On April 19, 2017 15:17 (IST)
OPEC members agreed in November to cut crude oil production by 1.2 million barrels per day for six months beginning from 2017.
On April 11, 2017 19:34 (IST)
The price of oil may not reflect this just yet, as Brent crude futures are struggling to recover its losses for the year to date and break above $55 a barrel.
On April 11, 2017 08:19 (IST)
Brent is up for a seventh consecutive session, while WTI has risen for six straight days.
On April 07, 2017 09:20 (IST)
US officials said the military had fired 59 cruise missiles against a Syrian airbase controlled by Assad's forces, in response to a poison gas attack on Tuesday in a rebel-held area.
On March 31, 2017 08:46 (IST)
Despite Friday's dips, crude prices remain over 4 per cent higher than they were at the start of the three-day rally on Tuesday.
On March 15, 2017 20:57 (IST)
India imported 18,000 tonnes of petrol and 39,000 tonnes of diesel in the first nine months of the current fiscal year, Oil Minister Dharmendra Pradhan said in a written reply to a question in the Rajya Sabha.
On March 31, 2017 23:20 (IST)
Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corp (IOC). Actual decrease will be larger after taking into account the local levies.
On March 14, 2017 19:36 (IST)
OPEC, which has reduced output even more than it had pledged last year, also said in its monthly report that US shale output and other non-OPEC supply was increasing.
On March 13, 2017 14:06 (IST)
The slump in prices has occurred as more rigs are deployed to look for oil in the United States and as crude inventories in the US, the world's biggest oil consumer, have surged to a record.
On March 09, 2017 14:04 (IST)
ICEX, a screen-based online derivatives exchange for commodities, has already received in-principle approval from Sebi for commencement of business and trade operations for diamond, crude and Brent oil contracts.
On February 08, 2017 14:11 (IST)
"I think the market is responding positively and you can see the drop in supply," Mohammed Saleh al-Sada told reporters.
On February 07, 2017 08:16 (IST)
Gasoline stockpiles rose by almost 21 million barrels during the first 27 days of 2017, compared with an average increase of less than 12 million barrels at the same time of year during the previous decade.
On February 06, 2017 11:32 (IST)
Traders said the strain between Tehran and the United States raised concerns that U.S. sanctions could be tightened further to impact Iranian oil exports, which were only allowed to return to normal last year.
On January 31, 2017 07:57 (IST)
Brent crude futures, the international benchmark for oil prices, were trading at $55.25 per barrel at 0112 GMT, virtually unchanged from their last close.
On January 30, 2017 12:09 (IST)
Uncertainty over the outlook for U.S policy also broadly weighed on financial markets after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad.
On January 26, 2017 10:12 (IST)
Traders said that the increase was largely down to a weakening dollar, which has lost 3.9 per cent in value since its January peak. Since oil is traded in dollar, a cheaper greenback makes fuel purchases less costly for countries using other currencies, potentially spurring demand.
On January 24, 2017 08:42 (IST)
U.S. drillers added the most rigs in nearly four years last week, data from energy services company Baker Hughes showed on Friday, extending an eight-month drilling recovery.
On January 27, 2017 14:30 (IST)
Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the global agreement among oil producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia.