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Crude oil price crash helped India save Rs 25,000 crore: Dharmendra Pradhan

"India has a strategic storage facility of 5.33 million metric tonne. We could fill up all the cabins by this time with this slow oil price of April. India purchase around 9 million metric tonne of crude and we put that crude at high sea through some floating vessels and with inland product and crude oil in and around refinery and different terminals, we could store 25 million metric tonne putting together around 38-40 million metric tonne of oil or product we could save capturing the low oil price of April. That saved us around Rs 25,000 crore for the treasury", says Petroleum & Steel Minister Dharmendra Pradhan. Watch the interview where Cabinet Minister also spoke about military escalation with China, privatising PSUs and lot more.Crude oil price crash helped India save Rs 25,000 crore: Dharmendra Pradhan

Palm oil falls on weaker crude; better exports limit losses

Palm climbed 5.26% in the previous session to its highest close since April 10, boosted by estimates of a lower output this month in some parts of Malaysia.

Oil prices, gasoline demand climb as countries ease coronavirus curbs

Brent crude was up 14 cents, or 0.4%, at $36.20 a barrel by 0040 GMT, after gaining nearly 1% on Thursday. The contract is heading for a jump of more than 10% for the week.

Crude oil prices little changed as US crude, diesel stocks swell

US West Texas Intermediate (WTI) crude rose 17 cents, or 0.5 per cent, to $32.98.

Oil gains on hopes that easing of coronavirus curbs will trigger demand boost

U.S. oil gained 48 cents, or 1.5%, to $24.03 a barrel, after a decline of nearly 2% in the previous session.

Oil drops on worse than feared rise in US fuel stocks

The decline extended losses from Wednesday on uncertainty about Russia's commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+

China, India soak up oil from floating storage as demand recovers

A total of 3.4 million tonnes (24.8 million barrels) of crude oil was discharged from floating storage into Asian markets in the past seven days, with China the top destination at 1.8 million tonnes and India second at 842,679 tonnes, according to oil analytics firm Vortexa.

Low crude oil prices helped India save Rs 25,000 crore: Dharmendra Pradhan

‘Government will reinvest that money for the welfare of the people’

Oil mixed as coronavirus risks offset hopes that crude stockpiles will shrink

Brent crude was up 1 cent at $31.13 a barrel by 0115 GMT, after rising nearly 7US on Thursday. The global benchmark is roughly flat on the week after rising for the previous two weeks

Oil slips on demand worries, Hong Kong tensions

Brent crude futures fell 21 cents, or 0.6%, to $35.96 by 0120 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 31 cents, or 0.9%, at $34.04 a barrel.

Oil prices ease on dim economic outlook despite signs of firmer demand

Brent crude futures for July delivery were trading down 11 cents, or 0.3 per cent, at $34.54 per barrel at 0031 GMT

Crude oil prices rise on dip in US crude stockpiles & IEA data

US West Texas Intermediate (WTI) crude futures rose 81 cents, or 3.2 per cent, to $26.10 a barrel.

Palm oil rises from nine-month lows as crude prices gain

Palm oil plunged 5% to its lowest since July 23, 2019, on Monday as analysts and traders predicted that April-end stocks would rise by 9% due to slowing exports and rising production of the vegetable oil.

Petrol, diesel prices hiked in Delhi as govt raises VAT

The Delhi government has increased the Value Added Tax on petrol and diesel to 30% each leading to an increase in the price of Rs 1.67, and Rs 7.10 in both the commodities, respectively. According to a notification issued by the Deputy Secretary VI, Finance, on Monday, the VAT on petrol has been increased from 27% to 30%, and that on diesel from 16.75 to 30%, by the order of the Lt Governor of Delhi. Earlier last month, the Assam government had also increased the VAT on diesel, petrol and other motor spirits.Petrol, diesel prices hiked in Delhi as govt raises VAT

Oil prices climb as US stock drawdown eases supply glut fears

Brent crude futures for July delivery were trading up 17 cents, or 0.5 per cent, at $35.92 per barrel at 0024 GMT. US West Texas Intermediate (WTI) crude futures for July were up 4 cents, or 0.1 per cent, at $33.53 a barrel

Crude oil prices gain as faith in supply cuts grows

US West Texas Intermediate (WTI) crude futures gained 51 cents, or 1.5 per cent, to $33.76.

