As per Reuters document review, India govt has allowed state refiners to buy 35% of crude oil imports in tankers arranged by the seller, enabling them to speedily tap cheaper cargoes. The action will help refiners in Iran’s second-biggest oil market to increase purchases from alternative sources.Continue reading
Crude oil futures continue supported today in spite of pressure in global equities. Global shares saw sharp selling pressure amidContinue reading
Crude Oil posted a third weekly gain out of four as Iranian sanctions take center stage, with investors looking the impact on supply.
Futures in New York closed 1.8% up this week. The International Energy Agency (IEA) signaled of higher oil prices amid deepening supply losses in Iran and Venezuela.Continue reading
Crude oil futures plummeted more than 2 percent Thursday after a fall from near 2-month highs extended as the IEA (International Energy Agency) stated that the global supplies hit a record of 100 million barrels a day. The IEA also said that daily crude-oil output in the Organization of the Petroleum Exporting Countries increased in August by 4,20,000 barrels a day, to average 32.63 million a day. MCX Crude also plunged sharply, breaking under Rs 5,000 per barrel and coming up to around Rs 4,900 mark.Continue reading