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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

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  • Oil claws back some losses but strong dollar caps gains Sep 26, 2022 07:12 AM IST

    Oil claws back some losses but strong dollar caps gains

    The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains.

  • Oil prices rise as Iran deal stalls, Russian supply amid conflict Sep 23, 2022 06:44 AM IST

    Oil prices rise as Iran deal stalls, Russian supply amid conflict

    Brent crude futures gained 16 cents, or 0.2%, to $90.62 per barrel by 0020 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 22 cents to $83.71 per barrel.

  • Oil prices slip after US interest rate hike on fears for demand Sep 22, 2022 06:23 AM IST

    Oil prices slip after US interest rate hike on fears for demand

    Brent crude futures fell 16 cents, or 0.2%, to $89.67 per barrel by 0013 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 15 cents to $82.79 per barrel.

  • Oil prices tick up on supply woes but Fed rate hike bets cap gains Sep 21, 2022 10:24 AM IST

    Oil prices tick up on supply woes but Fed rate hike bets cap gains

    Brent crude futures rose 11 cents, or 0.1%, to $90.73 a barrel by 0415 GMT after falling $1.38 the previous day.

  • Oil prices steady as prospect of Fed hikes may curb fuel demand Sep 20, 2022 07:28 AM IST

    Oil prices steady as prospect of Fed hikes may curb fuel demand

    U.S. West Texas Intermediate crude for October delivery was at $85.59 a barrel, down 14 cents, or 0.2%. The October contract will expire on Tuesday and the more active November contract was at $85.20, down 16 cents, or 0.2%.

  • Oil prices climb on weak dollar, supply concerns Sep 19, 2022 06:43 AM IST

    Oil prices climb on weak dollar, supply concerns

    Brent crude futures rose $1.15, or 1.3%, to $92.50 a barrel by 0049 GMT after settling up 0.5% on Friday. U.S. West Texas Intermediate crude was at $86.16 a barrel, up $1.05, or 1.2%. The front-month contract expires on Tuesday.

  • Oil steadies but remains on track for weekly decline Sep 16, 2022 03:17 PM IST

    Oil steadies but remains on track for weekly decline

    Brent crude futures were up 25 cents, or 0.3%, at $91.09 a barrel by 0921 GMT but were down 1.9% for the week.

  • Oil extends losses on recession fears Sep 16, 2022 07:07 AM IST

    Oil extends losses on recession fears

    Brent crude futures fell 22 cents, or 0.2%, to $90.62 a barrel as at 0052 GMT after sliding 3.5% to a one-week low in the previous session.

  • Oil prices and financial markets brace for recession Sep 16, 2022 06:58 AM IST

    Oil prices and financial markets brace for recession

    The apparent contradiction between the real economy and financial markets has puzzled some commentators but is normal around a peak in the business cycle.

  • Oil rises on weakening dollar, potential supply disruptions Sep 15, 2022 06:32 AM IST

    Oil rises on weakening dollar, potential supply disruptions

    Brent crude futures rose 38 cents, or 0.4%, to $94.48 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude rose 46 cents, or 0.5%, to $88.94.

  • Oil rises 2% on supply concerns, expectations for fuel switching Sep 14, 2022 08:45 PM IST

    Oil rises 2% on supply concerns, expectations for fuel switching

    Brent crude futures rose by $1.61 a barrel, or 1.8%, to $94.78 by 10:43 a.m. EDT (1443 GMT). U.S. West Texas Intermediate crude gained $1.89, or 2.1%, to $89.20.

  • Oil prices creep higher on robust global demand outlook Sep 14, 2022 07:54 AM IST

    Oil prices creep higher on robust global demand outlook

    Brent crude futures rose 3 cents to $93.20 a barrel by 0116 GMT, after settling 0.9% lower on Tuesday. U.S. West Texas Intermediate crude was at $87.41 a barrel, up 10 cents, or 0.1%.

  • Oil slips after bearish U.S. economic data Sep 13, 2022 06:47 PM IST

    Oil slips after bearish U.S. economic data

    Brent crude was down 80 cents, or 0.9%, to $93.20 a barrel at 1254 GMT, while WTI crude fell 77 cents, or 0.9%, to $87.01 a barrel.

