Crude oil prices are down 26% from their 52-week highs of $98 per bbl and the downtrend will support OMCs in India in terms of improving their refining margins while reducing the cost for paint and tyre companies. Already riding on significant gains, state-run oil companies are staring at another leg of the rally. Paint … Read more
U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts. Crude oil rose for a fourth day to reach a four-week high amid speculation OPEC+ will maintain production cuts … Read more
Oil prices dropped to a near two-month low on receding tensions in the Middle East, a complex interplay of escalating supply levels, demand worries, and challenging economic indicators. 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 … Read more
Despite repeated OPEC plus output cuts and Israel-Hamas conflict, oil prices shed more than 13 percent in 2023 against its previous year’s average price. However, prices exhibited a varied move throughout the year driven by multiple factors that affected its fundamentals. US NYMEX oil started at nearly $80 a barrel in 2023 but pushed down … Read more
