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Crude Oil

Finance Ministry to review efficacy of windfall tax on crude oil and fuel exports

Finance Ministry to review efficacy of windfall tax on crude oil and fuel exports

Thu, Nov 28, 2024

The Finance Ministry would review the efficacy of windfall tax on the export of petrol, diesel and Aviation Turbine Fuel (ATF) as global crude oil prices have stabilised, sources said. Phenomenal profits made by some oil refiners on exporting fuel at the expense of domestic supplies had prompted the government to introduce an export tax on petrol, diesel and ATF in July 2022.

Central government has tools to deal with volatile crude oil rates, says official

Central government has tools to deal with volatile crude oil rates, says official

Fri, Oct 04, 2024

India is bound to be impacted by the spillover impact of global developments, a central government official has said.

Brent crude fell by about 2.5%

Brent crude fell by about 2.5%

Tue, Oct 01, 2024

Brent crude slipped below $70, Brent crude fell by about 2.5%

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Oil resumes climb on renewed risk appetite, tight OPEC supply

Oil resumes climb on renewed risk appetite, tight OPEC supply

Tue, Jan 11, 2022

Oil prices rose on Tuesday after two days of losses, with some risk appetite returning as the market awaited clues from the U.S. Federal Reserve chairman on potential rate rises and as some oil producers continued to struggle to beef up output.

Oil witnesses strength as OPEC+ producers boost output, US fuel demand dips

Oil witnesses strength as OPEC+ producers boost output, US fuel demand dips

Thu, Jan 06, 2022

Brent crude futures ended up 80 cents, or 1%, to $80.80 a barrel. U.S. West Texas Intermediate (WTI) crude futures closed up 86 cents, or 1.1%, to $77.85.

Rupee starts 2022 on muted note, falls 14 paise to 74.43 against USD

Rupee starts 2022 on muted note, falls 14 paise to 74.43 against USD

Mon, Jan 03, 2022

The rupee started the year 2022 on a muted note as it slipped 14 paise to 74.43 against the US dollar in opening trade on Monday, tracking weak macroeconomic data.

Oil starts new year on positive note, pandemic worries curb gains

Oil starts new year on positive note, pandemic worries curb gains

Mon, Jan 03, 2022

Oil prices rose on Monday as the market kicked off 2022 on a positive note, although concerns over demand waning due to rapidly spreading COVID-19 pandemic limited gains.

Oil heads for biggest annual gain since at least 2016

Oil heads for biggest annual gain since at least 2016

Fri, Dec 31, 2021

Both contracts touched their 2021 peak in October, with Brent at $86.70 a barrel, the highest since 2018, and WTI at $85.41 a barrel, the highest since 2014.

Oil settles higher despite Omicron concerns

Oil settles higher despite Omicron concerns

Wed, Dec 29, 2021

Oil prices settled higher on Tuesday, with Brent crude ending the session near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week.

Oil prices mixed, US crude falls after COVID-19 flight cancellations

Oil prices mixed, US crude falls after COVID-19 flight cancellations

Mon, Dec 27, 2021

Oil prices were mixed on Monday, with Brent edging up while U.S. crude futures slipped after airlines called off thousands of flights in the United States over Christmas holidays amid surging COVID-19 infections.

India's crude imports hit 10-month peak as refiners bank on strong demand

India's crude imports hit 10-month peak as refiners bank on strong demand

Fri, Dec 24, 2021

India`s crude oil imports in November rose to their highest level in 10 months as refiners stocked up to boost runs in anticipation of strong demand in the world`s third-largest oil consumer and importer.

Oil prices advanced after data showed larger-than-expected drop in US crude stockpiles

Oil prices advanced after data showed larger-than-expected drop in US crude stockpiles

Thu, Dec 23, 2021

The West Texas Intermediate for February delivery added $1.64, or 2.3 per cent, to settle at $72.76 a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 1.31 dollars, or 1.8 per cent, to close at 75.29 dollars a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

Asian equities, oil prices sink as Omicron makes waves

Asian equities, oil prices sink as Omicron makes waves

Mon, Dec 20, 2021

Asian share markets fell and oil prices slid on Monday as surging Omicron COVID-19 cases triggered tighter curbs in Europe and threatened to swamp the global economy into the New Year.

No proposal to transfer ONGC's assets to OIL: Minister of State for Petroleum and Natural Gas

No proposal to transfer ONGC's assets to OIL: Minister of State for Petroleum and Natural Gas

Mon, Dec 13, 2021

Assam Chief Minister Himanta Biswa Sarma had earlier this year written to Prime Minister Narendra Modi requesting him to consider transferring all assets of Oil and Natural Gas Corporation (ONGC) in the northeastern region to Oil India Ltd.

Oil extends gains on easing Omicron fears, Iran delay

Oil extends gains on easing Omicron fears, Iran delay

Tue, Dec 07, 2021

Oil prices edged up on Tuesday after a near 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.

Oil gains more than $1/bbl after Saudi price hike

Oil gains more than $1/bbl after Saudi price hike

Mon, Dec 06, 2021

Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States, and as indirect U.S.-Iran talks on reviving a nuclear deal appeared to hit an impasse.

Oil rises as investors await OPEC+ decision

Oil rises as investors await OPEC+ decision

Thu, Dec 02, 2021

Oil prices rose on Thursday as investors awaited an OPEC+ decision on supply policy amid fears that the Omicron coronavirus variant could hit fuel demand.

Oil rises on views OPEC+ may pause supply addition amid Omicron fears

Oil rises on views OPEC+ may pause supply addition amid Omicron fears

Thu, Dec 02, 2021

The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will likely decide on Thursday whether to release more oil into the market as previously planned or restrain supply.

Oil rises 1% ahead of OPEC meeting under Omicron cloud

Oil rises 1% ahead of OPEC meeting under Omicron cloud

Wed, Dec 01, 2021

The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT ahead of a meeting on Thursday of OPEC+, which includes OPEC and allies including Russia.

Oil slips awaiting OPEC+ response to US-led crude release

Oil slips awaiting OPEC+ response to US-led crude release

Thu, Nov 25, 2021

Oil prices ticked lower on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand.

Analysis: US President Joe Biden''s overture to Asian oil consumers serves warning to OPEC+

Analysis: US President Joe Biden''s overture to Asian oil consumers serves warning to OPEC+

Sat, Nov 20, 2021

For weeks, the White House and administration officials had urged the Organization of the Petroleum Exporting Countries and its allies including Russia to accelerate production increases to satisfy demand as the global economy rebounds from the depths of the pandemic

Oil near six-week low as China readies crude reserve release

Oil near six-week low as China readies crude reserve release

Thu, Nov 18, 2021

Oil prices slid to six-week lows on Thursday before recovering some ground, as China said it was moving to tap reserves after a Reuters report that the United States was asking large consuming nations to consider a stockpile release to lower prices.

Crude Oil prices drop on demand worries, rising supplies

Crude Oil prices drop on demand worries, rising supplies

Tue, Nov 16, 2021

Oil prices slipped on Tuesday as a rebound in COVID-19 cases in Europe raised concerns over demand amid expectation that supply will rise, while some in the market still fear the United States may release crude reserves to stop a rally in gasoline prices.

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