Roadgrip Bitumen (VG40) in Karwar

Oil prices steadied after hitting multi-month highs driven by U.S. sanctions on Russia and unexpected crude stock declines. Tightened global supply contrasts with OPEC+ caution on raising output. Demand grows for festive travel in India and China, while the market braces for a projected supply surplus of 750,000 bpd in 2025.

Oil prices are climbing, with Brent crude reaching $80 a barrel amid fresh US sanctions on Russian producers and tankers. These sanctions, targeting 25% of Russia’s crude exports, are expected to disrupt global markets. Indian refiners are seeking alternative suppliers in the Middle East and Africa to offset potential shortfalls.

Crude oil prices have hit a 3-month-high, fueled by new US sanctions on Russia targeting its oil exports. Brent crude surpassed $81 per barrel, while WTI reached $78.03. These sanctions are expected to impact global oil supply, pushing nations like India and China to rely more on OPEC+ and US suppliers. Experts predict Brent prices may rise above $85 if Russian output drops further.

Crude oil futures rose slightly after China's optimistic economic outlook for 2025. However, India’s petroleum exports dropped sharply due to weak global demand, domestic consumption, and logistical challenges. Rising crude oil prices and geopolitical tensions add to market volatility.

Crude oil prices moderated on December 30 amidst low-volume trading due to the ongoing year-end holidays. All eyes are on economic data from China and the USA. Brent Crude futures fell by 6 cents, touching $74.11 per barrel. Similarly, US West Texas Intermediate (WTI) declined by 8 cents, reaching $70.52 per barrel. MCX Crude oil prices opened at 6060, with a gain of 0.41%.

Oil prices rose slightly in thin holiday trading, driven by hopes for China’s fiscal stimulus and a U.S. inventory decline. China’s record $411 billion treasury bonds aim to boost economic growth, crucial for global oil demand. U.S. crude inventories fell, while mixed projections reflect concerns over China's recovery and future demand.

Crude oil prices rose as the U.S. avoided a government shutdown, boosting demand sentiment. A lower-than-expected inflation gauge fueled hopes of future rate cuts, while fears of a U.S.-EU trade war lingered. The resumption of Druzhba pipeline shipments eased European supply concerns.

Crude oil prices dipped on Thursday amid slower projected US interest rate cuts for 2025. Market activity saw Glencore purchasing Middle Eastern crude, boosting Asian supply. US EIA data revealed a dip in crude inventories but a rise in gasoline stocks. Global oil demand growth projections remain subdued due to economic challenges.

Oil prices edged lower as disappointing Chinese economic data raised concerns over demand recovery. While industrial output in China improved, weak retail performance highlighted a fragile recovery in the world’s largest oil importer.