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    Oil prices on track for fourth straight week of gains

    Oil prices stabilized in Asian trade, set for a fourth week of gains amid strong U.S. summer demand and supply concerns. Brent and WTI prices rose. Russia's Rosneft and Lukoil to cut July exports. Saudi Aramco lowered Asian prices. Sentiment boosted by geopolitical tensions, a 12.2 million barrels draw, potential Fed rate cuts, and the Gaza conflict.

    Oil inches higher on summer demand outlook

    Oil prices rose on supply deficit forecasts and OPEC+ cuts amid global economic challenges. Traders are cautious about rising non-OPEC+ output. Monitoring includes China's oil demand, the Atlantic hurricane season, and the impact of Hurricane Beryl.

    Oil extends losses as strong dollar weighs on commodities markets

    Oil prices fell in early Asian trade on Monday due to a stronger dollar and concerns of higher interest rates. Brent crude futures slid to $84.84 a barrel, while U.S. West Texas Intermediate crude futures were at $80.34. Geopolitical risks in the Middle East and issues in Ecuador impacted prices.

    India's May oil imports: Russia at record high, Saudi lowest in 10-month

    India's oil imports from Russia hit a record high of 2.1 million bpd in May as discounts widened due to lower demand from China. Some European nations avoided Russian oil after the Ukraine invasion, making Russian oil cheaper than similar grades from the Middle East.

    Oil up on firming demand, Mideast tensions underpin risk premium

    Oil prices rose on Tuesday due to a stronger demand outlook and investor confidence in OPEC+ producers. Global benchmark Brent crude futures and U.S. West Texas Intermediate crude futures were up, closing at their highest since April.

    Oil slips on dollar's strength from US jobs data

    Oil prices slipped on Monday due to a stronger dollar and delayed interest rate cuts following strong U.S. jobs data. Developments in Iraq, including progress in oil export talks with the Kurdistan region, impacted market sentiment.

    • Oil dips on deflated US interest rate cut expectations, OPEC+ decision

      Oil prices fell for a third consecutive week as investors considered OPEC+ reassurances and the latest U.S. jobs data impacting Federal Reserve interest rate decisions.

      Oil rises on strengthening Fed rate cut expectations

      Oil prices rose in Asian trading on rising expectations of a Federal Reserve interest rate cut in September and a rebound from a selloff linked to growing U.S. inventories and an OPEC+ supply increase.

      Oil slips for sixth consecutive day on big builds in US oil, fuel stocks

      Oil prices decline as U.S. stockpiles rise, OPEC+ plans supply boost. EIA's upcoming report on stockpiles awaited for market impact.

      Oil drops over $1 as OPEC+ decision spotlights shaky demand

      Oil prices fell more than $1 on Tuesday on scepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.

      Oil falls more than $1 on worries of supply rising later in 2024

      ​​Oil prices fell more than $1 on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply rising later in the year amid signs of weakening U.S. demand.

      Oil prices extend losses on worries of supply rising later in 2024

      Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.

      Oil dives 3%, OPEC+ decision fails to allay demand worries

      OPEC+ on Sunday agreed to extend most of its deep oil output cuts into 2025 but left room for voluntary cuts from eight core members to be gradually unwound from October onwards. The group also agreed to a new output target for the United Arab Emirates, which has been pushing for higher quota.

      What is OPEC+ and how does it affect oil prices?

      OPEC+, a coalition of OPEC and its allies, is set to meet on June 2 to discuss their joint oil production policy. OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and secure fair prices. It now includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil. OPEC+ crude output represents about 41% of global oil production and aims to regulate the supply of oil to the global market.

      Oil prices stable as markets believe major stakeholders don't want hostilities to escalate: Hardeep Singh Puri

      Global oil prices holding at $82/barrel despite OPEC supply cuts, wars, and uncertainties. Oil minister Hardeep Singh Puri believes major stakeholders don't want hostilities to escalate, maintaining supply-demand equilibrium. OPEC and allies control market by keeping 7 million barrels/day off the market.

      Oil falls more than $1 as Fed rate outlook stokes demand fears

      Oil prices dropped by more than $1 on Tuesday, extending losses on the potential for lingering U.S. inflation to keep interest rates higher for longer, depressing consumer and industrial demand.

