Brent crude futures for August settlement, on Friday, rose 48 cents, or 0.56% to $86.87 a barrel. U.S. West Texas Intermediate crude futures for August delivery rose 52 cents, or 0.64%, to $82.26 a barrel.
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Top oil exporter Saudi Arabia may cut prices for crude grades it sells to Asia for a second month in August, tracking weakness in Middle East benchmark Dubai, trade sources said on Friday.
Brent crude oil futures were up 43 cents, or 0.5%, at $85.68 a barrel by 0850 GMT. U.S. West Texas Intermediate crude futures rose 42 cents, or 0.5%, to $81.32.
Iranian Minister of Petroleum, Javad Owji, says that the country’s oil production has risen by 60 percent over the three past years of Ibrahim Raisi’s administration in office.
The managing director of the National Iranian Oil Company (NIOC) has said that Iran’s oil revenues rose by 300 percent during the 13th administration in office since August 2021.
Brent crude oil futures rose 41 cents, or 0.48%, to $85.42 a barrel by 0613 GMT. U.S. West Texas Intermediate crude futures gained 46 cents, or 0.57%, to $81.29 per barrel.
U.S. West Coast refiners are replacing their heavy Iraqi oil imports with cheaper crude from Canada as the newly expanded Trans Mountain pipelinereshuffles trade flows across the Pacific.
Brent futures for August settlement eased 5 cents to $85.96 a barrel as of 0640 GMT after gaining 0.9% on Monday, while U.S. crude futures were down 3 cents at $81.60 a barrel after climbing 1.1% a day earlier.
Managing director of the National Iranian Oil Company (NIOC), Mohsen Khojastehmehr, says a license has been issued which allows the National Iranian Drilling Company (NIDC) to spend as much as 800 million dollars in purchasing drilling rigs as well as drilling related equipment and services.
Shares of Indian Oil Corporation Ltd. traded 0.17 per cent up in Monday's trade at 12:22PM (IST). Around 933,990 shares changed hands on the counter.
Brent crude futures slipped 3 cents to $85.21 a barrel by 0632 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude futures were at $80.71 a barrel, down 2 cents.
Iranian Minister of Petroleum Javad Owji says that currently Iran exports crude oil to 15 different countries across the world.
India's oil imports from Russia rose to a record of about 2.1 million barrels per day (bpd) in May as discounts for Russian oil widened on lower demand from China, according to trade sources and shipping data.
Brent futures for August settlement were down 13 cents to $85.58 a barrel by 0927 GMT, while U.S. West Texas Intermediate crude futures for August delivery were down 10 cents to $81.19.
The weekly price of OPEC basket of twelve crudes rose by 2.04 dollars during the week ending on June 20.
August Brent crude rose by 32 cents, or 0.38%, to $85.39 per barrel by 0837 GMT.U.S. West Texas Intermediate futures (WTI) for July , which expire on Thursday, dipped 25 cents, or 0.31%, to $81.32.
Canada plans to reduce its oil and gas emissions by 37% by 2030. A Deloitte report anticipates production cutbacks rather than investment in costly carbon capture technologies.
Iranian minister of petroleum, Javad Owji, says that Iran’s oil exports have risen by threefold since the 13th administration took office three years ago, adding no government in the U.S can stand in the way of Iran’s oil production and exports regardless of who takes power in Washington.
Brent crude futures eased 17 cents to $85.16 a barrel by 0635 GMT, while U.S. West Texas Intermediate crude was down 22 cents to $81.35 per barrel.
The India government aims to boost oil and gas output, ethanol use, and green hydrogen, with profitable state-run oil firms like BPCL not being sold off. Petroleum and natural gas minister Hardeep Singh Puri emphasized these steps as a continuation of previous efforts.