Brent Crude Oil trade flat near $71.90 during the European trading session on Monday. The Oil price is broadly under pressure as traffic near the Strait of Hormuz, a critical chokepoint for almost 20% of global energy supply, has increased amid the ongoing ceasefire betwee
Oil prices remain under pressure near 68.50 USD, with analysts highlighting bearish trends below critical intraday levels. Crude oil futures trade near 68.50 USD, just below the 68.60-68.70 USD intraday decision zone, maintaining a bearish short-term outlook. Analysts note
The purchase highlights persistent supply constraints in the Persian Gulf as prices remain above recent spot market averages. Pakistan has purchased a second spot LNG cargo in two weeks, paying $17.37 per million British thermal units for delivery on July 10-11. The deal,
Oil prices edge higher despite OPEC+ increasing output by 188,000 barrels per day amid easing Middle East shipping disruptions. West Texas Intermediate crude trades around $69.00 a barrel, extending a three-day rally during Asian trading on Monday. The gain comes despite O
The group’s latest decision follows two prior monthly hikes and would fully reverse 2023 cuts if extended in September. OPEC+ agreed to boost its collective oil production target by 188,000 barrels per day starting in August. The move extends similar increases implemented
India’s $8.3 billion Rajasthan refinery boosts global refining share amid Western capacity reductions through 2030. India inaugurated an $8.3 billion refinery in Rajasthan, adding 180,000 barrels per day of processing capacity. The plant, the only new global refinery expec
Brent trades near $72 while refined products reflect $95-$100 crude levels, signaling prolonged market dislocation. Middle Eastern producers are heavily discounting crude to reduce stockpiles built up during regional conflicts, TotalEnergies CEO Patrick Pouyanné said. The
ECB Governor says bank is in good position after June rate hike The ECB is in a good position following the June rate hike, with easing oil-driven inflation. The sharp fall in oil prices has reassured policymakers and improved the ECB's position on rates. T
OPEC+ agrees to raise output targets by 188,000 bpd from August The OPEC+ group has approved a further output hike, marking the fifth consecutive monthly increase. The decision comes as Hormuz exports recover and Brent crude falls near $72 a barrel, back to pre-war levels.
Seven OPEC+ countries to increase oil output by 188,000 barrels per day The Organization of the Petroleum Exporting Countries and its allies have agreed to expand oil production. The increase in production is a response to falling fuel prices. The decision
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