Demand worries amid economic recession fears dragged down oil prices, but losses were limited due to the potential loss of supplies from the Middle East and an unexpected drawdown in US crude inventories.The Asian benchmark Brent crude dropped to a low of $75.05 a barrel last week, its lowest level since January. A similar selloff … 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
Mumbai: Overseas fund managers raised their bearish derivative bets on India last week as a jump in crude oil prices in the wake of the Iran-Israel conflict and growing uncertainty about interest rate cuts in the US heightened risk aversion. The long-short ratio of foreign portfolio investors (or FPIs’) Nifty futures bets fell to 35.4% … Read more
Lack of pricing freedom on petrol, diesel and LPG prices could deter oil marketing companies (OMCs) from undertaking large scale capex plans on petchem and refining capacity additions, Kotak Institutional Equities said in a note. The domestic brokerage reiterated its ‘Sell’ stance on Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation … Read more
Crude oil prices gained about 10 percent in the first two months of 2024. The ongoing geopolitical tensions in the Middle East and reports of falling inventories assisted prices to edge higher. Worries over supply disruptions in the Middle East added concerns to the global crude oil market. The growing conflict between Israel and Hamas … Read more
Congress president Mallikarjun Kharge on Thursday targeted the Modi government for not reducing the prices of petrol and diesel even when crude oil prices were falling globally. In a post on X, Kharge also put out a chart, which said crude oil has reduced by 31 per cent in 19 months but the minister says … Read more