      Reliance faces many hurdles in getting crucial crude delivered as global market struggles

      Reliance Industries Ltd., India’s largest private refiner, faces challenges in getting shipments of heavy crude delivered due to sanctions and OPEC+ cuts. To secure needed barrels, it purchased 2 million barrels of Canada’s Access Western Blend crude, embarking on a complex journey involving ship-to-ship transfers and a long voyage to India via the Pacific.

      Oil prices tick up on tighter supply outlook

      The market is watching wildfires in remote western Canada that could disrupt the country's oil supply, Tony Sycamore, market analyst with IG, said in a note.

      Crude oil prices near 2-month lows. What’s next?

      The global benchmark, US WTI crude currently clinging below $80 a barrel, has lost more than 10% from a near two-year high tested last month. A similar correction was witnessed in the Asian Brent and the domestic MCX futures as well.

      OPEC switches to 'call on OPEC+' in global oil demand outlook, sources say

      ​OPEC will stop publishing a calculation of the world's demand for its own crude in its monthly oil report, two sources close to the matter said, focusing instead on forecasts for demand for oil from the wider OPEC+ group.

      Oil steadies, heads for weekly drop on U.S. economy worries

      Brent crude futures for July rose 16 cents to $83.83 a barrel by 0008 GMT. U.S. West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel.

      Oil Min Hardeep Singh Puri discusses 'volatility in global market' with OPEC chief

      Union Minister Hardeep Singh Puri discussed the global oil market's volatility and its impact on global energy supply stability. Puri emphasized the need for market stability, affordability, and pragmatism. India, the third-largest oil importer globally, sourced approximately $120 billion worth of petroleum products, LPG, LNG, and crude oil from OPEC nations in the 2022-2023 financial year.

      What the fresh march higher in oil means for world markets

      The International Monetary Fund on Tuesday described an "adverse scenario" in which an escalation of conflict in the Middle East would lead to a 15% jump in oil prices and higher shipping costs that would hike global inflation by about 0.7 percentage points. The tightness in oil supplies, and higher prices, has been underpinned by oil producing group OPEC and other big oil producers curbing their output.

      Oil at $100? Will oil prices hit a century this summer as a global shortage takes hold?

      Oil prices surged above $90 a barrel due to military tensions between Israel and Iran, compounded by global supply shocks. Mexico cutting crude exports and other disruptions are intensifying fears of inflation. This supply crunch is turbocharging an oil rally, potentially pushing Brent crude to $100, impacting global economies and Biden's reelection chances.

      Golden era for refiners coming? Why Indian companies will make a lot of money

      Dr. Fereidun Fesharaki highlights the shifting dynamics in the global refining and energy markets, emphasizing the growth potential in Asia, particularly India, and the geopolitical factors influencing the oil market's stability. He says: "Up to a million barrels per day of Russian refineries are out of commission and this means that Russian exports of refined products have fallen quite dramatically and that has helped the margins. But the key issue is that nobody is building new refineries in the world today. "

      Crude price likely to be $90-95 a barrel by end of this year; next year, maybe a little lower at $75-85: Dr Fereidun Fesharaki

      Dr Fereidun Fesharaki forecasts continued gasoline sector growth for a decade, with EV impact in 2030s. Oil complex peaks in mid-2030s, then stabilizes. Global demand remains steady by 2045 despite evolving factors like technology and geopolitics. Dr Fesharaki says: "We are looking at $90 to $95 a barrel by the end of this year. And next year, maybe a little bit lower, $75, $85. "

      Oil prices rise on concerns of lower supply, signs of U.S. economic growth

      Brent futures for June rose 15 cents, or 0.2%, to settle at $89.51 a barrel at 0037 GMT. U.S. West Texas Intermediate (WTI) futures for May rose 15 cents, or 0.2%, to $85.59 a barrel.

      Oil holds onto gains as investors bet on tighter supply

      Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude was at $83.06 a barrel, down 11 cents, or 0.1%, following a 3.2% gain last week.

      Oil benchmark Brent nears $86 on heightened supply concerns

      Brent near $86 due to Russia-Ukraine tension. U.S. crude at $81.09. Both benchmarks up 11% and 12.5%. OPEC+ extends supply curbs. Global concerns intensify with recent attacks on oil facilities.

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