Oil prices could go even higher if OPEC+ sticks to production cuts
Oil prices have soared about 20 per cent since late June but they could go even higher this year if…
Oil prices have soared about 20 per cent since late June but they could go even higher this year if…
The attack on Pacific Zircon, which is owned by Idan Ofer and operated by the Singapore-based Eastern Pacific Shipping, sent Brent crude prices up 65 cents to $94, The Guardian reported. The Liberian-flagged tanker had departed from Sohar on Monday afternoon and was destined for Buenos Aires.
The most serious effect of the Russia-Ukraine war for the world economy will be higher commodity prices. Oil prices will remain above $100/barrel for as long as the conflict rages on, EIU said in its global outlook report.
At 423.6 million barrels, US crude oil inventories are about 8 per cent below the five year average for this time of year.
Crude prices have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.
In the national capital, petrol price on Sunday stood at Rs 80.43 per litre and diesel at Rs 80.53 a litre, same levels as the last four days when OMCs went for a pause and kept the prices unchanged.
Brent crude oil also has declined on the Intercontinental Exchange (ICE) is at $30.83 per barrel, lower by 0.45 per cent or 0.14 cents from its previous close.
Saudi Arabia is aiming to boost its crude oil output of over 10 million barrels per day in April after the current supply deal between OPEC Russia ie OPEC+ expires in March.
Oil markets were the main drivers of decline, as the oil prices plunged about 20 per cent on Monday.
Sensex on Monday fell by 787.98 points at 40,676.63, as investors were on edge due to increased tension in the Middle East.
