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India’s crude import price falls below $70 per barrel, a first since August 2021

Lower crude oil import prices have raised hopes for lower petrol and diesel rates, enhancing macroeconomic stability amid global price declines.

Oil tanker trucks outside an oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India, on Friday, April 4, 2025. Indian refiners have rushed back to the market to seek crude supply after President Donald Trump's threat of more penalties against Russia raised concerns over potential disruptions to oil flows.(Bloomberg file)

india news

Updated on Apr 15, 2025 06:03 AM IST

ByRajeev Jayaswal, New Delhi

Global oil prices fall as Donald Trump’s wide-ranging tariffs threaten demand

Trump said he will apply a minimum 10% tariff on all exporters to the US and impose additional duties on around 60 nations with the largest trade imbalances.

West Texas Intermediate declined as much as 3.3% to $69.38 a barrel, tracking a slump in wider markets.(Representational Image/Unsplash)

business

Updated on Apr 03, 2025 08:35 AM IST

Bloomberg |

Why crude prices could be immune to Trump upheaval

Opec’s expert orchestration of the flow of barrels into the market, read alongside the increased production in non-Opec countries, will ensure steady oil prices

Opec+, which includes Russia, is a key element of price stability (PTI)

opinion

Published on Mar 12, 2025 07:16 PM IST

ByShreerupa Mitra

Crude oil prices fall over Chinese inflation dip

Crude was hit by the escalating global trade war, plans by OPEC and its allies to increase production, and talks to end the three-year war in Ukraine.

Brent Crude traded close to $70 a barrel after touching a new low since 2021 last week, while WTI Crude was below $67.(Representational Image/Unsplash)

business

Published on Mar 10, 2025 05:43 PM IST

ByHT News Desk

Asian stocks slide, oil climbs on Russia sanctions: Markets wrap

Stocks and bonds slid in Asia following Friday’s stronger-than-expected US jobs data, while oil climbed to a four-month high amid sanctions on Russia.

US stock market to close on January 9, declared as Jimmy Carter's national day of mourning.(Michael Nagle/Bloomberg)

world news

Published on Jan 13, 2025 10:03 AM IST

Bloomberg | | Posted by Aditi Srivastava

Oil prices steady as weekly rise expected amid China's economic recovery hopes

Oil prices stable as optimism grows for China's recovery amid stimulus effort

With hopes that economic stimulus initiatives will spur a resurgence in China, the world's largest oil importer, oil prices were little altered on Friday but were expected to climb weekly.(Reuters/representative)

business

Published on Dec 27, 2024 08:40 AM IST

Reuters |

Saudi Arabia cuts oil prices for Asia amid weak demand: Report

Saudi Arabia is cutting oil prices for Asian buyers by a margin more than expected due to a weak market outlook and also after OPEC delayed an output revival

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia.(Reuters)

business

Published on Dec 09, 2024 01:12 PM IST

ByHT News Desk | Edited by Abhyjith K. Ashokan

Why oil prices are not rising despite the war in West Asia

This article is authored by Hriday Sarma, senior fellow, South Asia Democratic Forum, Brussels.

ht insight

Published on Dec 06, 2024 02:20 PM IST

ByHriday Sarma

Israel-Iran crisis: Escalating conflicts cause global oil prices to shoot up

Global oil prices rose for a third consecutive day, reaching towards $75 a barrel, after Israel and the US vowed at retribution towards Iran

The iCOMDEX Crude Oil index of the Multi Commodity Exchange (MCX) showed oil prices rose to <span class='webrupee'>₹</span>7,749.35 a barrel. This is a 1.32% or <span class='webrupee'>₹</span>101.11 gain.(Representational Image/Unsplash)

business

Published on Oct 03, 2024 01:10 PM IST

ByAbhyjith K. Ashokan

Oil prices rise as Hezbollah leader’s death stokes tensions in Middle East

Oil prices rose after the killing of Hezbollah leader Hassan Nasrallah, heightening Middle East tensions. Brent crude surpassed $72 a barrel.

