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Oil prices down but on track for large weekly gain

Friday, October 25, 2019, 8:11 PM

Oil prices down but on track for large weekly gain

Oil prices fell on Friday but were on track for strong weekly gains as support from a surprise draw in US inventories and possible action from OPEC and its allies to trim production further outweighed broader economic concerns. Brent crude was down 35 cents at $61.32 by 0830 GMT but the benchmark was set for a weekly gain of more than 3 per cent.

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British tanker leaves Iran after 10-week detention

Friday, September 27, 2019, 5:55 PM

British tanker leaves Iran after 10-week detention

The British-flagged Stena Impero tanker sailed out of Iranian waters on Friday, the owner said, after it was detained in July during a row with Britain that has stoked tensions in the Gulf. The Stena Impero left Iran's Bandar Abbas port on Friday morning bound for Dubai, where the crew would be repatriated, Sweden's Stena Bulk said, after being detained for 10 weeks.

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India's Iraq oil imports jump to a record in August - trade data

Friday, September 27, 2019, 5:38 PM

India's Iraq oil imports jump to a record in August - trade data

India's oil imports from Iraq surged to a record high in August as refiners replaced costly African imports with cheaper Basra crude, tanker arrival data obtained from industry and shipping sources showed. The world's third-biggest crude oil importer shipped in about 1.32-million barrels per day of Iraqi oil last month, about a third more than July and 29% higher than August-2018, the data showed.

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Oil eases as global demand concerns return, overshadowing Saudi supply doubts

Tuesday, September 24, 2019, 8:36 AM

Oil eases as global demand concerns return, overshadowing Saudi supply doubts

Oil prices eased in early Asian trade on Tuesday as weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand, though lingering uncertainty over Saudi supply disruption braked the drop. Brent crude futures LCOc1 fell 29 cents to $64.48 a barrel by 0154 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1 were at $58.40, down 24 cents.

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U.S. and Gulf allies discuss response to Saudi oil attack

Friday, September 20, 2019, 8:18 AM

U.S. and Gulf allies discuss response to Saudi oil attack

The United States said on Thursday it was building a coalition to deter Iranian threats following a weekend attack on Saudi Arabian oil facilities. Iran has warned U.S. President Donald Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response. UAE, Saudi Arabia, Britain and Bahrain have said they will participate.

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US President Donald Trump orders more Iran curbs as Saudi readies attack evidence

Thursday, September 19, 2019, 8:24 AM

US President Donald Trump orders more Iran curbs as Saudi readies attack evidence

President Donald Trump said he ordered a major-increase in sanctions on Iran in the latest US move to pressure Tehran, which US-officials say probably carried out a crippling weekend attack on Saudi-oil-facilities. Trump gave no explanation in a brief Twitter posting announcing the order, but the initiative follows repeated US assertions that the Islamic-Republic was behind Saturday's attack on the kingdom, a close US-ally.

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Hopes of US-China trade deal to offset crude oil demand worries

Tuesday, September 10, 2019, 7:59 AM

Hopes of US-China trade deal to offset crude oil demand worries

Crude-oil-prices ended higher last week as easing in tensions between US and China bought back enthusiasm in the market and a third-weekly decline in the number of active US rigs drilling further boosted-prices. China's commerce-ministry said Beijing and Washington agreed to hold high-level trade talks in early October. The news was a combination of both bullish and bearish events with the bullish-news having a-slight-edge.

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Iran tanker heads to Greece, Iran warns U.S against seizure bid

Tuesday, August 20, 2019, 8:19 AM

Iran tanker heads to Greece, Iran warns U.S against seizure bid

An Iranian tanker at the center of an angry confrontation between Iran and Washington sailed for Greece on Monday after it was freed from detention off Gibraltar, as Washington called the release unfortunate and warned Greece and Mediterranean ports against helping the vessel. Gibraltar said on Sunday it could not comply with that request because it was bound by EU law.

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Global economic uncertainty threatens oil demand: IEA

Friday, August 9, 2019, 8:31 PM

Global economic uncertainty threatens oil demand: IEA

Concerns over the health of the global-economy, marked by the US-China trade dispute, forced the International Energy Agency to lower its growth forecast for oil demand for 2019 and 2020. "There have been concerns about the health of the global-economy expressed in recent editions of this report and shown by reduced expectations for oil demand growth," the Paris-based agency said in its monthly report.

News

 
Crude oil futures fall on weak global cues

Thursday, August 8, 2019, 8:11 AM

Crude oil futures fall on weak global cues

Crude oil futures dropped by Rs 55 to Rs 3,803 per barrel on August 7 as speculators cut bets amid weak global cues. On Multi Commodity Exchange, crude for delivery in August contracts dropped by Rs 55, or 1.43 percent, to Rs 3,803 per barrel in 21,894 lots. Marketmen said investor sentiment in crude futures market dampened after oil prices fell in global markets.

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