Oil prices rose more than 2 percent on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a mandated reduction in Canadian supply. Brent crude oil rose $1.55 or 2.5 percent to a high of $63.24 by 0955 GMT. U.S. light crude was $1.25 higher at $54.20. Both benchmarks climbed around […]
Day: December 4, 2018
Opec working on 1.3-mn-bpd output cut deal; Russia remains stumbling block
Opec and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a significant production cut was so far the main stumbling block. Opec meets on Thursday in Vienna, followed by talks with allies such as Russia on […]
Lion Air reviewing Boeing jet purchases after crash that killed 189: Report
Indonesia’s Lion Air is reviewing airplane purchases from Boeing Co and has not ruled out cancelling orders as relations worsen in a spat over responsibility for a 737 jetliner crash that killed 189 people in late October, sources told Reuters. Group co-founder Rusdi Kirana is furious over what he sees as attempts by Boeing to […]
Electricity bill set to rise in these 5 states as Gujarat gives power relief to Adani, Tata
The Gujarat government last week passed an order to allow thermal power plants owned by Adani, Tata and Essar groups to pass on the higher cost of coal to discoms, which means that ultimately consumers will bear the brunt of higher power tariffs. The decision was taken in accordance with the Supreme Court order and […]
Petrol, diesel to soon cost less in Delhi than UP
Petrol and diesel may soon again become cheaper in Delhi as compared to adjoining cities of Uttar Pradesh as ad valorem duty structure has translated into a bigger reduction in daily prices in the national capital. While petrol and diesel traditionally have been cheaper in Delhi than most states in the country, due to lower […]
Spot power price plunges 40% to Rs 3.59 per unit in November on low demand
Average spot power price in November plunged 40 per cent to Rs 3.59 per unit as compared to the previous month, mainly on account of low demand in northern and western states due to onset of winter, Indian Energy Exchange (IEX) said Tuesday. “The average Market Clearing Price (MCP) at Rs 3.59 per unit registered […]