A hole in the ground near the site of the assassination of Hezbollah leader Hassan Nasrallah in Beirut's southern suburbs. Following the assassination of Hezbollah leader Hassan Nasrallah, oil prices increased amid rising Middle East tensions. Brent crude rose above $72, while Israel targeted locations in Lebanon and Yemen. Iran's response has been measured, as President Pezeshkian avoided direct threats against Israel.(AP)

business

Published on Sep 30, 2024 07:55 AM IST

Bloomberg |

Petrol, diesel prices to be cut soon? What Oil Secretary said on likely decision

State-run fuel companies may soon cut petrol and diesel prices if global oil prices remain low, according to Oil Secretary Pankaj Jain.

Oil Secretary Pankaj Jain indicated that petrol and diesel prices could be lowered if global crude rates stay low. With Brent crude recently dropping below $70 per barrel, state-run fuel companies are considering reducing prices to align with favorable market conditions.

business

Updated on Sep 13, 2024 08:21 AM IST

ByHT News Desk | Edited by Mallika Soni

Sensex, Nifty rise on rally in global markets, foreign fund inflows

Key gainers included Power Grid and Bharti Airtel, while Bajaj Finserv lagged. Foreign investors bought equities worth ₹1,176.55 crore amid dip in oil prices.

Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)

business

Updated on Sep 10, 2024 10:06 AM IST

ByHT News Desk | Edited by Mallika Soni

Oil regains ground on political uncertainty in US, Mideast

GLOBAL-OIL:Oil regains ground on political uncertainty in US, Mideast

world news

Updated on Jul 15, 2024 10:05 AM IST

Reuters |

Will crude oil prices skyrocket? Analysts weigh in after Iran’s attack

How will Iran attack on Israel impact crude prices? Traders expectating the conflict would remain contained.

A Mobil gas station in Los Angeles, California, US, on Tuesday, April 2, 2024. US crude futures hit $85 a barrel in New York for the first time since October, as OPEC+ supply cuts underpin a steadily strengthening market. (Bloomberg)

world news

Published on Apr 15, 2024 09:26 AM IST

Bloomberg |

Markets fall after 5-day rally on weak trends from Asian peers, profit-taking in IT stocks

business

Updated on Jan 16, 2024 10:09 AM IST

PTI |

Opening bell: Sensex in red at 60,287; Nifty trades at 17,789

IT counters took a beating in the morning trade which resulted in weak trend in the benchmark indices.

Market updates today: People walk past an electronic signage displayed at the Bombay Stock Exchange (BSE) building.(PTI)

business

Updated on Apr 13, 2023 10:21 AM IST

ByHT News Desk

Oil prices extend drop as recession fears cloud global demand outlook

Brent crude futures fell 71 cents to $99.98 a barrel by 0013 GMT. WTI crude futures fell 62 cents to $97.91 a barrel. The declines follow a dramatic fall on Tuesday.

Brent crude futures fell 71 cents to $99.98 a barrel by 0013 GMT.(Reuters file photo. Representative image)

business

Published on Jul 07, 2022 07:46 AM IST

Reuters |

Explained: Why US oil price has caught up with Brent

Analysts point to Russia's invasion of Ukraine as a key factor but there are others, as outlined below.

Oil pumpjacks are viewed in the Inglewood Oil Field.(AFP)

business

Published on May 21, 2022 03:33 AM IST

AFP |

Russia offers India big discount on purchase of 15 million barrels of oil

Russia-Ukraine crisis: Global oil prices have surged since Russia invaded Ukraine on Feb 24, with brent crude hitting record highs.

Tthe Strategic Petroleum Reserve in Freeport, Texas, U.S. on June 9, 2016. REUTERS/Richard Carson/File Photo(REUTERS)

india news

Updated on Apr 01, 2022 12:59 PM IST

ByChandrashekar Srinivasan

Oil price hike may be delayed as crude plunges below $100

The price of Brent Crude dropped to an almost three-week low of $97.44 per barrel on Tuesday on slower anticipated demand due to surging Covid-19 cases in China, ceasefire talks between Russia and Ukraine, and hope for resumption of the Iran nuclear deal.

The price of petrol and diesel may not rise as much as feared because the price of crude oil has declined by about 30% after hitting an intraday peak of $139 per barrel for Brent Crude on March 7. (REUTERS File Photo)

business

Updated on Mar 16, 2022 04:52 AM IST

ByRajeev Jayaswal, New Delhi

What does the fire in global energy markets entail for India?

While crude price has been on an upward trajectory since the end of September, the prices of other energy resources, including natural gas and coal have risen to multi year highs across the globe as demand for energy soars against the backdrop of a massive shortage.

