Oil prices rose slightly on Tuesday ahead of U.S. data expected to show crude stocks declining there, outweighing investors’ concerns that U.S.-China trade tensions could weigh on fuel demand.Benchmark Brent crude futures were up 32 cents at $65.18 a barrel.
Growth in India’s fuel demand is set to remain at 4-4.5 percent this year, driven by consumption of gasoline and jet fuel in the transportation sector, the head of the country’s largest state-owned refiner said on Tuesday.
Oil prices climbed on Monday as tensions remain high between Iran and the United States, with US Secretary of State Mike Pompeo saying “significant” sanctions on Tehran would be announced.
Oil futures rallied on Friday with US crude up 10% in the week and global benchmark Brent gaining 5% on fears of a US military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world’s oil output.
Oil jumped more than 3% to above $63 a barrel on Thursday after Iran shot down a U.S. military drone, raising fears of a military confrontation between Tehran and Washington.
The oil and gas (O&G) industry has been experiencing turbulence recently, marked by economic uncertainty, geopolitical risks such as sanctions on O&G-producing countries that have an impact on long-term deals and transactions
Oil rose about 1% on Friday after attacks on two oil tankers in the Gulf of Oman this week raised concerns about potential supply disruptions, but prices remained on track for a weekly loss on fears that trade disputes will dent global oil demand.
After connecting over 2.62 crore households with power supply connection under Saubhagya scheme, the Narendra Modi-led government has now advanced its goal to provide 24-hour quality and reliable power supply across India.
The International Energy Agency (IEA) slashed its estimate for global oil demand growth for the second consecutive month on Friday, citing intensifying trade concerns amid fears of a global recession.
As Modi 2.0 hits the ground running, the power ministry has formulated a 100-day plan to re-energise the space. The power ministry also directed states to honour all clearances to power companies.