NEW YORK (Reuters) – Oil prices fell about 3% to below $80 a barrel on Friday as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices. Brent futures for January fell $2.35, or 2.9%, to settle at […]
Category: Oil & Gas
Oil near six-week low as China readies crude reserve release
LONDON (Reuters) -Oil prices slid to six-week lows on Thursday before reversing course, 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. The bid by the U.S. to cool markets, asking China to join […]
Oil prices at 6-week low as China readies for crude oil reserve release
Oil prices slid to near six-week lows on Thursday as China said it was moving to release reserves following a Reuters report that the United States was asking big crude consumers to consider a coordinated release of stocks to lower prices. The bid by the U.S. administration to shock markets, asking China to join coordinated […]
Oil at six-week low as China readies crude oil reserve release
TOKYO (Reuters) – Oil prices slid to six-week lows on Thursday as China said it was moving to release strategic reserves after a Reuters report that the United States was asking large consuming nations to consider a coordinated stockpile release to lower prices. The bid by the U.S. to shock markets, asking China to join […]
Reliance Industries to bet big on 5-year bonds before RBI decision: Report
Reliance Industries Ltd., which runs one of India’s biggest treasury operations, went on a shopping spree for local five-year bonds just weeks ahead of a crucial central bank policy meeting, according to people with knowledge of the matter. The company bought about $270 million worth of state bonds from a single state-run bank, according to […]
ONGC, Saudi Aramco sign feedstock and marketing MoU
To explore a strategic alliance on a broad range of energy prospects, public sector oil and gas explorer Oil and Natural Gas Corporation Limited (ONGC) has inked a Memorandum of Understanding (MoU) with world’s largest oil company Saudi Aramco. The two energy companies will look into long-term supply contracts for the sale and purchase of […]
Govt accepts Cairn’s offer on retro tax; company to withdraw cases: Report
Moving quickly towards ending a retrospective tax dispute with a firm that gave India its largest oilfield, the government has accepted Cairn Energy PLC’s undertakings which would allow for the refund of taxes, sources said. Meeting the requirements of the new legislation that scraps levy of retrospective taxation, the company had earlier this month given […]
Relief for consumers as petrol, diesel prices stay unchanged for fortnight
Consumers continue to get relief from rising fuel prices as oil marketing companies (OMCs) have kept pump prices of petrol and diesel unchanged post revision of duties by the state governments on Diwali eve. Accordingly, petrol and diesel prices remained static for the 14th consecutive day on Thursday under the daily price revision mechanism followed […]
US asks India, China, others to consider tapping oil reserves: Report
The Biden administration has asked some of the world’s largest oil consuming nations – including China, India and Japan – to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter. The unusual request comes as U.S. President Joe Biden fends off political pressure […]
Oil prices drop on oversupply warnings, rising Covid-19 cases
LONDON (Reuters) -Oil prices fell on Wednesday after the International Energy Agency (IEA) and OPEC warned of impending oversupply and as COVID-19 cases in Europe increased the downside risks to demand recovery, though a fall in U.S. gasoline stocks curbed losses. Brent crude futures dropped 32 cents, or 0.4%, by 1410 GMT to $82.11 a […]
Oil prices fall on oversupply warnings, rising Covid-19 cases
LONDON (Reuters) – Oil prices fell on Wednesday after the International Energy Agency (IEA) and OPEC warned of impending oversupply and as COVID-19 cases in Europe increased the downside risks to demand recovery, though a fall in U.S. gasoline stocks curbed losses. Brent crude futures dropped 79 cents, or 1%, by 1038 GMT to $81.64 […]
China’s state reserve bureau says it’s working on crude oil release
China’s state reserve bureau said on Wednesday it is working on a release of crude oil reserves although it declined to comment on a U.S. request to the world’s top consuming nations to tap stockpiles to ease global energy prices. The National Food and Strategic Reserves Administration told Reuters when asked to comment on the […]