Crude oil prices slump amid coronavirus chaos

West Texas Intermediate (WTI) crude futures was down 15 cents, or 0.7 per cent, at $22.48 a barrel.

Oil slips more than 1% despite surprise US crude stock drawdown

West Texas Intermediate crude futures fell 35 cents, or 1.4 per cent, to $25.44.

Oil falls on fears of second coronavirus wave

West Texas Intermediate (WTI) crude futures fell 21 cents, or 0.9 per cent, to $24.53 a barrel.

Palm oil rises on stronger crude prices ahead of exports data

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Oil heads for another weekly slide on coronavirus turmoil

US oil fell by 84 cents, or 5.09 per cent, to $15.66 a barrel, having surged 20 per cent in the previous session.

Oil prices claw back losses as storage fills less rapidly than feared

Brent crude futures rose 4.6%, or 93 cents, to $21.39 a barrel, adding to a 2.3% gain on Tuesday.

Oil prices climb as Saudi Arabia pledges further production cut

The United Arab Emirates and Kuwait committed to cut production by another 180,000 bpd in total.

How will the sudden plunge in US oil prices impact India: WTI crash explained

WTI Futures of oil prices plunged into negative territory Monday as the global coronavirus pandemic keeps people at home and destroys demand for transportation fuel. The price of U.S. benchmark crude to be delivered in May fell below zero - a historic low - as storage capacity reaches its limit. ET NOW explains how sudden plunge of US oil price will impact India.How will the sudden plunge in US oil prices impact India: WTI crash explained

Crude oil prices jump 4% on lower US stocks, firmer demand

Brent crude futures were up $1.38, or 3.98 per cent, at $36.03 per barrel.

Centre notifies land acquisition process for laying oil pipeline

The Centre on Wednesday has notified the process for land acquisition for the 486-km long oil pipeline from Mundra to the upcoming refinery at Pachpadra in Barmer, Rajasthan whose ground-breaking ceremony was done by Prime Minister Narendra Modi in 2018.

Crude oil prices rise on signs of output cuts and demand hopes

Benchmark Brent crude was up 42 cents or 1.2 per cent at $35.23 a barrel by 1411 GMT.

Crude oil prices rise on Saudi crude price increase, China export bounce

US West Texas Intermediate (WTI) crude rose $1.78, or 7.4 per cent, to $25.77, on track for its highest close since April 6 and up more than 30 per cent this week.

Crude chemistry: How did US get negative oil price?

Resumption of economies and businesses will drive the recovery in crude prices, says Anuj Gupta of Angel BrokingCrude chemistry: How did US get negative oil price?

Post-negative oil: Crude demand, prices to fall further

The Crisil note said the first half of April saw Brent prices plummeting 63.6 per cent to $26.9 a barrel, while prices of WTI had also fallen similarly by 63.1 per cent.

US oil hits sub-zero for 1st time in history as coronavirus keeps people home

Oil prices plunged into negative territory Monday as the global coronavirus pandemic keeps people at home and destroys demand for transportation fuel. The price of U.S. benchmark crude to be delivered in May fell below zero - a historic low - as storage capacity reaches its limit. That means sellers are paying buyers to take the commodity off their hands.US oil hits sub-zero for 1st time in history as coronavirus keeps people home

Crude oil prices surge on demand hopes as lockdowns ease

US West Texas Intermediate (WTI) crude futures traded $3.47, or 17 per cent, higher at $23.86 a barrel.

Unlike China, India oil demand stays weak as economy falters

India’s fuel consumption collapsed by as much as 70% at one stage last month.

