Friday, December 3

Commodity

Oil Up, Talks to Add Iranian Supply Continue
Commodity

Oil Up, Talks to Add Iranian Supply Continue

By Administrator_India Capital Sands Oil was up Tuesday morning in Asia, as talks over Iran adding to the global supply continue and alleviate investor concerns. Brent oil futures were up 0.33% to $73.10 by 11:25 PM ET (3:25 AM GMT), recording a fourth consecutive session of gains. WTI futures edged up 0.11% to $70.96. Investors continue to monitor discussions between Iran and world powers, including the U.S., to revive a 2015 nuclear deal. Talks resumed over the weekend in Vienna, which have been described as "intense" by the European Union, one of the parties involved in the talks. If a deal is reached, the U.S. could lift sanctions on Iran that would allow Iran, a founding member of the Organization of Petroleum Exporting Countries (OPEC), to resume crude exports. Howe...
Oil eases as investors await Iran nuclear talks this week
Commodity

Oil eases as investors await Iran nuclear talks this week

By Administrator_India Capital Sands Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. Brent crude futures for August fell 26 cents, or 0.4%, to $71.63 a barrel by 0218 GMT, after earlier hitting $72.27, their highest since May 2019. U.S. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but retreated to $69.43 a barrel, down 19 cents, or 0.3%. Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. "The primary concern is about Iranian barrels coming back into the market but I do...
Fuel price hike | OMCs raise petrol prices by 28-29 paise, diesel by 26-28 paise on May 31
Commodity

Fuel price hike | OMCs raise petrol prices by 28-29 paise, diesel by 26-28 paise on May 31

By Administrator_India Capital Sands Oil Marketing Companies (OMCs) in India have raised petrol prices by 28-29 paise/litre and diesel prices by 26-28 paise/litre on May 31. Since May 3, fuel prices have cumulatively jumped by Rs 3.83/litre for petrol and Rs 4.42/litre for diesel after a series of consecutive price hikes over the month. Petrol is now priced at Rs 94.23/litre in Delhi, while diesel costs Rs 85.15/litre in the national capital. In Mumbai, petrol continued to cost more than Rs 100/litre at Rs 100.47/litre, while diesel is now at Rs 92.25/litre. Petrol price in the country's financial capital breached the Rs 100/litre milestone on May 29 after a Rs 0.25/litre hike. Fuel prices vary across states depending on local taxation like value-added tax (VAT). Rajasthan l...
Fuel price hike | OMCs raise petrol prices by 28-29 paise, diesel by 26-28 paise on May 31
Commodity

Fuel price hike | OMCs raise petrol prices by 28-29 paise, diesel by 26-28 paise on May 31

By Administrator_India Capital Sands Oil Marketing Companies (OMCs) in India have raised petrol prices by 28-29 paise/litre and diesel prices by 26-28 paise/litre on May 31. Since May 3, fuel prices have cumulatively jumped by Rs 3.83/litre for petrol and Rs 4.42/litre for diesel after a series of consecutive price hikes over the month. Petrol is now priced at Rs 94.23/litre in Delhi, while diesel costs Rs 85.15/litre in the national capital. In Mumbai, petrol continued to cost more than Rs 100/litre at Rs 100.47/litre, while diesel is now at Rs 92.25/litre. Petrol price in the country's financial capital breached the Rs 100/litre milestone on May 29 after a Rs 0.25/litre hike. Fuel prices vary across states depending on local taxation like value-added tax (VAT). Rajasthan l...
Brent nudges towards $70 a bbl on rosy US data, oil demand outlook
Commodity

Brent nudges towards $70 a bbl on rosy US data, oil demand outlook

By Administrator_India Capital Sands Oil prices pushed higher on Friday, supported by firm U.S. economic data and expectations of a strong rebound in global fuel demand in the third quarter, while concerns eased about the impact of any return of Iranian supplies. Brent crude futures for July gained 16 cents, 0.2%, to $69.62 a barrel by 0050 GMT while U.S. West Texas Intermediate crude for July was at $67.17 a barrel, up 32 cents, or 0.5%. "Oil headed higher on robust U.S. economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate removal of sanctions and that the oil market will not get quickly flooded with excess supplies," OANDA analyst Edward Moya said in a note. Brent and WTI are both on track to post weekly gains of 5%...
Brent nudges towards $70 a bbl on rosy US data, oil demand outlook
Commodity

