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  • OIL HEADS FOR FOURTH STRAIGHT MONTHLY LOSS AS OPEC MEETING LOOMS

    OIL HEADS FOR FOURTH STRAIGHT MONTHLY LOSS AS OPEC MEETING LOOMS0

    Oil prices rose slightly on Friday, but were set for a fourth straight month of losses amid growing concerns over weakening demand, with focus now turning to a potential supply cut by the OPEC next week. London-traded Brent oil futures, the global benchmark, were flat at $87.50 a barrel by 21:55 ET (01:55 GMT), while

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  • Oil falls, pressured by China lockdowns, reserves release

    Oil falls, pressured by China lockdowns, reserves release0

    Oil prices slipped $2 a barrel in early Asian trading on Monday, following a second straight weekly decline after world consumers announced plans to release a record volume of crude and oil products from strategic stocks and as China lockdowns continued. Brent crude fell $2.04, or 2%, to $100.74 a barrel at 0139 GMT, while

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  • Oil Falls on Weak Chinese Data, Hawkish Fed Also Weighs

    Oil Falls on Weak Chinese Data, Hawkish Fed Also Weighs0

    Oil prices retreated from a three-week high on Thursday after weak economic data from China pointed to more trouble in the world’s largest crude importer, while the outlook for demand was also dimmed by the prospect of higher U.S. interest rates A private survey showed that China’s massive services sector shrank for a second straight

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  • Oil Extends Rally as U.S. Supplies Tighten Ahead of Demand-Heavy Holidays

    Oil Extends Rally as U.S. Supplies Tighten Ahead of Demand-Heavy Holidays0

    Oil prices extended gains into a fourth straight session on Thursday after inventory data showed that U.S. supplies remained tight ahead of a demand-heavy holiday season, although caution ahead of key economic readings kept gains limited. Data on Wednesday showed that U.S. crude inventories shrank far more than expected in the previous week, with decreases

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  • Oil Extends Gains on China reopening Hopes, Tightening Supply

    Oil Extends Gains on China reopening Hopes, Tightening Supply0

    Oil prices rose on Monday as markets bet that an eventual scaling back of COVID-19 measures in China will boost the country’s crude demand, while looming curbs on Russian oil shipments also appeared set to tighten supply Crude prices closed last week lower, but rallied sharply on Friday after China said it will loosen some

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  • Oil cos likely to absorb Rs 2 per litre excise duty on unblended petrol

    Oil cos likely to absorb Rs 2 per litre excise duty on unblended petrol0

    The Rs 2 per litre excise duty on unblended fuel is not likely going to impact most consumers according to officials from oil marketing companies. This additional duty on petrol proposed in the Budget 2022-23 will have to be absorbed by the oil companies instead. Highlighting Centre’s focus, Finance Minister Nirmala Sitharaman said, “Blending of fuel is

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