Page 6 - Crude Oil

Oil drops as China Covid cases spike, dollar gains ahead of midterms

Crude has slumped by about a quarter from its June highs as signs of a global slowdown, tighter monetary policy, and a strong US dollar weighed on prices

Moscow may get new client as Russian cargo sits off UAE coast for 3 days

An oil tanker hauling a cargo of Russian crude has been sitting off the coast of the United Arab Emirates for three days, raising the prospect that the gulf state might become customer for Moscow

Oil climbs 3% as dollar slips; EU ban on Russian crude imports looms

US West Texas Intermediate (WTI) crude futures were up $3.52, or 3.99%, at $91.69 and on course for a weekly gain of more than 4%

Oil prices rise before expected Fed rate hike as US crude stocks drop

Oil prices rose on Wednesday before an expected rate hike by the Federal Reserve, supported by another decline in US oil inventories as refineries picked up activity ahead of the winter heating seas

Manali Petrochemicals reports Q2 standalone net profit at Rs 11.71 crore

Petrochemical manufacturing firm Manali Petrochemicals Ltd reported a standalone profit after tax (PAT) at Rs 11.71 crore for the second quarter ending September 30, 2022, the company said on Wednesday. The city-based company which is a part of the AM International, Singapore, had reported standalone PAT at Rs 119.62 crore during the corresponding quarter in the previous year. The standalone revenue during the quarter under review stood at Rs 267.22 crore, as against Rs 407.80 crore registered during the same period last financial year. "With the downtrends continuing on global cues, sales and profitability continued to be under pressure during the above period," the company said in a statement here. Manali Petrochemicals Ltd MD Ravi said the downtrend in the economy impelled by global events continue to affect the performance, which is being experienced since the last quarter of the previous year. Though sales volume could be maintained, product prices had been falling on the one

Oil prices slip ahead of US Fed meeting, crude stockpiles seen falling

At the same time, gasoline inventories fell 2.6 million barrels, more than expected. Official data is due at 1430 GMT.

Oil prices rise on demand optimism after US crude stocks drawdown

Brent crude futures rose $1.13, or 1.2%, to $95.78 a barrel at 0441 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.26, or 1.4%, to $89.63 a barrel

Iraq exports over 100 mn oil barrels in Oct, rakes in $9.25 bn in revenue

The average price for Iraqi crude oil in October was 88.31 dollars per barrel, the Ministry said in a statement on Tuesday, citing statistics from the State Organisation for Marketing of Oil.

Centre slashes windfall tax on domestic crude oil, increases on ATF export

At its seventh fortnightly review, the government hiked the tax on the export of ATF to Rs 5 per litre from Rs 3.50

Growth of core sector output recovers to 3-month high in September

The Reserve Bank of India last month also revised its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier

Oil futures ease about 1% as top crude importer China widens COVID curbs

Oil prices eased about 1% on Friday after top crude importer China widened its COVID-19 curbs, though the crude benchmarks were poised for a weekly gain on supply concerns

India's Sept crude oil imports fall 6.7% to 16 mn tonnes; 5.8% YoY decline

Oil product imports came in lower for a second straight month, falling about 4% from a month earlier to 3.48 million tonnes in September, while exports dropped 4.8%

EU, China remain Russia's largest fossil fuel customers: CREA data

Criticism of recent Indian purchases ignore the fact that traditional buyers still dominate this market

Oil rises 3% on strong crude demand, outweighing slack in China fears

Brent crude rose 56 cents, or 0.6%, to $96.25 a barrel by 1057 GMT. U.S. West Texas Intermediate (WTI) crude gained 41 cents, or 0.5%, to $88.32

Centre to receive Rs 40,000 crore from windfall tax, half from private cos

The windfall taxes were imposed in July and will only be removed if the price of oil falls below $70-75 per barrel

Markets end marginally up on Friday; Sensex, Nifty down 1% in Samvat 2078

The BSE MidCap index fell about 4 per cent in Samvat 2078, while the BSE SmallCap index added 0.4 per cent

India to examine Russia oil price cap as refiners line up Dec crude buys

India has emerged as Russia's second biggest oil client after China as some western entities shunned purchases form Moscow following its late February invasion of Ukraine

Iran starts refining crude oil in Venezuela: Petroleum Minister Javad Owji

Iranian Petroleum Minister Javad Owji has said that Iran has started refining its crude oil in Venezuela, state media affiliated to his Ministry reported.

Oil prices shaky as worsening global demand outlook depress market

Oil prices struggled to find their footing in early Asian trade after a weakening global demand outlook depressed the market in the last session

Leak detected in pipeline that brings Russian crude oil to Germany

A leak was detected in an oil pipeline in Poland which is the main route through which Russian crude oil reaches Germany, the Polish operator said Wednesday. The operator, PERN, said it detected a leak in the Druzhba pipeline, which originates in Russia, on Tuesday evening about 70 kilometers (45 miles) form the the central Polish city of Plock. It said the cause of the leak wasn't known. The incident follows leaks late last month in the Nord Stream 1 and 2 gas pipelines running along the Baltic seabed.