Page 30 - Pec News Today

Read about the drop in oil prices due to weak economic data from China and expectations of another US interest rate hike, despite OPEC+ supply cuts taking effect. Banking fears and US manufacturing data also weigh on crude prices. Will the Chinese recovery impact oil demand growth this year? Find out more here.

Oil prices were on course early on Friday to post a second consecutive weekly loss as concerns about the economy trumped larger-than-expected draw in U.S. commercial oil stocks.

Oil prices steadied after Russian Deputy Prime Minister Alexander Novak said global oil markets were balanced. Brent crude futures settled up 68 cents, while West Texas Intermediate crude settled up 46 cents. Economic data and weak refinery margins could affect crude demand and lead to cuts in runs.

Oil prices drop by almost 4% despite a significant fall in U.S. crude inventories. Economic concerns and the fear of recession continue to impact the energy industry, with potential interest rate hikes by central banks contributing to the slowdown of energy demand.

While unlikely, the possibility of oil reaching $200 exists in scenarios such as a major escalation in the Ukraine conflict or underinvestment leading to a reduction in supply.

Oil prices rebounded on Monday on hopes of increased fuel demand during China's May Day holiday and planned supply cuts by the OPEC+ alliance. However, refining margins in Asia have weakened, curbing the region's appetite for Middle East oil supplies.

Mohammed bin Salman and Vladimir Putin discussed the OPEC+ agreement in a phone conversation on Friday, agreeing to continue to cooperate.

Oil marketing companies' (OMCs') under-recoveries on diesel have reduced to just Re 1 per litre from the peak of Rs 40 per litre. Although OMCs have become profitable on the sale of petrol and liquefied petroleum gas with Rs 11 profit per litre of petrol, retail fuel prices are unlikely to be reduced for consumers. OMCs are still trying to recover from previous under-recovery losses with accumulative losses of Rs 27,000 crore in H1 FY23. No decision on fuel price revision is expected u...

The Biden administration has eased sanctions against Venezuelas oil industry, but the move has yet to have a significant impact.

The Canadian dollar strengthened against other major currencies in the Asian session on Monday, as oil prices rallied after OPEC+'s announced plans to cut more output this month.