India’s retail inflation rate hit a six-month high in April, due to bigger increases in food prices, but remained below the central bank’s target for a ninth month, keeping hopes alive for a June cut in the key interest rate.
A fire broke out at an oil pipeline in southwest Iran after an accident on Monday and is under control, the Tasnim news agency reported. The fire started when a construction loader vehicle collided with a pipeline during an attempt to repair a section
U.S. President Donald Trump’s unexpected decision to ban all Iranian oil purchases after May 1 – ending exemptions for eight nations – came after hawkish economic and security advisors allayed the president’s fears of an oil price hike, according to three sources familiar with the internal debate.
Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the United States to make up for any loss of Iranian oil if the U.S. enforces sanctions more harshly from next month, sources and company officials said.
Oil prices rose on Wednesday, supported by concerns over tightening global supply due to U.S. sanctions and fighting in Libya, as well as an unexpected fall in U.S. crude inventories.
India imported about 5 percent more oil from Iran in the last fiscal year through March as companies raised purchases ahead of U.S. sanctions against Tehran from November, preliminary tanker arrival data obtained from shipping and industry sources showed.
Oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela. International Brent crude oil futures were at $71.01 per barrel at 0042 GMT, up 18 cents, or 0.3 percent, from their last close.
Global oil supply dropped in March as U.S. sanctions and power outages pushed Venezuela’s crude output to a long-term low of 870,000 barrels per day (bpd), the International Energy Agency said on Thursday, even lower than OPEC reported the day before.
The rising tide of light U.S. shale oil has largely swept away comparable grades of Nigerian oil from American shores and is putting them under pressure in Europe.
Oil prices rose to their highest levels since Nov. 2018 on Monday, driven up by OPEC’s ongoing supply cuts and U.S. sanctions against Iran and Venezuela. International benchmark Brent futures were at $70.67 per barrel at 0022 GMT on Monday, up 33 cents, or 0.5 percent from their last close.