Base Oil
Base oil is a refined form of crude oil, primarily used in the production of lubricants, greases, motor oil, and metalworking fluids. Different types of base oi...
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Daily Market Report
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Geopolitical Tensions and Market Shifts Drive Energy Trends
The petroleum market is influenced by geopolitical tensions, inventory dynamics, and regional production trends. Crude prices have shown modest fluctuations, while inventory data and escalating geopolitical risks weigh heavily on market sentiment.
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Crude Oil Prices Edge Up Amid OPEC Demand Cuts and U.S. Inventory Build
OPEC and the EIA have lowered their oil demand forecasts for 2024 and 2025 due to slower economic recovery in China and the global push toward clean energy. U.S. crude inventories rose by over two million barrels, reflecting slower demand growth, while support for crude oil prices remains in a limited range as futures attempt to hold steady.
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OPEC+ Cuts Extended Amid US Inventory Build and Election Uncertainty
Crude oil futures dropped as US inventories rose and markets await the US presidential election results. Meanwhile, OPEC+ extended output cuts amid weak demand, and Hurricane Rafael threatens Gulf oil production. US production hit a record in August, though demand forecasts have been revised downward. India’s fuel prices remain stable despite falling crude costs internationally.
Read Story
Crude Prices Dip on Eased Geopolitical Risks Amid Slowing Demand, Rising US Inventory Levels
Crude oil prices showed slight gains with Brent and WTI futures inching up in early trading. With geopolitical risks easing, market sentiment remains bearish, influenced by inventory levels and subdued demand from China and North America.
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Middle East Tensions Ease as Oil Demand Growth Slows, China’s Impact Falls
Crude oil futures traded higher on Wednesday morning after a sharp decline in the previous session. Brent oil futures (December): $74.47, up 0.30%. WTI futures (November): $70.83, up 0.35%. MCX crude oil futures (October): ₹5,953, up 0.51% from the previous close of ₹5,923. MCX crude oil futures (November): ₹5,931, up 0.58% from the last close of ₹5,897
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Hurricane Milton and Middle East Conflicts Impact Oil Prices
Oil prices steadied in Asian trading on Wednesday as traders weighed uncertainty surrounding developments in the Middle East conflict against continued bearish fundamentals. Brent crude futures rose by 11 cents, or 0.14%, to $77.29 a barrel by 02:23 GMT. U.S. West Texas Intermediate futures rose by 3 cents to $73.60 a barrel. MCX crude oil prices opened at 6228, with a fall of 0.26%.
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Indian Government Eliminates Windfall Tax on Crude Oil as Global Prices Fall
Oil prices fell on Wednesday and were set to snap a two-session winning streak ahead of a likely interest rate cut by the U.S. Federal Reserve, as weak macroeconomic data weighed on demand despite the potential for more violence in the Middle East.
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Tropical Storm Francine Hikes Crude Prices Amid Supply Disruptions
Crude prices rebounded on Wednesday as concerns about Tropical Storm Francine disrupting oil supply outweighed worries about demand.
Brent crude futures rose 39 cents, or 0.6%, to $69.58 a barrel by 0031 GMT, while U.S. crude futures were up 44 cents, or 0.7%, to $66.19 a barrel. MCX crude oil prices opened at 5611, with a 1.41% rise.
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Oil Prices Drop Amid Libyan Dispute Resolution Hopes and Global Demand Concerns
Brent crude futures for November fell 28 cents, or 0.4%, to $73.47 at 0052 GMT after dropping 4.9% in the previous session. U.S. West Texas Intermediate crude futures for October were down 31 cents, or 0.4%, to $70.03 after dropping 4.4% on Tuesday. MCX crude oil prices opened at 5900 with a fall of 0.32%.
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Daily Market Report
Geopolitical Tensions and Market Shifts Drive Energy Trends
The petroleum market is influenced by geopolitical tensions, inventory dynamics, and regional production trends. Crude prices have shown modest fluctuations, while inventory data and escalating geopolitical risks weigh heavily on market sentiment.
Read Story
Crude Oil Prices Edge Up Amid OPEC Demand Cuts and U.S. Inventory Build
OPEC and the EIA have lowered their oil demand forecasts for 2024 and 2025 due to slower economic recovery in China and the global push toward clean energy. U.S. crude inventories rose by over two million barrels, reflecting slower demand growth, while support for crude oil prices remains in a limited range as futures attempt to hold steady.
Read Story
OPEC+ Cuts Extended Amid US Inventory Build and Election Uncertainty
Crude oil futures dropped as US inventories rose and markets await the US presidential election results. Meanwhile, OPEC+ extended output cuts amid weak demand, and Hurricane Rafael threatens Gulf oil production. US production hit a record in August, though demand forecasts have been revised downward. India’s fuel prices remain stable despite falling crude costs internationally.
Read Story
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