Palm oil slips on weaker soyoil, but crude oil gains cap losses

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

US crude plunges to 18-year low as lockdowns spread

Oil prices plunged on Wednesday, with U.S. crude futures hitting an 18-year low and Brent a 16-year low as Goldman Sachs said lockdowns to counter the coronavirus pandemic raised prospect of the steepest ever annual fall in oil demand.US crude plunges to 18-year low as lockdowns spread

Palm oil slips on weaker crude after three days of gains

Palm oil climbed 1.87% to its highest since April 20 in the previous session.

Oil falls as US-China tensions take toll

Both contracts have risen for the past four weeks, although prices are still down around 45% so far this year.

No big profits, but oil companies making record margins

US crude fell 28% on Monday to $13 a barrel, a 21-year low, on concerns country’s crude storage was running out of space. Since the beginning of March, the domestic rates of petrol have fallen by Rs 2.3 per litre, or 3.2%, and that of diesel by Rs 2.2 per litre, or 3.5%.

Oil gains as US inventories grow less than feared while coronavirus slashes demand

Brent crude was up by 12 cents, or 0.4%, to $29.84 a barrel 0044 GMT, after falling earlier in the Asian session and dropping 4% on Wednesday.

Goldman Sachs says it remains bullish on oil prices in 2021

Oil prices fell on Monday, having posted their first weekly gain in four on Friday as the Organization of the Petroleum Exporting Countries, Russia and other producers, known as OPEC+, began their record output cuts.

Oil falls as crude in US storage nears all-time high

Oil futures marked their third straight week of losses last week - and have fallen for eight of the past nine - with Brent ending down 24 per cent and WTI off around 7 per cent.

What the negative price of oil is telling us

We’re in a deflationary moment that surpasses anything seen in most people’s lifetimes.

Crude oil futures rise on spot demand

Analysts said raising of bets by participants kept crude prices higher in futures trade here.

Falling oil prices amid coronavirus pandemic: What it means for India and other players

The US itself is groaning under the weight of its own oil. Shale producers, who have, for the past five years run rings around traditional oil producers like Saudi Arabia, are facing unprecedented production cuts, storage glut and crashing demand.

Commodity outlook: Crude oil tanks; here's how others may fare

Here is how SMC Global expects commodities to fare today.

India looks to store cheap oil in United States

India's plan could be similar to a move by Australia, which last month said it would build up an emergency oil stockpile initially by buying crude to store in the U.S. Strategic Petroleum Reserve to take advantage of low oil prices.

Commodity outlook: Crude oil gains; here's how others may fare

Here is how SMC Global expects commodities to fare today.

Palm oil gains on higher crude and soyoil, better May exports

Palm may test a support at 2,140 ringgit, as it could have completed a bounce from 1,939 ringgit, Reuters technical analyst Wang Tao said.

Crude oil futures rise on spot demand

Analysts said raising of bets by participants kept crude prices higher in futures trade here.

How to trade in crude oil futures

Domestic stock exchanges having commodity segments offer crude futures for trading.

How can crude oil prices be negative?

The May WTI contract plunged as the contract expires on Tuesday when the owner of the contract is technically supposed to take delivery of the crude.

Since crude prices are down, excise duty hike may not lead to retail price hike: HPCL

‘There is an abnormal movement in product pricing in the international market.’​

India's oil import bill may halve if current crude price holds

If the price remains around $30 for most parts of 2020, import bill could reach its all time low in many many years.

Crude oil prices slide on US-China tensions, doubts about Russian output cuts

Brent crude fell 91 cents, or 2.5 per cent, to $35.26 a barrel.

Crude oil prices mixed as lockdowns ease, US-China tensions threaten demand

US West Texas Intermediate (WTI) crude gained 2 cents to $19.80 a barrel.

Crude oil futures rise on positive overseas cues

Analysts said raising of bets by participants kept crude prices higher in futures trade here.

India set to take a Rs 40,000 crore blow on account of oil revenue loss

Demand in the world’s third-biggest consumer of fuel plummeted this month.

