Page 16 - Oil Prices

US sells 18 mn barrels of oil from strategic reserve to reduce prices

The Energy Department announced the first sale of 18 million barrels of oil from the US Strategic Petroleum Reserve (SPR) aimed at reducing pump prices of fuel that had hit seven-year highs

Oil prices post biggest weekly gain since August as Omicron concerns ease

Oil prices rose slightly on Friday and posted their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over Omicron

Oil prices sit tight, tracking biggest weekly gain since late August

Oil prices drifted in a narrow range on Friday, on track to their biggest weekly gain since late August

Oil prices slip on profit-taking, but head for strong weekly gain

Benchmark Brent and WTI were both on course to rise more than 6% this week, even after the profit-taking, their first weekly gain in seven weeks

Govt advised ONGC to get partners in Mumbai High, Bassein fields: Minister

The government has from time to time advised ONGC to have partnerships in its major fields including Mumbai High and Bassein & Satellite assets off the west coast with a view to raising output and technology infusion, Parliament was informed on Thursday. In a written reply to a question in the Lok Sabha, Minister of State for Petroleum and Natural Gas Rameswar Teli said national oil companies are free to choose field-specific models including farm out (giving stake) and joint venture/technical service model for enhancing production from their matured and aging fields. The government, he said, is keen that the domestic production of oil and gas should increase exponentially. "ONGC being the leading organisation has to play an important role," he said. "The government from time to time advises ONGC to increase exploration and production by having partnerships for its major fields including Mumbai High and Bassein & Satellite asset with the scope of enhancing recovery and ...

Oil price steadies as investors assess Omicron variant's impact

Brent crude futures rose by 46 cents, or 0.6%, to $75.91 a barrel at 12:54 p.m. EST (1754 GMT). U.S. West Texas Intermediate crude was at $72.52 a barrel, up 47 cents or 0.7%.

Oil rises 3%, extending rally as concerns over Omicron variant impact eases

Oil prices climbed by more than 3% as concerns eased further about the impact on global fuel demand of the Omicron coronavirus variant.

Oil price jumps by almost 5% as Omicron fear eases, US-Iran talks

Oil prices climbed by nearly 5% on Monday on hopes the Omicron coronavirus variant would have a less damaging economic impact if its symptoms proved mostly mild

Oil prices rebound towards $72 on Omicron hopes, Iran talks

Brent crude gained $1.85, or 2.7%, to $71.73 by 1135 GMT

Oil prices rebound by more than $1 after Saudi price hike

Brent crude futures for February gained $1.61, or 2.3%, to $71.49 a barrel by 0720 GMT while U.S. West Texas Intermediate crude for January were at $67.89 a barrel, up $1.63, or 2.5%

Asian markets lag as US, Euro stock futures rally while oil prices surge

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Oil prices rise over $1 a barrel after Saudi increases rate for its crude

Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States

Oil steadies, paring gains as rising Covid cases spur demand worries

Crude prices ended little changed after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.

Japan's plan to release oil reserve unchanged despite price drop: Minister

Japan's plan to release oil from strategic reserves despite the recent drop in oil prices, industry minister Koichi Hagiuda said

Oil up on OPEC+ plan to meet ahead of schedule if Omicron dents demand

U.S. West Texas Intermediate (WTI) crude futures rose 27 cents, or 0.4%, to $66.77 a barrel at 0122 GMT, adding to a 1.4% gain on Thursday

Oil prices little changed as OPEC+ sticks to regular output increase

U.S. front month contract traded volumes remained low, at about 267,000 - below the 200-day moving average and far lower than the last four days.

Sensex gallops 776 pts, Nifty ends above 17,400; HDFC, IT shares lead

The Midcap and Smallcap indices also surged over a per cent each, and advancing shares outnumbered declining stocks in 2:1 ratio the BSE on Thursday

Oil rallies as Opec meets, but supply concern looms

Brent crude futures for February were up $2.08, or 3%, at $71.31 a barrel at 1445 GMT.

Oil prices rise on growing expectations OPEC+ will hold off output hike

Brent crude futures climbed 82 cents, or 1.1%, to $74.26 a barrel, after gaining 1% on Monday

Oil pares gains, but ends higher after Friday slump amid new variant fear

Oil pared gains late on Monday, but finished the session higher as investors viewed Friday's slump in oil and financial markets as overdone absent more data on the Omicron coronavirus variant