Oil Price News

Markets

Oil rises ahead of US Fed decision after IEA's bullish demand forecast, rate-pause to support prices; check details

Analysts and market participants expect the US central bank to pause interest rate hikes to observe the economic impact of 10 interest rate increases announced since March 2022.

3 min read14 Jun 2023
Markets

Oil retreats from lows to climb over $1 on June 13; investors remain cautious ahead of US Fed decision

Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a June 16 expiry, was last trading higher by 0.77 per cent at ₹5,612 per bbl.

2 min read13 Jun 2023
Web Stories

Key factors driving crude oil market this week

Ahead of US Fed decision on June 14, check key triggers for the oil markets this week

1 min read12 Jun 2023
Markets

Oil prices down $2, Brent and NYMEX at 1-month lows; US Fed decision in focus

On the Multi Commodity Exchange (MCX), crude oil futures due for a June 16 expiry, was last trading lower by 2.61 per cent at ₹5,672 per bbl.

3 min read12 Jun 2023
Markets

OPEC is tackling market ‘uncertainties’, says Saudi's oil minister after output cuts

At the OPEC meeting last week, Saudi Arabia announced a unilateral cut of one million barrels a day for the month of July.

1 min read11 Jun 2023
Markets

Oil reports second weekly decline; Fed decision to influence Saudi's next move, say analysts

Oil prices had risen earlier in the week, due to Saudi Arabia's pledge to cut more output on top of the cuts agreed earlier with the Organization of the Petroleum Exporting Countries and its allies or OPEC+.

2 min read10 Jun 2023
Markets

Oil edges higher as Saudi output cut overweighs weak Chinese export data; check details

On the Multi Commodity Exchange (MCX), crude oil futures due for a June 16 expiry, was last trading higher by 0.99 per cent at ₹5,998 per bbl.

2 min read7 Jun 2023
Markets

Oil retreats over 2% over global growth fears after Saudi output cut led one-day rally; what lies ahead

Brent crude had gained as much as $2.60 per barrel on Monday and WTI as much as $3.30 after Saudi Arabia, the world's top exporter, announced on June 4 that its output would drop by 1 million barrels per day (bpd) to 9 million bpd in July.

3 min read6 Jun 2023
Markets

Russia extends oil output cut of 0.5 million bpd until end of 2024: Deputy PM Novak

‘This voluntary cut will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus on June 4, 2023,’ Novak added.

1 min read4 Jun 2023
Markets

OPEC+ to lower production targets from 2024 by 1.4 mln bpd; Saudi to cut output in July

OPEC+ reached a deal on output policy after seven hours of talks and decided to reduce overall production targets from 2024 by a further total of 1.4 million barrels per day.

2 min read4 Jun 2023
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