Rising oil and falling rupee mean higher domestic prices for petroleum products(HT Photo)

india news

Updated on Oct 08, 2021 01:24 AM IST

ByRoshan Kishore, Vineet Sachdev

‘Want oil firms to synergise imports for better prices’ says Tarun Kapoor

Tarun Kapoor said the oil producers’ cartel has been artificially raising international oil prices by resorting to output cuts

Benchmark Brent crude, which fell to $19.33 a barrel on April 21, 2020, gradually rose to over $50 per barrel in early 2021(AFP)

business

Published on Jun 19, 2021 05:59 AM IST

ByRajeev Jayaswal, New Delhi

Petrol price cut by 18 paise, diesel by 17 paise

Pump price of petrol in Delhi fell by 0.19% to ₹90.99 per litre and diesel by 0.2% to ₹81.3%. Fuel retailers align petrol and diesel rates daily with their respective international benchmark rates of previous day.

The people cited above said retailers are unlikely to raise fuel prices in the near future because of the state elections that begin from March 27.(Reuters)

business

Published on Mar 25, 2021 06:04 AM IST

ByRajeev Jayaswal, New Delhi

Oil flirting with $70 challenges world’s economic recovery

While prices have since pulled back, the impact on inflation and the overall global recovery depends on how sustained the underlying rally proves to be.

The run-up in oil prices comes against the backdrop of a global inflation debate that has heated up over the past month.

business

Published on Mar 09, 2021 06:02 AM IST

Bloomberg |

Oil drops as Covid-19 lockdowns widen and US election looms

Brent crude was down 80 cents, or 2.1%, at $37.14 a barrel by 1140 GMT. US West Texas Intermediate fell 93 cents, or 2.6%, to $34.86. Both contracts fell more than $2 earlier in the session.

The refinery of Austrian oil and gas group OMV is pictured in Schwechat, Austria.(Reuters)

india news

Updated on Nov 02, 2020 07:46 PM IST

ByReuters | Posted by Shivani Kumar

Oil falls more than 1% as surging Covid-19 cases stoke demand fears

On the supply side, Libya’s National Oil Corp on Friday ended its force majeure on exports from two key ports and said production would reach 1 million barrels per day (bpd) in four weeks, a quicker ramp-up than many analysts had predicted.

Russian President Vladimir Putin indicated last week he may agree to extending OPEC+ oil production reductions.(Reuters File Photo)

business

Published on Oct 26, 2020 07:48 AM IST

Reuters | ByReuters | Posted by Kanishka Sarkar

Oil jumps as hurricane hits US output while crude stocks decline

Oil prices collapsed to historic lows as the coronavirus crisis hit demand. A record supply cut by OPEC and its allies, known as OPEC+, and an easing of lockdowns has helped Brent recover from a 21-year low below $16 in April.

The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US.(Reuters File Photo)

business

Updated on Sep 16, 2020 02:46 PM IST

London | ByReuters | Posted by Kanishka Sarkar

Oil steady after closing below $40 for first time since June

Futures in London were little changed after dropping 5.3% on Tuesday to settle below $40 a barrel for the first time since June 15.

Crude has also been hurt by worsening US-China relations and a retreat in global stocks, partially driven by concerns a Covid-19 vaccine may be delayed.(Reuters)

business

Published on Sep 09, 2020 06:25 AM IST

ByBloomberg | Posted by Prashasti Singh

Oil holds near five-month high on US output cuts and inventories

Oil was also boosted on Tuesday by US and Chinese officials reaffirming their commitment to a Phase 1 trade deal.

Decommissioned oil platforms stand ahead of Hurricane Laura in Sabine Pass, Texas, US on Tuesday(Bloomberg File Photo)

business

Updated on Aug 26, 2020 02:56 PM IST

London | ByReuters | Posted y Kanishka Sarkar

Oil prices rise as storms cut US production

Brent crude was up 68 cents, or 1.5%, at $45.03 a barrel by 1:43 p.m. EDT (1743 GMT). US West Texas Intermediate crude rose 26 cents, or 0.6%, to $42.60.

An oil worker walks towards a drill rig after placing ground-monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas.(REUTERS)

business

Published on Aug 25, 2020 12:03 AM IST

New York | ByReuters | Posted by Arpan Rai

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brent crude news

Latest from brent crude

Lower crude oil import prices have raised hopes for lower petrol and diesel rates, enhancing macroeconomic stability amid global price declines.

