Oil prices continue to gain amid worries about supply disruptions; brent crude at $89.76/bbl

Oil prices continue to gain amid worries about supply disruptions; brent crude at $89.76/bbl

Oil prices continued their upward trajectory amid investor apprehensions regarding potential disruptions in supply due to escalating geopolitical tensions, on Wednesday. However, some of these concerns were mitigated by an unexpected increase in U.S. crude oil inventories. Brent crude futures climbed by 84 cents, representing a 0.9% increase, reaching $89.76 per barrel by 11:38 a.m. … Read more

Oil prices surge to five-month high on positive economic news from US and China, brent crude at $87.73/bbl

Oil prices surge to five-month high on positive economic news from US and China, brent crude at $87.73/bbl

Crude prices saw a modest 1% increase, reaching a five-month peak. This surge was fueled by anticipations of rising oil demand, prompted by upbeat economic updates from both the U.S. and China, on Monday.  Additionally, global supplies faced constraints due to OPEC+ production cuts and assaults on Russian refineries. Brent futures climbed by 73 cents … Read more

FY24 Review | Brent rises nearly 9% in last 12 months on OPEC cuts, Middle-East tensions; Will oil hit $100 in FY25?

FY24 Review | Brent rises nearly 9% in last 12 months on OPEC cuts, Middle-East tensions; Will oil hit $100 in FY25?

Among other reasons, Ukraine’s drone attack on Russian refineries and OPEC extending its supply cuts till mid-2024 have also dictated the movement of crude oil prices. Overall, the Brent crude’s highest mark achieved in FY24 was $97.69 per barrel in September 2023, after the Israel-Hamas war breakout. The lowest was $71.28 per barrel in May … Read more

Crude oil prices to trade with upside bias over geopolitical tensions; Brent may hit $90-$95/bbl in near-term

Crude oil prices to trade with upside bias over geopolitical tensions; Brent may hit $90-$95/bbl in near-term

Global crude oil prices rose sharply by 5.9 per cent over the past month crossing the $86 per barrel mark for the first time since November 2023 –responding to seasonal tightening in physical markets, supply cut extensions, and a pick-up in geopolitical tensions. According to a report by ICICI Bank Research, the upside bias is … Read more

Oil prices drop on weaker US fuel demand, Gaza ceasefire report; Brent rebounds to $85/bbl

Oil prices drop on weaker US fuel demand, Gaza ceasefire report; Brent rebounds to $85/bbl

Brent crude futures for May were down 68 cents, or 0.8 per cent, to $85.27  per barrel after dropping by 1.6 per cent on Wednesday. US West Texas Intermediate futures for May were down 69 cents, or 0.9 per cent, to $80.58 per barrel after a fall of about 1.8 per cent in the previous … Read more

Oil hits 4-month high after Ukraine’s drone attack on Russian refinery, OPEC cuts; Brent at $87/bbl

Oil hits 4-month high after Ukraine's drone attack on Russian refinery, OPEC cuts; Brent at $87/bbl

International crude oil prices again hit a four month-high mark on Tuesday, March 19, after breaking above range-bound trading last week, but gains were limited by the prospect of rising exports from Russia as Ukrainian attacks on oil infrastructure curb domestic refining activity. The Brent crude oil futures contract was up 33 cents at $87.22 … Read more

‘Gold price may touch $2300 level by end of September 2024’

'Gold price may touch $2300 level by end of September 2024'

Amid correction in the bullion metal prices, after hotter-than-expected US inflation and PPI print, the stock market and decentralized digital currency market have also fallen under the bears’ grip. Anuj Gupta, Head — Commodity & Currency at HDFC Securities talks to Asit Manohar of Mint and unveils triggers that may lend support to the falling … Read more