emerged as the world's second-largest buyer of Russian fossil fuels in May, importing €5.8 billion worth of hydrocarbons, primarily crude oil. Refiners significantly increased purchases, with key hubs like Vadinar and Jamnagar seeing substantial rises in Russian crude arrivals.
OIL Feed Atom
Brent crude futures fell by $1.83, or 2%, to $88.55 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.60, or 1.8%, to $86.11.
Oil prices set to surge above $105 a barrel as US-Israeli strikes trigger historic supply shock, demand set to shrink for first time since pandemic.
Brent crude futures rose $1.48 (1.59%) to $94.58 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $1.71 (1.90%) to $91.74 per barrel.
The United States has become the world's largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies' grip on energy markets as Washington's war with Iran reshapes global energy trade.
Brent crude futures fell 9 cents, or 0.1%, to $91.36 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1%, to $88.10 per barrel.
Brent crude oil futures fell by $1.14 (equivalent to 1.2%) from the previous price to reach $93.11 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by $1.30 (equivalent to 1.4%) from the previous price to reach $90.00 per barrel.
India expects prices of both oil and gas to drop in the coming months, with enough stocks available despite the U.S.-Israeli war with Iran that has squeezed energy supplies, Oil Minister Hardeep Singh Puri told broadcaster CNN-News18 on Monday.
The CEO of the National Iranian Oil Company (NIOC) said: "The reconstruction of damaged facilities in the oil industry is being carried out with full force and as quickly as possible, and the rebuilding process is proceeding phase by phase."
Brent crude futures rose $4.42, or 4.47%, to $97.15 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $4.07, or 4.50%, to $94.61 per barrel.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in July, OPEC said in a statement after a meeting on Sunday.
Oil Ministry is ready to implement a system linking fuel cards to bank cards, but the plan requires cooperation from the Ministry of Economic Affairs and Finance, Oil Minister Mohsen Paknejad said Sunday.
Brent crude oil futures fell by 24 cents, or 0.25%, to $94.79 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by 56 cents, or 0.6%, to $92.48 per barrel.
Russian Deputy Prime Minister Alexander Novak has warned that global oil markets could face supply shortages within a few months if the war with Iran persists.
Brent crude futures fell by 87 cents (0.89%) to $96.92 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by 78 cents (0.81%) to $95.24.
South Korea will triple its crude imports from Canada this year and boost LNG purchases from Canadian export projects in the coming years as the Asian economy looks to diversify energy supply amid the massive oil and gas supply shock in the Middle East.
Analysts have slashed their estimates of India's oil demand growth this year, with the consumption uptick to be the weakest since the Covid pandemic as the supply crunch and higher fuel prices slow gasoline and diesel demand.
Brent crude oil futures climbed by $1.56, or 1.6%, to $97.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose by $1.61, or 1.7%, to $95.37 per barrel.
Indian Oil Corporation (IOC) bought five million (mn) barrels of crude oil via a tender, trade sources said.
Brent crude oil futures fell by 75 cents, or 0.79%, to $94.23 per barrel. U.S. West Texas Intermediate (WTI) crude futures also dropped 85 cents, or 0.92%, to $91.31 per barrel.
