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India's fuel demand slumps to 9-month low amid COVID-19 impact on economic activity

Oil demand fell 11.3% to 15.11 million tonnes compared to the previous month and was down 1.5% from a year earlier, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed ....

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Oil Steady Near $65 as Hack-Hit U.S. Pipeline Works to Restart

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(Bloomberg) Oil traded near $65 a barrel as traders monitored the restoration of service along the largest U.S. oil-products pipeline, and looked ahead to OPEC’s latest analysis of global supply and demand.
West Texas Intermediate was steady in early Asian trading after fluctuating on Monday, before ending almost unchanged. Colonial Pipeline Co., a key supplier of fuels to the eastern U.S., said service will be mostly restored by the end of this week following a cyberattack. The outage, which triggered a short-lived spike in U.S. gasoline futures, has interrupted flows from Gulf Coast refineries.
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Oil Edges Lower as Hack-Hit U.S. Pipeline Works to Restart Flows

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(Bloomberg) Oil traded near $65 a barrel as traders monitored the restoration of service along the largest U.S. oil-products pipeline, and looked ahead to OPEC’s latest analysis of global supply and demand.
West Texas Intermediate was steady in early Asian trading after fluctuating on Monday, before ending almost unchanged. Colonial Pipeline Co., a key supplier of fuels to the eastern U.S., said service will be mostly restored by the end of this week following a cyberattack. The outage, which triggered a short-lived spike in U.S. gasoline futures, has interrupted flows from Gulf Coast refineries.
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Oil edges higher on weaker dollar, demand optimism

Oil edges higher on weaker dollar, demand optimism
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FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S.
(Reuters)
. Updated: 20 Apr 2021, 06:38 AM IST Bloomberg
In the US, refinery runs climbed to the highest in over a year as economic activity picked up, but oil demand in India is suffering amid a brutal fresh wave of coronavirus infections.
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Oil edged higher toward $64 a barrel, aided by a weaker dollar, as traders monitored a patchwork demand recovery from the pandemic.
West Texas Intermediate rose 0.3% in Asia after closing modestly higher on Monday. In the U.S., refinery runs climbed to the highest in over a year as economic activity picked up, but oil demand in India is suffering amid a brutal fresh wave of coronavirus infections. The dollar fell for a sixth straight session on Monday, boosting the appeal of commodities priced in the cur ....

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Power play: India wields oil 'weapon' to cut dependence on Saudi Arabia

When India s government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after OPEC+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world s energy maps.
It was a move that had been in the works for years, fuelled by repeated comments from Oil Minister Dharmendra Pradhan, who in 2015 called oil purchases a weapon for his country.
When the Organisation of Oil Exporting Countries and Major Producers (OPEC+) extended the production cuts into April, India unsheathed that weapon. Indian refiners plan to cut imports from the Kingdom by about a quarter in May, sources told Reuters, dropping them to 10.8 million barrels from monthly average of 14.7-14.8 million barrels. ....

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