Brent crude was up 21 cents or 0.3% at $83.86 a barrel at 0632 GMT
Oil prices edged lower on Tuesday, dropping for the first time in four days in what analysts called a breather after weeks of gains
"Oil prices are likely to continue climbing in the short term," said Commerzbank analyst Carsten Fritsch
India imports 80% of its oil needs and high prices result in increased imported inflation and have a spiralling impact on the prices across other sectors.
Oil rose on Friday, gaining about 4% on the week as a global energy crunch boosted US prices to their highest in almost seven years as big power users struggle to meet demand
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06 per cent lower at 94.15.
Analysts said the surge in gas prices and the extent of fuel switching from gas to oil will be the key factor to watch now
Oil prices extended losses from the previous session on Thursday, as the United States said it was considering selling oil from its strategic reserves
Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs.
Saudi Arabia's oil company Aramco reached a $2 trillion valuation as it hit near record levels Wednesday during trading hours. Its market cap value puts Aramco just behind Microsoft and Apple as the world's most valuable company. It comes as crude oil prices climb to over $82 a barrel, the highest in seven years. Demand for energy is picking up, despite the ongoing coronavirus pandemic's continued toll on travel and other key gas-guzzling sectors. Aramco is mostly owned by the government of Saudi Arabia, with just under 2% of the company publicly listed on the Saudi Tadawul stock exchange. Aramco was trading at around 37.6 riyals a share, or a few cents over $10 a share, by midday Wednesday before dipping to 37.2 riyals a share, or around $9.92 a share. It remains to be seen whether it can hold this rally until trading closes. Saudi Crown Prince Mohammed bin Salman was the architect behind the effort to publicly list a sliver of Aramco in late 2019, touting it as a way to raise ..
Brent crude rose as high as $83.47
An electricity crisis is roiling energy markets from Europe to Asia, with fuels that can be used for heating or power in high demand.
Petrol and diesel prices on Tuesday surged to all-time high levels as rates were increased again after international oil prices hit the highest mark since 2014
Oil prices have already surged more than 50% this year
MSCI's broadest index of Asia-Pacific shares outside Japan dropped as much as 1.3%, falling for a third consecutive session
Petrol and diesel prices remained unchanged on Monday after the pump prices of both fuels rose simultaneously for four consecutive days taking up its retail rates by over Rs 1 per litre
The broader Nifty50 declined 86.10 points or 0.49 per cent to close at 17,532.05
After surging 5%, the Sensex ends the month only 2.7% up
Higher prices may delay economic recovery
Futures in New York pared earlier gains as the dollar erased losses