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The criticism from both sides reflects the difficulty Biden's 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 to positive factors such as corporate profitability, private sector investment, and bank credit growt...

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: "China's stimulus policy, resilient U.S. economic data, and OPEC+'s ongoing output cuts are the bullish factors that support the oil market's upside movement," CMC Markets analyst Tina Teng said, referring to a reserve ratio cut by China's 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.