Oil Prices Rise

By Rajendra Jadhav

By Rowena Edwards

By David Gaffen

By Arathy Somasekhar

By Bozorgmehr Sharafedin

The world's biggest importer of edible oils is likely to make overseas purchases of 12.9 million tonnes in the 2021/22 marketing year ending on Oct. 31

Global investor optimism lifted shares on Wednesday despite blurry inflation forecasts as bank earnings and oil supply concerns boosted trading sentiment.

Global crude futures had settled up more than 3% on Monday on the threat of more sanctions on Russia over civilian killings in Ukraine

Oil prices jumped on Monday to their highest levels since 2008 as US, European allies considered banning Russian oil imports while it looked less likely that Iranian oil would return to global markets

The Budget and RBI's last policy took a conservative estimate of crude prices $75 per barrel. This is likely to be a challenge going forward, economists say

At the interbank foreign exchange market, the rupee opened strong at 75.76 against the American dollar but soon entered the negative territory as investors turned towards safe-haven assets

The OPEC+ coalition of oil producers led by Saudi Arabia and non-cartel members led by Russia are weighing whether to increase oil production by 400,000 barrels per day in April

Benchmark Brent crude futures hit $100 a barrel on Wednesday for the first time since 2014 as Russian President Vladimir Putin ordered military operations in Ukraine

Brent-indexed crude oil prices traded at $94-$95 per barrel, which is at its multi-year high

Oil headed for the first weekly loss in two months as investors weighed the crisis over Ukraine and Iran's nuclear deal

European stocks fall 2.6%, Nikkei down 2.2% as US warns Russia could invade Ukraine at any time; Brent rises above $95 barrel before stalling

Brent crude futures was at $95.65 a barrel by 0742 GMT, up $1.21, or 1.3%, after earlier hitting a peak of $96.16, the highest since October 2014

Russia has massed enough troops near Ukraine to launch a major invasion, Washington said, as it urged all US citizens to leave the country within 48 hours

Brent crude futures rose 39 cents, or 0.4%, to $91.80 a barrel at 1015 GMT, while U.S. West Texas Intermediate crude gained 45 cents, or 0.5%, to $90.33 a barrel

Brent crude futures rose 65 cents, or 0.7%, to $92.20 a barrel at 1140 GMT, while U.S. West Texas Intermediate crude was at $90.64 a barrel, up 98 cents, or 1.1%