Brent nudges towards $70 a bbl on rosy US data, oil demand outlook

By Administrator_India Capital Sands Oil prices pushed higher on Friday, supported by firm U.S. economic data and expectations of a strong rebound in global fuel demand in the third quarter, while concerns eased about the impact of any return of Iranian supplies. Brent crude futures for July gained 16 cents, 0.2%, to $69.62 a barrel by 0050 GMT while U.S. West Texas Intermediate crude for July was at $67.17 a barrel, up 32 cents, or 0.5%. "Oil headed higher on robust U.S. economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate removal of sanctions and that the oil market will not get quickly flooded with excess supplies," OANDA analyst Edward Moya said in a note. Brent and WTI are both on track to post weekly gains of 5%...
Oil rises on falling crude stocks, demand hopes on stimulus and vaccine rollouts
Commodity

Oil rises on falling crude stocks, demand hopes on stimulus and vaccine rollouts

By Administrator_India Capital Sands Oil rose in early trade on Wednesday on expectations global oil stocks will fall back to more normal levels this year and as U.S. lawmakers moved closer to approving President Joe Biden's $1.9 trillion COVID-19 aid bill without Republican support. U.S. West Texas Intermediate (WTI) crude futures climbed 11 cents, or 0.2%, to $54.87 a barrel at 0130 GMT, in a third straight day of gains. The benchmark hit a one-year high of A$55.26 on Tuesday. Brent crude futures rose 16 cents, or 0.3%, to $57.62 a barrel, in a fourth straight day of gains after hitting $58.05 on Tuesday, its highest in more than 11 months. Analysts said the market was buoyed by the latest assessment by the Organization of the Petroleum Exporting Countries and allies, toge...
Gold and Brent crude rise over 1% after Janet Yellen’s ‘act big’ call
Commodity

Gold and Brent crude rise over 1% after Janet Yellen’s ‘act big’ call

By Administrator_India Capital Sands Gold rose on Wednesday to a one-week high as the dollar weakened on US Treasury secretary nominee Janet Yellen's call to "act big" on measures to help the American economy recover from the impact of the pandemic. Brent Crude, too, jumped and traded above $56 a barrel. Spot gold gained 1.18 per cent to $1,862.10 per ounce by 8.20 pm IST, having risen 1 per cent to a near one-week high earlier. In Delhi, gold gained for the third day, rising Rs 347 to Rs 48,758 per 10 gram. "Gold looks fairly positive after all that talk about stimulus yesterday from Yellen weakened the dollar," said Michael Hewson, chief market analyst at CMC Markets UK, adding that President Biden's inauguration would provide more details about fiscal policy. "If US bond ...
Oil prices extend gains after U.S. inventory drop
Commodity

Oil prices extend gains after U.S. inventory drop

By Administrator_India Capital Sands Oil prices rose on Wednesday, with U.S. crude gaining for a seventh day, after an industry report showed a further drop in inventories and investors shrugged off worsening developments in the pandemic. U.S. West Texas Intermediate (WTI) was up 40 cents, or 0.8%, at $53.61 a barrel by 0128 GMT after gaining nearly 2% on Tuesday. Brent crude was up 47 cents, or 0.8%, at $57.05, having risen 1.7% in the previous session. Both benchmarks are trading at the highest since February, before the coronavirus outbreak in China began spreading across the world and billions of people went into lockdowns to prevent a pandemic that is now in a deadlier second wave. Prices are shrugging off the latest developments in Europe and the United States where de...
Oil Down, With Rising COVID-19 Cases Increasing Fuel Demand Fears
Commodity

Oil Down, With Rising COVID-19 Cases Increasing Fuel Demand Fears

By Administrator_India Capital Sands Oil was down Tuesday morning in Asia, with rising numbers of COVID-19 cases globally contributing to rising fuel demand worries. However, expectations of a drawdown in U.S. crude oil inventory helped to limit losses for the black liquid. Brent oil futures edged down 0.13% to $55.59 by 10:27 PM ET (3:27 AM GMT) and crude oil WTI futures inched down 0.06% to $52.22. Both Brent and WTI futures remained firmly above the $50 mark. The number of global COVID-19 cases surpassed 90.87 million as of Jan. 12, according to Johns Hopkins University data. A worldwide scramble to procure and roll out COVID-19 vaccines continues, with some countries extending or re-instating lockdown measures to curb the spread of the virus. “I think the market will be ...