Opec Supply Cut

Sustained higher crude oil prices and gas realisations can result in better profitability for upstream oil and gas companies, analysts said

Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)

U.S. crude futures rose 46 cents, or 0.6%, to $84.09 a barrel, having gained more than 5% in the previous session.

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OPEC+ meeting: While analysts said the current output cut is insignificant to move the needle on oil prices, they cautioned that more output cuts may push oil prices higher, impacting India

Oil fell after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes, trumping support from OPEC+'s first output target cut since 2020

The group will reduce production by 100,000 barrels a day next month, taking supplies back to August levels, it said in a statement

Underlining tight supply, the latest U.S. inventories weekly reports are expected to show crude stocks declining 900,000 barrels last week

The broader indices, however, outperformed the key benchmark indices. The BSE Midcap index ended flat, while Smallcap index was up 0.3 per cent

NEW YORK (Reuters) -Oil prices tumbled about 4% on Monday as weak economic data from China and the United States, the world's top oil consumers, and higher crude output from OPEC producers stoked fears of weakness in oil demand and oversupply.

Saudi Arabia plans to cut output by an extra 1 million barrels per day (bpd) in February and March to keep inventories in check

OPEC+ had been expected to continue existing cuts until at least March, after backing down from plans to raise output by 2 million bpd.

Brent crude futures rose 9 cents to settle at $45.46 a barrel. US West Texas Intermediate (WTI) crude futures ended unchanged at $42.89 a barrel

West Texas Intermediate crude futures rose 50 cents, or 1.2%, to $41.72 a barrel at 0301 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel

Industry group American Petroleum Institute (API) reported US crude inventories rose last week by 7.5 million barrels compared with expectations for a draw of 2.1 million

Brent crude futures were up 10 cents, or 0.2%, at $43 a barrel as of 0049 GMT, and US West Texas Intermediate (WTI) crudefutures rose 14 cents, or 0.4%, to $40.43 a barrel

Brent crude fell 27 cents to $42.97 a barrel by 0114 GMT while US West Texas Intermediate crude was at $40.27 a barrel, down 28 cents

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.

US West Texas Intermediate (WTI) crude was up $2.46 or 8.4% at $31.89 per barrel, its highest since mid-March

The oil market was dealt a heavy blow by the freefall in demand due to the coronavirus pandemic