Oil prices dipped on Thursday, extending bigger falls from the previous session, as surging US crude inventories and weak demand from refineries weighed on markets.
Oil futures sank on Wednesday as an unexpected build in U.S. crude stockpiles compounded investor worries that a prolonged trade war between Washington and Beijing could dent crude demand.
An Australian state government leader has intervened to fast-track a proposed coal mine days after voters rejected tougher action to curb greenhouse gas emissions in a federal election.
The petrol and diesel prices on Wednesday remained unchanged in the four major metro cities — Chennai, Kolkata, Mumbai and New Delhi — ahead of the results of the 2019 Lok Sabha Elections.
Oil prices fell on Tuesday after Saudi Arabia reiterated it would aim to keep the market balanced and try to reduce tensions in the Middle East, while industry data showed a surprise increase in U.S. crude inventories.
Oil prices jumped as much as 2% on Thursday as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes in retaliation for recent attacks on its oil infrastructure.
Oil prices edged up on Thursday to extend gains into a third straight session, as tensions in the Middle East stoked fears of potential disruptions to supply. Brent crude futures were at $72.04 a barrel at 0110 GMT, up 27 cents, or 0.4 percent, from their last close. Brent closed up 0.7 percent on Wednesday.
Oil demand growth estimates for both 2018 and 2019 have been cut, the International Energy Agency revealed in its latest report issued Wednesday. Last year’s oil demand growth estimate has been revised downward by 70,000 barrels per day (bpd) to 1.2 million bpd
Oil eased on Wednesday after closely watched data showed a surprise rise in US crude stockpiles, but prices were supported by mounting tensions in the Middle East.
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