Overall, the environment for oil is bullish. Supplier cutbacks, steady demand growth, geopolitical tensions and a favourable structure in the futures market have attracted record investment in oil this year.
Brent crude, the global benchmark, hit its highest since OPEC on Nov. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016.
Brent crude futures were down 49 cents at $73.57 a barrel by 0911 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 51 cents to $67.89 a barrel.
Every rupee cut of excise duty on fuel will shave off Rs 13,000 crore of Centre’s revenues annually. Any decision on a duty cut will be a political call
Brent crude oil futures were at $73.26 per barrel at 1139 GMT, down 52 cents from their last close.
Deepak Jasani, Head – Retail Research at HDFC Securities said rural facing and infrastructure sectors could do well in 2018.
Oil prices on Thursday hit highs not seen since 2014, built on the ongoing drawdowns in global supply and as Saudi Arabia looks to push prices higher, though US crude gave back gains in the afternoon to finish lower.
Market participants are, in fact, worried that the commodity will continue appreciating to new highs, which would spell trouble for Indian markets.
Brent crude oil futures were up 54 cents at $72.12 a barrel by 0941 GMT, while U.S. WTI crude futures were up 60 cents at $67.12.
Oil prices rose on Wednesday, lifted by a reported fall in US crude inventories and by the ongoing risk of supply disruptions.
Brent crude oil futures were up 10 cents at $71.52 a barrel by 0907 GMT, while U.S. crude futures gained 9 cents to $66.31 a barrel.
The United States, France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack on April 7.
In the past we have seen oil prices as high as 140$/bbl, and for the current environment, we think that oil prices till 80$/bbl will not have any material impact on the economy or the OMC’s, Akash Singhania, Sr. VP & Fund Manager, Motilal Oswal AMC said in an exclusive interview with Moneycontrol’s Kshitij Anand.
With Aramco’s high credit rating, the deal has the potential to significantly bring down the cost of financing for the project which would benefit all the involved stakeholders.
Brent crude rose by 44 cents to $72.46 a barrel at 0821 GMT, up about 8 percent on the week.
The IEA, which coordinates the energy policies of industrialised nations, said global stocks in developed countries could fall to their five-year average - a metric used by OPEC to measure the success of output cuts - as early as May.
It said growth in non-OPEC oil supply was forecast to rise by a further 80,000 barrels per day this year to 1.71 million bpd, driven largely by higher-than-anticipated growth in the first quarter in the United States and the former Soviet Union.
Oil markets edged back from highs last reached in late 2014 as ample supplies weighed, but prices were underpinned by worries over military escalation in Syria and trade tensions between the United States and China.
Brent crude futures were at $72.33 per barrel at 0648 GMT, up 27 cents, or 0.4 percent from their last close.
Indian imported crude’s average price has risen from $56.06 in October 2017 to $63.80 in March 2018
Oil prices on Wednesday eased away from 2014 highs reached the previous session as escalating Middle East tensions were offset by increasing inventories and production in the United States.
Despite this, prices remain within recent ranges as oil markets still face an abundance of supply that puts pressure on producers to keep their prices competitive in order not to lose market share.
Markets were also eyeing the situation in Syria after reports - denied by the Pentagon - that U.S. forces had struck a major air base there.
President Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on $100 billion more of imports from China, escalating tensions with Beijing.
U.S. West Texas Intermediate crude for May delivery was up 20 cents, or 0.3 percent, at $63.57 a barrel by 0646 GMT after settling down 14 cents.