Petrol price in Delhi rose to its highest-ever level of Rs 102.94 a litre and to Rs 108.96 in Mumbai, a government notification said. Diesel rates too touched a record high of Rs 91.42 in Delhi and Rs 99.17 per litre in Mumbai. Prices differ from state to state depending on the incidence of local […]
Oil prices have been rising, with Brent nearing $80 and WTI Crude exceeding $75 per barrel as global oil and energy markets continue to tighten. Oil demand is recovering from the Delta variant faster than expected, but supply is not catching up fast enough, analysts say. Goldman Sachs, for example, said that the deficit in […]
On Friday, 16 July, crude oil prices headed for their biggest weekly drop since May this year as expectations of more supplies spooked investors. In India, however, the price of petrol and diesel touched record highs. Mumbai’s petrol cost is the highest across metro cities, standing at a staggering Rs 107.54 per litre. Diesel in the […]
Gold touched a 5 month high of about $1900 mark per troy ounce at COMEX from the March 2021 lows of $1700’s, consolidated in the recent trading session on account of improving dollar and treasury yields. The yellow metal has also responded to the opening up of economies backed by robust vaccination drives, diminishing the […]
India’s fuel demand rose for the fourth straight month in December 2020, but it was about 2 per cent lower than pre-COVID levels. The total demand for petroleum products in December 2020 fell to 18.59 million tonnes from 18.94 million tonnes a year back, according to provisional data published by the oil ministry’s Petroleum Planning […]
Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest since March 2020. U.S. West Texas Intermediate crude […]
Oil prices plummeted as a new strain of the coronavirus in the UK, found to be spreading faster among people, prompted tougher lockdowns in Britain and many European countries banning flights from the UK. WTI Crude was plunging by 4.20 percent to $47.04 a barrel, while Brent Crude was down by 4.17 percent at $50.12 a barrel, […]
The spread of the Covid-19 pandemic led to lockdowns and economic devastation across the world. The story for commodities was far more nuanced, reflecting that the pandemic was not your run-of-the-mill global recession. The story for 2021 is likely to be dominated by the recovery from the coronavirus, especially since it now seems likely that […]
Only the lowest cost crude oil reserves are likely to be developed over the next three to five years, according to Moody’s Investors Service. It said that Brent crude prices are likely to remain in the range of $45-$65/barrel, while WTI (West Texas Intermediate) crude are likely to get $40-$60/barrel in the medium term. Moody’s said that […]
As oil prices start firming up from decades low, experts are suggesting the Indian government hedge part of its oil import to lock in the low price for the future, Business Standard reports. In India, public sector oil marketing companies (OMCs) don’t hedge oil beyond the level they import immediately. This is done just to […]
