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Crude Oil Prices: "Asset markets reacted positively to the Fed yesterday and I think oil has followed that by moving a bit higher," said Callum Macpherson, head of commodities at Investec.

International Energy Agency: This growth is anchored by robust demand from China, which is responsible for 77% of the increase, followed by India and Brazil.

Fuel Prices In India: With the kaleidoscope of celebrations between August and November, consumers have their eyes set on petrol and diesel rates, which have remained steady, and high, for two years now.

International Energy Agency: In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous forecast of 1 million bpd, based on broader economic concerns and a faster adoption of electric vehicles among other energy efficiency measures.

High crude oil prices will weaken the profitability of the countrys three state-owned oil marketing companies -- Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) -- as they have limited flexibility to pass on higher raw material costs to consumers due to the forthcoming Lok Sabha elections in May 2024, according to a report by Moodys.

The criticism from both sides reflects the difficulty Bidens White House has had in dealing with U.S. oil extraction policies, as it seeks to balance national energy security with the need to cut greenhouse gas emissions to fight climate change. Biden had promised on the campaign trail to end new federal leasing, but has been blocked by the courts from doing so, and discouraged by rising pump prices that political analysts say could hurt his chances of reelection.

The Indian finance ministry has stated that economic activities in the second quarter of this fiscal year are progressing well, following the momentum seen in the previous quarter. However, it has expressed concerns about the recent increase in global crude oil prices. The report also highlights the potential risks of a stock market correction and geopolitical developments on investment sentiment in the second half of the financial year. Despite these risks, the ministry remains optimistic due t...

Oil Prices Update: Higher oil prices risk making inflation more persistent, just at a time when central bankers are inching towards ending their cycle of rising interest rates. The US Federal Reserve may leave borrowing costs on hold on Wednesday, though the Bank of England may vote to hike again on Thursday.

Global Oil Demand Growth: "Chinas stimulus policy, resilient U.S. economic data, and OPEC+s ongoing output cuts are the bullish factors that support the oil markets upside movement," CMC Markets analyst Tina Teng said, referring to a reserve ratio cut by Chinas central bank last week to boost liquidity and support its economy.

"Crude prices continue to trade on supply-side drivers. No one is doubting that OPEC+ will keep this market tight going into the winter," Edward Moya, senior market analyst at data and analytics firm OANDA, said in a note.