Crude oil is a naturally occurring petroleum product composed of hydrocarbons of various molecular weights and miscellaneous organic compounds. It is called a fossil fuel because it is made up of ancient fossils. The oil in use today came from water-based plants and animals that lived even before the existence of dinosaurs. It is a non-renewable resource, which is extracted from the earth by oil drilling. It is usually found alongside other resources, such as natural gas and saline water. After its extraction, crude oil is refined to produce various types of fuels, including gasoline, kerosene, diesel, and various other forms of petrochemicals. It can also be used to create products that aren't typically associated with petroleum, like perfume, fertiliser, and computers are all made with crude oil. Although it is often called black gold, crude oil’s colour may vary in black, dark brown, yellow, red, or even green depending on its hydrocarbon composition. Crude oil also is categorised as ‘sweet’ or ‘sour’ depending on the level of sulphur, which occurs either as elemental sulphur or in compounds such as hydrogen sulphide. Crude oil is a global commodity that trades in markets around the world, both as spot oil and via derivatives contracts. More
Brent crude futures rose 56 cents, or 0.7%, at $83.40 a barrel while West Texas Intermediate (WTI) U.S. crude futures rose 65 cents, or 0.8%, to $77.05 a barrel.
Brent crude futures gained 32 cents, or 0.4%, to $85.78 a barrel at 0407 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 42 cents, or 0.5%, to $79.29 a barrel.
West Texas Intermediate rose above $79 a barrel after gaining more than 1% on Tuesday. While the US central bank is expected to deliver another interest-rate hike, there are signs officials could consider a pause after Wednesday’s meeting, potentially boosting the allure of risk assets and hurting the dollar.
Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to $77.99.
Brent crude futures fell 20 cents, or 0.2%, to $86.46 a barrel by 0435 GMT while U.S. West Texas Intermediate crude was at $79.57 a barrel, down 11 cents, or 0.1%.
Brent futures gained 30 cents, or 0.3%, to $87.66 a barrel by 0113 GMT, while U.S. crude rose 21 cents to $81.22 per barrel, a 0.3% gain.
Brent crude futures dipped 4 cents, or 0.1%, to $86.08 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $80.33.
Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday.
Brent crude had risen 5 cents to $88.24 per barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude rose 13 cents to $81.75 per barrel.
Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5%, to $81.24 a barrel.
Brent futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to $80.87 per barrel, a 0.7% gain.
Brent crude futures were down 38 cents, or 0.5%, at $84.08 at 0114 GMT, extending a 1% loss in the previous session.
The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 1,900 per tonne from Rs 2,100 per tonne, the order dated January 16, said.
Brent crude futures rose by $1.01, or 1.2%, to $85.04 a barrel by 11:16 a.m. EST (1616 GMT). West Texas Intermediate (WTI) crude futures gained by $1.18, or 1.5%, to $79.57 a barrel.
Brent crude futures fell 17 cents, or 0.2%, to $83.86 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 12 cents, or 0.2%, to $78.27.
The market is also bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine.
Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while U.S. West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel.
U.S. West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8%, to $74.53 a barrel at 0134 GMT, while Brent crude futures were down 62 cents, or 0.8%, at $79.48 a barrel.
Fed policymakers say fresh inflation data out later this week will help them decide whether they can slow the pace of interest rate hikes at their upcoming meeting, to just a quarter point increase instead of the larger jumps they used for most of 2022.
Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel by 0114 GMT while U.S. West Texas Intermediate crude was at $74.23 a barrel, up 46 cents, or 0.6%.
Brent crude futures last gained 79 cents, or 1%, to $79.48 a barrel at 0203 GMT, after settling up 85 cents at $78.69 on Thursday.
Catch this commodity update with Karunya Rao and Manisha Gupta to find out.
A surge in Covid-19 cases across China is clouding the near-term demand outlook, overshadowing optimism commodity consumption in the world’s top importer will eventually rebound.
The bounceback followed two days of steep declines to start off 2023 as investors worry about a potential global recession and the short-term economic signs in the world's two biggest oil consumers, the United States and China, appear shaky.
Brent crude futures dropped 98 cents, or 1.1%, to $84.93 a barrel by 0148 GMT while U.S. West Texas Intermediate crude was at $79.49 a barrel, down 77 cents, or 1.0%, after the U.S. dollar strengthened. A stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies.