Oil prices inched up on August 2 but benchmark Brent futures are on course to fall 1.7 percent and 1.1 percent for the week
Benchmark Brent opened higher at $90.57 per barrel on April 16, up 0.52 percent from previous day’s close. It had fallen to $88.93 a barrel on the previous day on anticipation of easing geopolitical tensions in the Middle East.
Benchmark Brent opened at $90.26 a barrel on April 15, lower than $90.45 a barrel at which prices settled on April 12—a day before Iran’s attack on Israel. Oil prices were already trading higher in the previous week on account of tensions building up between Iran and Israel.
According to a poll of 12 experts from brokerages and rating agencies, retail prices of petrol and diesel in India are expected to remain in the current range.
Brent and WTI settled on Friday at their highest levels since April, gaining for a fifth straight week, as tightening oil supplies globally and expectations of an end to U.S. interest rate hikes supported prices.
The launch date for these contracts will be announced soon, NSE said in a release.
Crude oil prices rise as Russia is planning to curb exports to the countries imposing price caps from February. On the other hand, China will end quarantine requirements for inbound travelers from January 8. Also, what is the price outlook for 2023. Watch this live with Manisha Gupta to find out!
Brent crude futures rose $2.06, or 2.48% to $85.09 per barrel by 1044 GMT. The more active February Brent crude contract rose by 2.02% to $85.95.
Global benchmark Brent fell below $85 a barrel for the first time since September on Monday.
Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 a litre and diesel for Rs 94.27.
Though fears of global recession capped gains, Brent crude futures were up $3.29, or 3.48%, at $97.96 a barrel by 1203 GMT, set for a weekly gain of more than 2%.
Brent crude futures for December settlement rose 31 cents, or 0.3%, to $90.34 a barrel by 1209 GMT. Earlier in the session, Brent hit a low of $89.32.
Oil is poised for the longest weekly streak of loss this year and set for its first quarterly loss in over two years
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT). Here's the city-wise price list on March 24 after the cuts:
Environmentalists attribute the state government’s silence over the death of more than 170 elephants in Uttarakhand in the past five years to the fact that it is expanding the Dehradun airport, which is close to an elephant corridor named Shivalik Elephant Reserve that has recently been denotified
Energy markets are speculating that the OPEC+ group may have little choice but to roll over the current cuts and delay the plans to ease those cuts till January 2021
Rising production is leading to a bearish momentum in crude oil prices
High supply, low demand from the biggest consumers and prolonged slump in aviation will affect prices
Oil prices show that despite the supply-side cuts, demand continues to be under pressure
The Hinduja Group operates in various industries including automotive, oil and speciality chemicals as well as banking and finance. It runs private sector lender IndusInd Bank in India.
Along with falling demand, storage crunch also added to the big oil crash.
India is raising its crude oil storage capacity to equivalent of 87 days of demand, which include 67 days’ worth of commercial stocks held by refineries
The COVID-19 pandemic has left crude oil stranded and may have caught speculators on the wrong foot