The price of gas has soared in recent weeks, putting several energy suppliers out of business and forcing some factories to stop production. Several facts including supply chain disruption lead to a hike in prices. Watch this report for more details.

United Kingdom witnesses gas supply chain disruption leads to hike in prices

Oil prices climbed on Monday to a one-week high in a second straight session of gains as concerns over US supplies following damage from Hurricane Ida supported the market, along with expectations for higher demand.

World Business Watch: Global oil price climbs to one-week high on US supply concerns

Snapping a three-day rally on renewed concerns over demand due to rising COVID-19 infections and as Mexico restored some output after a fire disrupted supplies, oil prices settled lower on Thursday.

World Business Watch: Oil rally falters on pandemic surge, renewed Mexico supply

Oil prices rose more than 5% on Monday, as a weaker dollar and strong global equities markets boosted crude futures after seven sessions of declines.

World Business Watch: Oil jumps 5% after 7 days of losses, boosted by weaker dollar

Closing out its worst day since March this year oil prices slumped $5 a barrel on Monday, after an OPEC+ agreement to boost output stoked fears of a surplus just as rising COVID-19 infections once again threaten demand.

World Business Watch: Oil prices slip after OPEC and allies reach deal to boost supply

Oil prices fell more than 1% on Monday, hit by an agreement over the weekend within the OPEC+ group of producers to boost output after an earlier pact fell apart due to objections from the United Arab Emirates (UAE).

World Business Watch: Oil falls more than 1% after OPEC+ agrees to boost supply

After hitting their highest level since 2018 earlier in this session yesterday oil prices have come down by two percent today to one week low.

World Business Watch: Crude oil falls nearly 2% ahead of OPEC+ talks

India is particularly vulnerable as any increase in global prices can affect its import bill, stoke inflation, and widen trade deficit.

Brent Crude settles at $75.56 a barrel

Brent crude futures for August gained 30 cents, or 0.4%, to $73.81 a barrel by 0051 GMT, while US West Texas Intermediate (WTI) crude for July was at $71.96 a barrel, up 32 cents, or 0.5%.

Brent crude futures up 0.4% at $73.81 a barrel

On Wednesday, Brent settled at its highest price since April 2019 while WTI settled at its highest since October 2018.

Oil slips again on surging US dollar

Meanwhile, US oil inventories declined by 8.5 million barrels in the week ending June 11, according to American Petroleum Institute.

Brent crude continues climb, trades at $72.15 a barrel

U.S. West Texas Intermediate fell 3 cents to settle at $70.88 a barrel, after earlier touching $71.78 a barrel, its highest since October 2018.

Market Today: Crude oil steadies after hitting 2-yr high

As producers balance expectations of a recovery in demand against a possible increase in Iranian supply, OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday.

World Business Watch: OPEC+ likely to stick with current supply plan, sees orderly Iran return

Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance.

World Business Watch: Oil prices stay firm as demand to outstrip supply in H2

Brent crude futures rose 23 cents, or 0.3%, to settle at $68.55 a barrel while U.S. West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.6%, to end the session at $65.28.

Crude oil falls on fading pipeline outage fears and India COVID pandemic

Oil prices slipped on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report the previous session that showed US crude inventories fell much more sharply than expected.

Brent crude oil futures fell by 43 cents, or 0.6 per cent, to $68.54 a barrel by 11:47 a.m. ET (1547 GMT). West Texas Intermediate (WTI) US crude futures slipped 54 cents, or 0.8 per cent, to $65.09.

"When Saudi Arabia cut their crude selling price, it was a stark reminder that there are still pockets of danger of COVID that could impact demand," said Phil Flynn, a senior analyst at Price Futures Group in Chicago.

On Wednesday, both benchmarks hit their highest since mid-March before retreating to close little changed after two days of gains.

India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages across the world's second-most populous nation, dashing hopes that the country's deadly second wave was about to peak.

"The record numbers of new infections in India have been making the headlines and fueling fears that demand may recover more slowly," Commerzbank said.

Yet easing restrictions in Europe and falling US crude inventories supported prices.

"As the rollout of vaccines continues and a pent-up summer driving season continues to manifest, this trend should accelerate, keeping demand for motor fuels robust and boosting market confidence in the recovery story," Citi analysts said in a note.

US crude stocks fell more than expected last week as refining output rose and exports surged, the Energy Information Administration said on Wednesday.&nbsp;

Crude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a drop of 2.3 million barrels.

Commerzbank analysts cited "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years".&nbsp;

They added that gasoline demand in the world's largest oil importer has proved disappointing, with stocks rising slightly last week.

Oil prices slipped on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report the previous session that showed US crude inventories fell much more sharply than expected.

