Brent crude fell 39 cents to $75.50 a barrel by 1056 GMT, while U.S. West Texas Intermediate crude futures slipped 51 cents to $69.87 a barrel.
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India has hiked the windfall tax on crude oil while reducing the tax on diesel and aviation turbine fuel, according to a government notification.
Brent crude rose $1.28, or 1.7%, to $78.32 a barrel by 0438 GMT while U.S. West Texas Intermediate crude was at $72.69 a barrel, up $1.04, or 1.5%.
As reported by Iran’s Ports and Maritime Organization (PMO), 61,741,198 tons of oil products were loaded and unloaded in the ports of country during the first nine months of the present Iranian calendar year (March 21-December 21, 2023).
OPEC is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest since the COVID-19 pandemic on the back of output cuts and member Angola's exit, according to Reuters calculations and data from forecasters.
In the face of international scrutiny, India has staunchly defended its substantial purchases of Russian crude oil since the onset of the Ukraine war.
Ecuador has reached an agreement with an Indigenous community in the country's Orellana province to end the group's blockade of oil projects in the area, the ministry of energy and mining said on Saturday.
Brent crude on Friday, the last trading day of the year, settled at $77.04 a barrel, down 11 cents or 0.14%. U.S. West Texas Intermediate crude settled at $71.65 a barrel, down 12 cents or 0.17%.
India initiates rupee payments for UAE oil, aiming to globalise its currency and diversify economic strategies in international trade.
Brent crude futures were up 58 cents, or 0.8%, at $77.73 a barrel at 1113 GMT, the last trading day of 2023, while U.S. West Texas Intermediate (WTI) crude futures were up 42 cents, or 0.6%, at $72.19.
Canadian oil producers Canadian Natural Resources and MEG Energy are urging the country's energy regulator to approve Trans Mountain Corp's latest request for a change to building its pipeline expansion, saying timely completion is critical.
Oil prices fell around 1% on Thursday as concerns eased about shipping disruptions along the Red Sea route, even as tensions in the Middle East continue to fester.
Iran is self-sufficient in all segments of the oil industry despite brutal sanctions and ready to develop Iraq’s upstream and downstream sectors, said Oil Minister Javad Owji on Wednesday.
Iranian Oil Minister Javad Owji on Wednesday said Iran and Iraq are the large holders of hydrocarbon reserves and joint projects in this sector will be in their interests.
Shipments of Russian Sokol crude oil to Indian Oil Corp have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more oil from the Middle East, two sources familiar with the matter said.
Almost all of Russia's oil exports this year have been shipped to China and India, Deputy Prime Minister Alexander Novak said on Wednesday, after Moscow responded to Western economic sanctions by quickly rerouting supplies away from Europe.
Brent crude futures was down 17 cents, or 0.21%, at $80.90 a barrel by 0940 GMT. U.S. West Texas Intermediate crude eased by 34 cents, or 0.45%, to $75.23 a barrel.
Shipments of Russian Sokol crude oil to Indian Oil Corp have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more oil from the Middle East, two sources familiar with the matter said.
Brent crude futures rose 18 cents, or 0.2%, to $79.25 a barrel by 1208 GMT while U.S. West Texas Intermediate crude was up 3 cents at $73.59.
The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies' high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation.