India is likely to lobby heavily for an end to the discriminatory “Asian premium” on oil prices and a “responsible” price mechanism, as it prepares to host a major conference for oil producing and consuming countries.
Oil markets climbed on Monday on the back of a drop in the number of US rigs drilling for more production and as the US economy continued to create jobs, which industry hopes will drive higher fuel demand.
Top oil exporter Saudi Arabia is likely to cut prices for all crude grades it sells to Asia in April after demand for Middle East crude fell in last month’s trade, trade sources said on Thursday.
Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and as worries grew over tensions in the Middle East.
Oil prices edged higher on Friday as the dollar stood near a three-year low in subdued Asian trade, with many markets closed for the Lunar New Year holiday.
Oil prices were stable on Wednesday, supported by healthy economic growth and expectations that a weaker dollar could spur fuel demand.
Oil prices, long battered by a global glut in supply, have been rising recently as the market returns to balance on the back of a landmark deal between producers to throttle output, but surging shale production in the United States could throw a spanner in the works, OPEC said today.
Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and US crude output hit record highs, adding to concerns about a sharp rise in global supplies.
Oil prices on Thursday were close to their lowest levels this year, with soaring U.S. output undermining OPEC’s efforts to tighten markets and prop up prices.
Oil prices dropped by more than 1% on Tuesday, extending falls from the previous session as global financial markets tumbled lower in the wake of one of the biggest intraday fall ever registered on Wall Street.