Oil prices slipped on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report the previous session that showed US crude inventories fell much more sharply than expected. Brent crude oil futures fell by 43 cents, or 0.6 per cent, to $68.54 a barrel by 11:47 a.m. ET (1547 GMT). West Texas Intermediate (WTI) US crude futures slipped 54 cents, or 0.8 per cent, to $65.09. "When Saudi Arabia cut their crude selling price, it was a stark reminder that there are still pockets of danger of COVID that could impact demand," said Phil Flynn, a senior analyst at Price Futures Group in Chicago. On Wednesday, both benchmarks hit their highest since mid-March before retreating to close little changed after two days of gains. India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages across the world's second-most populous nation, dashing hopes that the country's deadly second wave was about to peak. "The record numbers of new infections in India have been making the headlines and fueling fears that demand may recover more slowly," Commerzbank said. Yet easing restrictions in Europe and falling US crude inventories supported prices. "As the rollout of vaccines continues and a pent-up summer driving season continues to manifest, this trend should accelerate, keeping demand for motor fuels robust and boosting market confidence in the recovery story," Citi analysts said in a note. US crude stocks fell more than expected last week as refining output rose and exports surged, the Energy Information Administration said on Wednesday. Crude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a drop of 2.3 million barrels. Commerzbank analysts cited "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years". They added that gasoline demand in the world's largest oil importer has proved disappointing, with stocks rising slightly last week.

Oil prices slip on worries of pandemic surge in India

Oil prices climbed on Monday (May 03) as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic.

World Business Watch: Oil prices rise amid strong rebound in fuel demand

Oil prices eased slightly on Monday on concerns that a resurgence of COVID-19 infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia.

World Business Watch: Oil inches lower on concerns over COVID-19 surge in India, Japan

Brent crude futures rose US$2.91, or 4.6%, to settle at $66.58 a barrel. U.S. West Texas Intermediate (WTI) crude ended $2.97, or 4.9%, higher at $63.15 a barrel.

Oil price climbs nearly 5% on signs of increasing crude demand

Oil prices have went down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

World Business Watch: Oil prices slip after OPEC+ agree to ease output cuts

Crude prices rose on Thursday, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later on Thursday (April 01) would yield output constraint in the face of resurgent COVID-19 infections in some regions.

World Business Watch: Oil gains ahead of OPEC+ meet on output policy

Investors are shifting focus to the upcoming OPEC+ ministerial meeting that is happening this Thursday (01 April). Analysts expect the group to extend supply curbs given dim demand prospects.

World Business Watch: Analysts expect OPEC+ to extend supply curbs

Oil prices bounced back from a plunge day earlier on concerns that a large container ship that ran aground in the Suez Canal may block vital shipping lane for weeks.

World Business Watch: Oil prices recover from a plunge day earlier

Oil prices settled lower, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began.

World Business Watch: Oil settles lower after attacks on oil facilities in Saudi Arabia

According to reports, Iran has quietly moved record amounts of crude oil to top client China in recent months, while India's state refiners have added Iranian oil to their annual import plans on the assumption that US sanctions on the OPEC supplier will soon ease.

Reports: Iran slips record volume of oil into China, reaches out to Asian clients

A decision by OPEC+ to continue with an output cut would undermine consumption-led recovery and hurt consumers in oil buying nations, Indian oil minister Dharmendra Pradhan told Reuters on Friday.

India says OPEC+ decision to hit consumption-led recovery, hurt customers

A group of major oil producers has agreed to extend production cuts for another month despite a recent price surge. OPEC and its allied producers said that they would largely roll over production cuts during the month of April.

World Business Watch: Oil prices surge as OPEC and its allies extend production cuts

Global oil prices jumped higher after the organisation of the petroleum exporting nation's OPEC and its allies agreed to extend most oil output cuts into April.

OPEC and its allies extends output cuts into April

Economic recovery is leading to weakening the prices of crude oil and this has become the major factor. Considering the same, OPEC+ will be holding a meeting discussing the crucial issues.

World Business Watch: Dramatic decrease in oil post Saudi Arabia cuts

Despite a jump in prices, oil exporters are losing cash. World's biggest oil economies are still bleeding, while major oil companies are reporting staggering losses. The worst may be yet to come. WION's Palki Sharma tells you why.

Gravitas: Despite a price jump, major oil exporters are losing cash

Oil prices are skyrocketing in India. Global oil prices are touching new highs. Why are Indians paying so much for oil? Will we have to keep paying more? WION's Palki Sharma tells you how a meeting next month could decide what you pay for fuel.

Gravitas: 2 factors are dictating how much you spend on fuel

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