but includes a temporary exemption for pipelines, European Council President Charles Michel said.

  • Oil prices rise after EU bans most Russian oil imports May 31, 2022 06:25 AM IST

    Oil prices rise after EU bans most Russian oil imports

    Brent crude futures for July, which will expire on Tuesday, gained 63 cents to $122.30 a barrel at 0012 GMT.

  • Oil climbs ahead of EU meeting on Russia sanctions May 30, 2022 07:22 AM IST

    Oil climbs ahead of EU meeting on Russia sanctions

    Brent crude futures gained 46 cents, or 0.4%, to $119.89 a barrel at 0111 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.5%, to $115.67 a barrel, extending solid gains from last week.

  • Brent crude nears $120 as Shanghai eases curbs, EU leaders meet May 30, 2022 06:45 AM IST

    Brent crude nears $120 as Shanghai eases curbs, EU leaders meet

    Global benchmark Brent rose toward $120 a barrel after jumping more than 6% last week to post the highest close in two months. The commercial hub of Shanghai allowed all manufacturers to resume operations from June, while officials said Beijing’s coronavirus outbreak is under control.

  • Oil lingers near 2-month high amid global supply concerns May 27, 2022 08:29 AM IST

    Oil lingers near 2-month high amid global supply concerns

    Brent crude futures for July dipped 9 cents to $117.31 a barrel at 0247 GMT after rising to as high as $118.17 earlier in the session. The benchmark was on track for a gain of about 4% this week.

  • Oil just off 2-month high amid global supply concerns May 27, 2022 06:28 AM IST

    Oil just off 2-month high amid global supply concerns

    Meanwhile, a top Hungarian aide said the country needs 3-1/2 to 4 years to shift away from Russian crude and make huge investments to adjust its economy and that it could not back the EU's proposed oil embargo until there was a deal on all issues.

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