Oil rose on Wednesday, set for its largest third-quarter gain in 13 years, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening supply cuts to erode an existing global surplus.
Oil prices eased on Thursday, but held on to most of their gains in the previous session when the market was buoyed by a forecast for firmer global oil demand by the International Energy Agency.
Oil prices rose on Monday as key U.S. refineries began restarts following Hurricane Harvey, which may help revive crude oil processing, while fuel prices fell as Hurricane Irma is likely to clip demand for gasoline and diesel.
Oil prices remained firm on Friday after almost a week of sharp gains as Hurricane Irma moved towards Florida through the Carribean.
Determined to survive profitably in a future of low prices and difficult-to-find oil, ONGC plans to tap Big Data to cut its operating costs following example of big international players.
Oil prices dipped on Monday as a slowdown in Chinese refining activity growth cast doubts over its crude demand outlook, while rising U.S. shale output suggested supplies would likely remain high.
Oil prices were little changed in early Asian trading on Friday after retreating in the previous session, weighed by ongoing global glut concerns despite a bigger-than-expected draw in U.S. crude inventories.
Oil has fallen out of favour in recent years, with prices dropping by more than half since mid-2014. From about $115 per barrel in mid-2014, Brent crude oil prices fell to a 12-year low of close to $28 by January 2016, before settling around $50 per barrel.
U.S. oil opened above $50 per barrel for the first time since late May on Monday, supported by strong fuel demand, but ongoing high supplies from producer club OPEC kept prices from rising further
Petroleum Minister Dharmendra Pradhan has asked oil producing nations to price crude oil at “reasonable” levels to ensure availability of fuel to Indians at affordable rates.