The next chapter of the oil crisis: The industry shuts down

The economic impact of the coronavirus has ripped through the oil industry in dramatic phases.

Palm oil prices climb about 2% in line with soyoil, crude

Benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 43 ringgit, or 1.87 per cent, to 2,292 ringgit per tonne.

Asian shares fall on fresh rout in crude prices

Gold, a safe-haven often bought during times of uncertainty, fell for a third consecutive trading session in signs of improving risk appetite.

Output cut may not sustain oil price

Analysts say drop in global demand much bigger than the 10% cut pledged by producers.

Crude oil prices bounce back as rising stockpiles seen pointing to lower output amid coronavirus

US West Texas Intermediate (WTI) was up 56 cents, or 2.8 per cent, at $20.43.

Oil climbs as suppliers stick to output cuts, coronavirus lockdowns ease

Brent crude futures inched up 0.7 per cent, or 23 cents to $35.76, adding to a 1.1 per cent gain on Monday in thin holiday trading

Oil rises again as output cuts kick in, inventories grow less than expected

Brent rose 12% on Thursday and rose about 11% in April, but the international benchmark has sagged around 60% this year on the coronavirus impact.

Brent falls 10%, WTI below $30 as coronavirus spreads

Brent fell by 10% on Monday, and US crude to below $30, as emergency rate cuts by the US Federal Reserve and its global counterparts failed to tame markets and China's factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus. Brent falls 10%, WTI below $30 as coronavirus spreads

Oil steadies as demand uncertainty tempers supply cuts

Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while U.S. oil gained 14 cents, or 0.42% to $33.39 a barrel. Both are down around 45% so far this year.

MCX negative oil futures pricing mess: Jury out on contract law

The MCX platform is home to more than 94 per cent of trades in crude oil futures across India.

The downside of saving consumers from oil price hikes

Ad hoc increase in duties is a problem plaguing the sector. While customs, cess and excise duty hikes are levied by the central government, state governments impose value added tax (VAT). Hiking duty and not allowing OMCs to pass it on to consumers is a bad move.

Crude oil outlook bleak despite record production cut by Opec++

Russia has reportedly agreed to slash output by 2 Mbpd, while Saudi Arabia will cut 4 mbpd.

Palm oil prices rise on signs of demand pick-up

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 27 ringgit, or 1.21%, to 2,262 ringgit ($517.03) per tonne at the midday break.

Markets in chaos as oil prices plunge, coronavirus spreads

"What I'm seeing is a confluence of two black swan events: Coronavirus reaction and oil."

Palm oil extends gains on higher crude, soybean oil

The contract has declined 1.6% so far this week after two consecutive weekly drop.

Oil plunges 4% as oversupply fears pile up with US inventories growth

Oil prices are near their lowest since 2002 amid the global coronavirus crisis.

With rock-bottom prices, will the oil industry recover?

At the start of the year, US crude oil prices were around $60.

Crude oil futures rise on positive overseas cues

Analysts said raising of bets by participants kept crude prices higher in futures trade here.

Crude oil prices drop 4% on China-US tensions, energy demand doubts

US West Texas Intermediate (WTI) crude futures fell $1.20, or 3.5 per cent, to $32.72 a barrel.

Palm oil prices rise as rival oils, crude futures gain

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 8 ringgit, or 0.31 per cent, to 2,257 ringgit per tonne.

Crude oil futures slide as pandemic darkens demand outlook

The oil markets are enduring a twin shock of demand destruction caused by the coronavirus pandemic and the Saudi-Russia price war that is flooding markets with extra supply.

Oil gains as hopes rise for production cut amid coronavirus outbreak

Brent crude was up by 73 cents, or 2.2 per cent, at $33.78 a barrel after falling more than 3 per cent on Monday.

Goldman Sachs still sees crude prices falling after Opec+ deal

Major oil producers to cut output by nearly 10 million barrels per day.

MCX offers exit option in event of negative crude price

Says exit will be prospective and not affect settlement of past contracts.