Trump said he will apply a minimum 10% tariff on all exporters to the US and impose additional duties on around 60 nations with the largest trade imbalances.

Opec’s expert orchestration of the flow of barrels into the market, read alongside the increased production in non-Opec countries, will ensure steady oil prices

Crude was hit by the escalating global trade war, plans by OPEC and its allies to increase production, and talks to end the three-year war in Ukraine.

Stocks and bonds slid in Asia following Friday’s stronger-than-expected US jobs data, while oil climbed to a four-month high amid sanctions on Russia.

Oil prices stable as optimism grows for China's recovery amid stimulus effort

Saudi Arabia is cutting oil prices for Asian buyers by a margin more than expected due to a weak market outlook and also after OPEC delayed an output revival

This article is authored by Hriday Sarma, senior fellow, South Asia Democratic Forum, Brussels.

Global oil prices rose for a third consecutive day, reaching towards $75 a barrel, after Israel and the US vowed at retribution towards Iran

Oil prices rose after the killing of Hezbollah leader Hassan Nasrallah, heightening Middle East tensions. Brent crude surpassed $72 a barrel.

State-run fuel companies may soon cut petrol and diesel prices if global oil prices remain low, according to Oil Secretary Pankaj Jain.

Key gainers included Power Grid and Bharti Airtel, while Bajaj Finserv lagged. Foreign investors bought equities worth ₹1,176.55 crore amid dip in oil prices.

GLOBAL-OIL:Oil regains ground on political uncertainty in US, Mideast

How will Iran attack on Israel impact crude prices? Traders expectating the conflict would remain contained.

Markets fall after 5-day rally on weak trends from Asian peers, profit-taking in IT stocks

IT counters took a beating in the morning trade which resulted in weak trend in the benchmark indices.

Brent crude futures fell 71 cents to $99.98 a barrel by 0013 GMT. WTI crude futures fell 62 cents to $97.91 a barrel. The declines follow a dramatic fall on Tuesday.

Analysts point to Russia's invasion of Ukraine as a key factor but there are others, as outlined below.

Russia-Ukraine crisis: Global oil prices have surged since Russia invaded Ukraine on Feb 24, with brent crude hitting record highs.

The price of Brent Crude dropped to an almost three-week low of $97.44 per barrel on Tuesday on slower anticipated demand due to surging Covid-19 cases in China, ceasefire talks between Russia and Ukraine, and hope for resumption of the Iran nuclear deal.

While crude price has been on an upward trajectory since the end of September, the prices of other energy resources, including natural gas and coal have risen to multi year highs across the globe as demand for energy soars against the backdrop of a massive shortage.

Tarun Kapoor said the oil producers’ cartel has been artificially raising international oil prices by resorting to output cuts

Pump price of petrol in Delhi fell by 0.19% to ₹90.99 per litre and diesel by 0.2% to ₹81.3%. Fuel retailers align petrol and diesel rates daily with their respective international benchmark rates of previous day.

While prices have since pulled back, the impact on inflation and the overall global recovery depends on how sustained the underlying rally proves to be.

Brent crude was down 80 cents, or 2.1%, at $37.14 a barrel by 1140 GMT. US West Texas Intermediate fell 93 cents, or 2.6%, to $34.86. Both contracts fell more than $2 earlier in the session.

On the supply side, Libya’s National Oil Corp on Friday ended its force majeure on exports from two key ports and said production would reach 1 million barrels per day (bpd) in four weeks, a quicker ramp-up than many analysts had predicted.

Oil prices collapsed to historic lows as the coronavirus crisis hit demand. A record supply cut by OPEC and its allies, known as OPEC+, and an easing of lockdowns has helped Brent recover from a 21-year low below $16 in April.

Futures in London were little changed after dropping 5.3% on Tuesday to settle below $40 a barrel for the first time since June 15.

Oil was also boosted on Tuesday by US and Chinese officials reaffirming their commitment to a Phase 1 trade deal.

Brent crude was up 68 cents, or 1.5%, at $45.03 a barrel by 1:43 p.m. EDT (1743 GMT). US West Texas Intermediate crude rose 26 cents, or 0.6%, to $42.60.

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