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The benchmarks were set to fall about 12% for the week.
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Tensions in the Middle-East are a cause of concern for Indian energy market as New Delhi imports large amounts of crude oil and liquefied natural gas (LNG) from the region.
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IEA said oil supply is currently struggling to keep pace with peak summer demand, tipping the market into a deficit. Meanwhile, oil products made gains, supported by large builds in US LPG.
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The IEA forecast first-quarter global demand growth to rise a higher than previously expected 1.7 million barrels per day (bpd) because of an improved U.S. outlook and firmer bunkering demand owing to longer voyages to avoid the Red Sea.
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U.S. inflation data last week pushed back expectations for an imminent start to the Fed’s easing cycle, with economists polled by Reuters now forecasting a cut in June.
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Both contracts climbed over 1% on Thursday as a larger-than-expected drop in U.S. retail sales prompted hopes the Federal Reserve will soon start cutting interest rates, which could be positive for oil demand.
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In 2022, OMCs froze the retail fuel prices despite soaring crude oil to keep inflation in check, which dented their bottom line. However, oil prices moderated from record high in September 2023, helping OMCs return to profitability
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Despite disruptions in the Red Sea, which accounts for 10 percent of the world's oil, grain, and consumer goods shipments, crude prices have remained low.
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The economic situation also remains somewhat gloomy, with European Central Bank (ECB) warning it is too early to discuss cutting interest rates.
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Oil prices had declined on Monday on doubts that OPEC+ supply cuts would have a significant impact, said CMC Markets analyst Tina Teng.
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Benchmark Brent crude was trading at $81.99 per barrel on November 21, lower than previous day’s close of $82.32 per barrel.
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Crude futures are trading at about $82 per barrel after touching $91.39 per barrel on October 16 as the conflict between Israel and Hamas continues.
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Saudi Arabia had cut production by 1 million bpd starting July to support crude prices, while Russia has reduced exports by 3,00,000 bpd. India has urged OPEC to review the cuts to ensure that crude prices do not outstrip the paying ability of the consuming countries
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With prices settling around $75 per barrel in the first half of 2023-2024, OMCs had turned profitable on account of healthy marketing margins. However, as crude oil has shot past $90 per barrel, the performance of OMCs could again change course.
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OPEC said the outlook for oil market fundamentals improved further in July, which was reflected in the strengthening of the market structure as major oil futures prices turned to a firm backwardation structure
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The G7-imposed sanctions may lead to an increase in the cost of insurance and transportation, making Russian oil uneconomical for India.
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Amid tighter supply in the market, crude oil prices, which have been on a downward trend due to inflationary pressure and recession worries, are expected to trend higher in the second half of 2023.
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Saudi Arabia on June 4 announced a 1 million bpd cut in oil production starting in July.
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Earlier, the group had agreed to reduce oil production by 2 million barrels per day from November 2022 until the end of 2023.
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"It's called soccer," Biden said in a video posted on Twitter wishing the US team luck ahead of their last-16 clash against the Dutch side Saturday at the Khalifa International Stadium in Doha.
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India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine.
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Brent crude futures lost $5.13, or 4.8%, to $101.79 a barrel by 1039 GMT after slipping 0.4% in the previous session. U.S. West Texas Intermediate crude futures were down $5.05, or 5.06%, at $94.83 after a 1.9% drop on Wednesday.
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Officials have not confirmed details about the visit to Saudi Arabia, but British Prime Minister Boris Johnson will reportedly meet with Crown Prince Mohammed bin Salman this week in the hope the Gulf state can increase its production of fuel supplies.
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Hitting energy exports is no longer so unthinkable but the market is already ‘self-sanctioning’ in dealing with Moscow
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But they are not alone. Numerous other nations have committed to bringing down worldwide supply, even though some are mostly talking about cuts that come in response to falling prices. In total, output cuts could total 19.5 million bpd, including G20 nations and oil purchases for reserves.
