Oil falls 5% after Israel's counterattack on Iran; Brent crude drops to $71.92 per barrel
New York/IBNS: Oil prices fell by about $4 per barrel on Monday (Oct. 28) after Israel's weekend counterstrike on Iran left key oil and nuclear sites untouched, easing concerns over potential disruptions to energy supplies.
Finance Ministry to decide on scrapping windfall tax as crude prices decline, says PM's advisor
New Delhi: The Union finance ministry is expected to decide on scrapping the windfall tax on crude oil, as falling prices have made the levy less relevant, said Prime Minister’s advisor Tarun Kapoor, media reports said.
Global oil prices shoot up for third consecutive day amid escalating Middle East conflicts
New York/IBNS: Escalating tensions between Israel and Iran in the Middle East have driven global crude oil prices upward, and the situation could worsen following Iran's launch of around 180 ballistic missiles at Israel in response to the deaths of Hamas, Hezbollah, and Iranian military leaders.
Asian shares decline, oil and safe-haven assets surge following Iran's strike on Israel
Mumbai/IBNS: Oil and safe-haven assets surged after Iran launched a missile attack on Israel, causing US stocks to fall on Tuesday (Oct. 1) as investors sought safety, reports Bloomberg.
New York/IBNS: Oil prices surged by nearly 2 percent on Monday (Sept. 16), buoyed by continued disruptions to U.S. Gulf Coast oil production, despite ongoing concerns about demand stemming from weak economic data from China.
Oil prices tumble on weak demand concerns, Brent dips below $70, near 3-yr low
Brent futures fell below $70 a barrel for the first time since December 2021, marking a new low in a price slump driven by strong supply, demand concerns, and heavy speculative selling, according to Bloomberg.
Crude oil prices rise on Mideast escalation fears, US rate cut expectations
London/IBNS: Crude oil prices climbed 1 percent on Monday (Aug 26) on renewed concerns that an escalating Gaza conflict could disrupt regional oil supplies, extending gains from Friday when the prospect of US interest rate cuts lifted the global economic and fuel demand outlook, reports Reuters.
Govt slashes windfall tax on crude oil to Rs 2,100 per tonne
New Delhi/IBNS: The Union government has reduced windfall tax on domestically produced crude oil to Rs 2,100 per tonne from previous Rs 4,600 per tonne, while windfall tax on export of diesel and aviation turbine fuel (ATF) has been kept at nil, reports said.
Oil gains after US inflation data pushes Wall Street to lift Fed rate cut bets
Washington/IBNS: Crude oil prices extended gains on Thursday (July 11), keeping the Brent crude benchmark above the $85 per barrel-mark, after Wall Street experts lifted bets on interest rate cuts by the United States Federal Reserve, reports Mint.
Oil prices plunge on deflated US interest rate cut expectations, OPEC+ decision
New York/IBNS: Oil prices plunged on Friday and posted a third straight weekly loss as investors weighed OPEC+ reassurances against the latest United States jobs data that lowered expectations that the Federal Reserve will cut interest rates soon, reports said.
Saudi Arabia to launch Aramco share sale this Sunday to raise $10 bn: Report
Riyadh: Saudi Arabia is set to officially launch a secondary offering of shares in the oil giant Saudi Aramco, to raise over $10 billion, as early as Sunday, according to sources familiar with the matter, reported Bloomberg.
Reliance Industries inks one-year deal with Russia's Rosneft for oil purchase in roubles: Report
Mumbai: Mukesh Ambani-led Reliance Industries, which operates the world's largest refining plant, has signed a one-year agreement with Russia's Rosneft to purchase at least 3 million barrels of oil monthly in roubles, Reuters reported.
Oil prices rise over 1% ahead of inflation data after downbeat week
Houston/IBNS: The prices of crude oil rose over 1 percent in muted trade owing to public holidays in Britain and the United States after a downbeat week characterised by the outlook for US interest rates in the face of sticky inflation, reports said.
Govt asks PSU refiners, RIL to collaborate on negotiating oil-deal with Russia: Report
New Delhi: The government has asked its state-run oil refiners and private company Reliance Industries Ltd. to collaborate on negotiating a long-term supply agreement with Russia, Bloomberg reported.
India plans to set up first privately run strategic petroleum reserve by 2029-30: Report
New Delhi: India intends to set up its first privately operated strategic petroleum reserve (SPR) by 2029-30, allowing the operator the autonomy to trade the entire oil stock, media reports said.