Oil Prcies

The government sets the price of gas from domestic fields every six months, however this time around it decided to keep any changes on hold for the period beginning April 1

At the same time, oil prices are likely to be impacted by rate hikes across the world as global central banks tighten policy over fears of increasing inflation

WTI is trading in contango, which means front-month delivery contracts are trading higher than later deliveries, indicating current oversupply

Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand

Brent futures for March delivery gained 26 cents, or 0.3%, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5% gain

Brent crude futures fell 17 cents, or 0.2%, to $83.86 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 12 cents, or 0.2%, to $78.27

Brent crude futures rose 72 cents to settle at $93.86 a barrel, while U.S. West Texas Intermediate crude rose $1.05 to $86.92

Brent crude futures dropped by 22 cents, or 0.2%, to $94.45 a barrel at 0025 GMT after falling 1.5% in the previous session

Brent crude shed 44 cents, or 0.5%, to $95.72 a barrel at 0146 GMT, while US West Texas Intermediate (WTI) crude futures retreated 59 cents, or 0.7%, to $89.41

Brent crude futures picked up 17 cents, or 0.1%, to $94.82 a barrel at 0014 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3%, to $88.63 a barrel

Brent crude for January delivery was down 4 cents at $92.77 a barrel at 0112 GMT. The December contract expired on Monday at $94.83 a barrel, down 1%

World and European shares turned higher on Friday as Wall Street extended gains amid hopes of a slowdown in some central banks' rate hikes

Both OPEC and US Energy Department have cut their demand outlooks, while a flare-up in Covid cases in China has sparked fresh concerns over fuel consumption in the world's top crude importing-country

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices

Dealers say it's because of delay in index inclusion

Oil prices plunged about 5% to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession

Brent crude futures settled up 93 cents, or 1%, at $94.10 a barrel, while U.S. West Texas Intermediate crude ended $1.17, or 1.3%, higher at $88.48.

U.S. commercial oil stocks were forecast to have risen 800,000 barrels during the same week, analysts forecast in a Reuters poll

Oil rebounded after President Vladimir Putin said on Wednesday that Russia will stop supplying gas and oil if price caps are imposed on Russia's energy resources