Crude oil prices to remain benign, unlikely to go up in near future: MK Surana

Lower crude prices are always good for refining and marketing companies, says CMD, HPCL.

Oil demand slumps 70% in India as third-biggest buyer shuts down

India’s March 25 decision to impose a three-week lockdown on its 1.3 billion people was the most far-reaching measure undertaken by any government to curb the spread of the coronavirus. It has helped plunge global energy markets deeper into turmoil just as hopes had started to surface that resurgent Chinese demand could offer some support.

Indian Oil raises refineries' production run rate to 60%

​​Easing of nationwide lockdown that permitted people to step out of their homes and engage in economic activity in most parts of the country appears to have revived fuel demand that had witnessed a record fall in April.

Crude oil prices fall on brimming storage, bleak recovery prospects

US West Texas Intermediate (WTI) crude was down $2.57, or 20 per cent, at $10.21 a barrel.

COVID-19 impact: Oil, gas companies seek tax cuts, end to price controls

Oil and gas producers want the government to cut and defer taxes on output and end all price controls on domestic natural gas to help companies deal with the twin shock of a global supply glut and demand fall due to the Covid-19 pandemic.

Palm oil prices jump 2% on signs of demand revival, bullish rivals

Palm oil climbed 2.95 per cent in the previous session to clock in a 3.5 per cent weekly rise after Malaysia.

The fuel that’s thriving amid the world’s biggest lockdown

LPG -- used for cooking at home in India and other Asian countries -- has avoided the collapse in consumption.

World Bank slashes outlook for oil, metals as coronavirus crushes demand

Oil is expected to average $35 a barrel this year, down 43 per cent from the average in 2019.

Oil prices tumble as world's storage tanks fill up amid demand shock

U.S. West Texas Intermediate (WTI) crude futures skidded by as much as 16% and were off 14.7%, or $1.88 cents, at $10.90 a barrel as of 0158 GMT.

BP's profit tumbles, debt climbs as coronavirus crisis hammers oil demand

London-based BP said it expected significantly lower refining margins in the second quarter when global restrictions on movement to halt the spread of the virus reached their peak, throttling consumption of gasoline, diesel and jet fuel.

Crude oil falls 4% as coronavirus pandemic prompts Trump travel ban

US crude was down $1.38, or 4.2 per cent, at $31.60 after also dropping 4 per cent in the previous session.

Petrol, diesel to get cheaper as crude oil falls to 13-mth low

Domestic rates of petrol and diesel, down about Rs. 4 a litre since mid-January, are set to decline further as crude oil slumped to a 13-month low on Thursday to about $52/barrel on fears that the Covid-19 outbreak may take a heavy toll on global economic growth and oil demand.

Palm oil prices dip on lower exports, higher inventories

Malaysia's exports in April 1-10 fell between 6.6 per cent and 12 per cent from the month before, cargo surveyors said on Friday.

Oil price war ends with historic Opec+ deal to cut production

Opec+ said it agreed to reduce output by 9.7 million barrels per day (bpd) for May-June.

A month after negative oil prices, US crude contract expiry looms

As oil producers worldwide cut output rapidly, the pressure on storage is easing.

The coronavirus pandemic is accelerating coal’s demise

In much of the world coal power is currently more expensive than gas and renewables, which explains why its share in the electricity mix has fallen in Europe, India, China, and parts of the U.S. The power markets in these four regions are large and varied. That makes the uniformity of coal’s decline even more surprising.

Crude Oil price falls for fifth day as coronavirus spreads outside of China

West Texas Intermediate (WTI) futures fell by 80 cents, or 1.6 per cent, to $47.93 a barrel.

India lockdown week 03 wrap: All the headlines

Here's a wrap of what all happened during week 03 of the nation-wide coronavirus lockdown. Watch now.India lockdown week 03 wrap: All the headlines

Oil hits 18-year low as lockdowns diminish demand

US West Texas Intermediate (WTI) crude fell $1.14, or 5.3%, to $20.37.

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