  • Oil prices edge higher on worries over tighter supply Sep 13, 2022 06:35 AM IST

    Oil prices edge higher on worries over tighter supply

    Brent crude rose 5 cents to $94.05 a barrel by 0006 GMT, while WTI crude rose 7 cents to $87.85 a barrel.

  • Oil prices slide as China COVID curbs, possible rate hikes weigh on demand outlook Sep 12, 2022 06:48 AM IST

    Oil prices slide as China COVID curbs, possible rate hikes weigh on demand outlook

    Brent crude futures dropped 78 cents, or 0.9%, to $86.01 a barrel by 0040 GMT, after settling 4.1% higher on Friday. U.S. West Texas Intermediate crude was at $92.11 a barrel, down 73 cents, or 0.8%, after a 3.9% gain in the previous session.

  • Oil prices retreat on demand destruction fears, benchmarks off 4% for week Sep 09, 2022 06:54 AM IST

    Oil prices retreat on demand destruction fears, benchmarks off 4% for week

    Brent crude futures slipped 12 cents, or 0.1%, to $89.03 a barrel at 0051 GMT, after rising 1.3% on Thursday.

  • Oil at lowest since January on demand concerns, rate hike talk Sep 07, 2022 07:31 AM IST

    Oil at lowest since January on demand concerns, rate hike talk

    Brent crude futures fell $1.12, or 1.2%, to $91.71 a barrel at 0113 GMT after slipping 3% in the previous session. U.S. West Texas Intermediate crude futures declined by $1.25, or 1.4%, to $85.63 a barrel.

  • Oil dips on symbolic OPEC+ output cut Sep 06, 2022 06:38 AM IST

    Oil dips on symbolic OPEC+ output cut

    U.S. West Texas Intermediate (WTI) crude futures inched up from Monday to $89.13 a barrel, and were up $2.26, or 2.6%, from Friday's close. There was no settlement on Monday, the U.S. Labor Day holiday.

  • Oil rallies as all eyes turn to key OPEC+ meeting Sep 05, 2022 07:16 AM IST

    Oil rallies as all eyes turn to key OPEC+ meeting

    West Texas Intermediate advanced above $88 a barrel after sinking by almost 7% last week on concerns that slowing global growth and anti-virus lockdowns in China would hurt demand.

  • Oil prices climb more than $1/bbl ahead of OPEC+ meeting Sep 05, 2022 07:04 AM IST

    Oil prices climb more than $1/bbl ahead of OPEC+ meeting

    Brent crude futures rose $1.43, or 1.5%, to $94.45 a barrel by 0054 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude was at $88.12 a barrel, up $1.25, or 1.4%, following a 0.3% advance in the previous session. U.S. markets are closed for a public holiday on Monday.

  • Oil firms on bets OPEC+ will talk up output cuts to stem sinking prices Sep 02, 2022 06:59 AM IST

    Oil firms on bets OPEC+ will talk up output cuts to stem sinking prices

    Brent crude futures rose $1.20, or 1.3%, to $93.56 a barrel at 0117 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.16, or 1.3%, to $87.77 a barrel.

  • Oil falls on greater supply, lower China demand Sep 01, 2022 06:44 AM IST

    Oil falls on greater supply, lower China demand

    Brent crude futures fell 37 cents, or 0.4%, to $95.27 a barrel by 0006 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.4%, to $89.23 a barrel.

  • Oil edges down as inflation expected to impact fuel demand Aug 30, 2022 09:41 AM IST

    Oil edges down as inflation expected to impact fuel demand

    Brent crude futures for October settlement dropped 81 cents, or 0.7%, to $104.28 a barrel by 0359 GMT after climbing 4.1% on Monday, the biggest increase in more than a month.

  • Oil pauses after 4% surge as inflation woes outweigh possible OPEC+ action Aug 30, 2022 06:25 AM IST

    Oil pauses after 4% surge as inflation woes outweigh possible OPEC+ action

    Brent crude futures fell 39 cents, or 0.3%, to $104.70 a barrel by 0012 GMT after climbing 4.1% on Monday. U.S. West Texas Intermediate crude was at $96.79 a barrel, down 21 cents, or 0.2%, following a 4.2% rise in the previous session.

  • Oil mixed as OPEC supply cut prospect offsets demand fears Aug 29, 2022 06:33 AM IST

    Oil mixed as OPEC supply cut prospect offsets demand fears

    U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $93.08 a barrel at 0003 GMT, adding to Friday's gain.

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