Page 3 - Oil Prices

Oil prices steady after last session's slump as Fed minutes awaited

The Fed raised interest rates by 50 basis points (bps) in December after four consecutive increases of 75 bps each

Oil dips after IMF says slowing global growth engines portend tougher 2023

Oil prices slid from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023

Oil price spike brings back subsidies but India wins at crude diplomacy

A wild swing in international oil prices in 2022 brought back indirect fuel subsidies in India in a setback to reforms, but the nation won at crude diplomacy as it refused to succumb to western pressures and continued to buy oil from the cheapest available source. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly USD 140 per barrel in March 2022 after Russia invaded Ukraine, before sliding on weaker demand from top importer China and worries of an economic contraction. But for a nation that is 85 per cent dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) froze petrol and diesel prices for the longest ...

Oil ends year of wild price swings with second straight annual gain

Prices surged in March as Russia's invasion of Ukraine upended global crude flows, with international benchmark Brent reaching $139.13 a barrel, highest since 2008

Govt allows import of lentils, vegetable oil at lower duty until March 2024

India imports more than two-thirds of its edible oil needs and has been struggling to contain a rally in local oil prices over the last few months

Consumer gas prices in Germany to remain high for most of 2023: Minister

To secure Germany's gas supply, liquefied natural gas terminals were being constructed to create new infrastructure for imports

Oil prices hit three-week high as China eases Covid-19 restrictions

Brent crude was up 22 cents, or 0.3%, at $84.14 a barrel by 0911 GMT and U.S. West Texas Intermediate crude gained 7 cents to $79.63

Oil climbs on expected drop in Russian exports, offsets US storm impact

Oil prices rose on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the US could snuff out transport fuel demand

Oil rises on tight US stocks as winter festivities, holiday travel hits

Demand worries, however, stemming from China's COVID-19 surge and fears of a global recession may keep oil futures in check

Renewable energy sector to boom as investments may cross $25 bn in 2023

With an oil price shock threatening to derail economies globally, the focus has shifted to renewable energy with over USD 25 billion or Rs 2 lakh crore investment planned in India for using sunlight, water and air to produce energy. Oil and gas prices shooting through the roof in 2022 in the aftermath of Russia's war in Ukraine sent governments in import-dependent nations like India scrambling for options. Not just imports but a shift to renewables is also seen as a way to cut carbon footprint and meet net-zero targets. And so the government in 2022 aggressively pushed for the adoption of electric vehicles, the production of green hydrogen, manufacturing of solar equipment and energy storage in pursuit of its ambitious 500 GW renewable capacity target by 2030. India would have to add at least 25GW of renewable energy capacity per annum for eight years continuously to achieve the 500 GW target by 2030. At present, India has around 173GW of non-fossil fuel based clean energy capacity

Oil prices up as US crude stocks seen falling, dollar eases in early trade

Brent crude futures rose 8 cents to $80.07 per barrel by 0126 GMT, while US West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29

Need to promote flex-fuel vehicles to deal with crude oil prices: Gadkari

Transport and Highways Minister Nitin Gadkari has said that the country needs to promote vehicles running on more than one fuel and e-vehicles to tide over the wide fluctuations in crude oil prices

Oil rises on uncertainty over Keystone pipeline restart, Russian supplies

Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut

Oil bounces on pipeline shutdown but heads for weekly loss on demand woes

Brent crude futures were at $76.73 a barrel, up 58 cents, or 0.76%, at 0716 GMT, after dropping 1.3% on Thursday

'Underweight' on India, China to lead Asian outperformance in 2023: Nomura

The key risks identified by the brokerage are stretched government finances and oil prices going past $120 a barrel

Oil price rebounds from 2022 lows on China demand hopes, tanker delays

Brent crude rose 29 cents, or 0.4%, to $77.46 a barrel by 0905 GMT, while U.S. West Texas Intermediate (WTI) crude gained 73 cents, or 1%, to $72.74

G-7 price ceiling on Russian oil not low enough to hit Kremlin's revenues

European officials touted the cap - negotiated last week after months of haggling among the US and its allies - as a way to starve Russia's war machine

What we have learned three days into the price cap on Russian oil

The unprecedented move by one set of countries to try to impose a price at which another can sell a commodity has drawn confusion among traders, and - from Moscow - a threat of retaliation

Oil falls close to 2022 lows on economic worries, easing supply fears

Brent crude fell $1.05, or 1.3%, to $78.30 a barrel by 1020 GMT. It touched $77.74 earlier, the lowest since Jan. 3. U.S. crude was down $1.24 or 1.7% to $73.01 and touched $72.25

Oil prices open mixed in early trade on economic fears, rate-hike prospects

Brent crude futures rose 17 cents, or 0.2%, at 0107 GMT to $79.52 a barrel. Last session the benchmark fell below $80 for the second time in 2022