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Oil demand concerns set to take over; rally in prices likely to halt soon

Thursday, July 18, 2019, 8:13 AM

Oil demand concerns set to take over; rally in prices likely to halt soon

Crude oil-prices continued to trade on a muted note as the concerns of weakening global economy remained an overhang. Prices got some support after more-than-expected drop of US crude stockpile and concerns over potential disruptions to oil and gas production caused by a-tropical-storm in the Gulf of Mexico. Tropical Storm Barry boosted crude futures as oil companies in the Gulf of Mexico sliced production.

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Filling Iran oil gap in India: US supplies outshine Middle East crude

Tuesday, June 25, 2019, 8:34 AM

Filling Iran oil gap in India: US supplies outshine Middle East crude

A surge in India's oil imports from the United States outpaced growth in shipments from its traditional suppliers in the Middle East, after Washington imposed sanctions on Tehran in November, according to tanker arrival data obtained from sources. India's oil imports from Mexico rose by about 13% in the November 2018-May 2019 period from a year earlier to 268,000 bpd, the data showed.

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5 million tonnes of India's oil reserves lie uninsured

Sunday, June 16, 2019, 11:32 AM

5 million tonnes of India's oil reserves lie uninsured

India is unable to secure insurance cover for about 5 million tonnes of crude oil reserves kept in caverns for any exigency, which also include supplies from sanctions-hit Iran. Global reinsurers are unwilling to provide cover fearing adverse action against them for the breach of US sanctions, two persons with direct knowledge of the matter said requesting anonymity.

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Price action suggests a major rally is likely in crude oil prices

Saturday, May 18, 2019, 8:00 AM

Price action suggests a major rally is likely in crude oil prices

Crude oil-prices traded flat with some volatility within a-broad-range after a surprise drawdown in US crude stockpiles, but an escalating US-Chinese trade fights limited oil's gains as investors were worried about the global outlook for energy demand. WTI and Brent were set for weekly-loss after US escalated its tariff war with China by increasing levies to 25% for $200 billion worth of Chinese goods.

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Donald Trump's knack for getting into fights may send crude oil out of control

Friday, April 26, 2019, 7:59 AM

Donald Trump's knack for getting into fights may send crude oil out of control

The biggest threat to President Trump's hopes for low-gasoline-prices is his growing entanglement in politics of OPEC nations. The White House plans to choke-off oil-exports from Iran without triggering a spike in prices largely by getting Saudi Arabia, the only OPEC member with significant spare capacity, to make-up the shortfall. The US crackdown may slash Iran's exports by as-much-as 800,000 barrels a day.

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Brent oil hits $75 for first time in 2019 as Russian exports cut

Thursday, April 25, 2019, 8:36 PM

Brent oil hits $75 for first time in 2019 as Russian exports cut

Brent oil rose above $75 per barrel on Thursday for the first time this year as quality concerns forced the suspension of some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran. Brent crude futures were at $75.22 by 0851 GMT, up 65 cents. US West Texas Intermediate crude was at $66.09 per barrel, up 20 cents.

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Oil holds near 2019 peak as global supplies tighten

Friday, March 22, 2019, 7:11 AM

Oil holds near 2019 peak as global supplies tighten

Oil held near 2019 highs on Thursday, supported by tightening U.S. stocks and declining output from key producers due to OPEC production cuts and U.S. sanctions on Iran and Venezuela. International Brent crude oil futures were up 5 cents at $68.55 a barrel by 0915 GMT, having hit their highest since Nov. 13 at $68.69 earlier in the session.

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Rupee jumps 57 paise to hit new 7-month high

Tuesday, March 19, 2019, 9:06 AM

Rupee jumps 57 paise to hit new 7-month high

The Indian rupee Monday surged by 57 paise to close at an over seven-month high of 68.53 against US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit. Besides, weakness in the greenback against major global currencies and a heavy buying in domestic equities aided the forex market sentiment domestically.

News

 
India Expresses Concerns On High Crude Prices To Saudi Arabia

Sunday, March 10, 2019, 8:00 PM

India Expresses Concerns On High Crude Prices To Saudi Arabia

Petroleum Minister Dharmendra Pradhan has conveyed India's concerns over rising crude-oil-prices and its effect on domestic-fuel-rates in his meeting with Saudi Arabian Minister of Energy, Khalid Al-Falih, an official said. Speaking to Al-Falih here on Saturday, Pradhan talked of the need for uninterrupted supplies of crude oil and LPG to India in view of the supply cut by OPEC and other major oil producers.

News

 
Rupee spurts 43 paise to close at 70.49 against dollar

Tuesday, March 5, 2019, 7:53 PM

Rupee spurts 43 paise to close at 70.49 against dollar

The rupee rebounded by 43 paise to close at 70.49 against the US dollar Tuesday largely driven by positive macro data and easing crude prices. Forex traders said heavy buying in domestic equities and sustained foreign fund inflows also propped up the local unit. At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly down at 70.95.

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