Brent crude futures rose $1.32, or 1.73%, to $77.44 a barrel at 1049 GMT, while U.S. West Texas Intermediate crude futures gained $1.25, or 1.77%, to $72.02 a barrel.
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Preregistration for the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition, also known as Iran Oil Show 2024, will start on January 20 and continue until January 24, the National Iranian Oil Company (NIOC) reported.
China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said.
Brent crude slipped 0.93%, or 73 cents, to $78.03 a barrel by 0753 GMT after falling more than 1% earlier in the session, while U.S. West Texas Intermediate crude futures shed 1.04%, or 77 cents, to $73.04 a barrel.
Oil and Natural Gas Corporation (ONGC) emerged as the dominant player in the Open Acreage Licensing Policy (OALP-VIII) bid round, securing seven out of ten blocks.
Brent crude futures settled up $1.17, or 1.51%, at $78.76 a barrel. U.S. West Texas Intermediate crude futures finished up $1.62, or 2.24%, at $73.81.
India plans to halve the amount of equity investment to $1.8 billion for 2023/24 to help fund three state oil refiners' green energy projects, four government and industry sources said, as the federal government seeks to curb its fiscal deficit.
Brent crude futures were up 44 cents, or 0.57%, to $78.03 a barrel, while U.S. West Texas Intermediate crude futures rose 57 cents, or 0.79%, to $72.76 at 1032 GMT.
China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said.
Trans Mountain Corp plans to begin line fill in March or May on its long-delayed Canadian oil pipeline expansion, depending on the diameter of pipe it uses and assuming no new problems, the Canadian government-owned company said in a filing on Wednesday.
Brent crude rose 70 cents, or 0.9%, to $78.95 a barrel by 1148 GMT while U.S. West Texas Intermediate crude futures rallied 74 cents, or 1%, to $73.44.
Oil futures settled higher Wednesday after reports of fatalities following explosions at a ceremony held to mark the four-year death anniversary of Shaheed Qasim Soleimani.
Oil Minister Javad Owji, in a message, expressed his heartfelt condolences on the martyrdom of more than 100 people in the twin terrorist attacks in Kerman, a city in southeastern Iran, on Wednesday.
India's oil imports from Russia fell due to unattractive pricing and not because of payment problems, oil minister Hardeep Singh Puri said on Wednesday.
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.
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.