Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday. Brent crude also inched up slightly on Thursday.

The demand came as US crude inventory posted a huge draw — it declined by more than 12 million barrels last week, registering its biggest drop in almost one year. In addition, Reuters reported that Rosneft and Lukoil said they would cut export of oil from the Black Sea port of Novorossiysk in July as they resume operations at their refineries.

However, this left any gains in check following Saudi Aramco's move to cut the price of its key Arab Light grade price by 60 cents a barrel to $1.80 a barrel above the regional benchmark for August shipments, less than the forecast 90-cent cut by traders and refiners polled.

Another factor that contributed to the market was the reduced threat to oil and gas production in the Gulf of Mexico by Hurricane Beryl. Information from the hurricane centre and the Bureau of Ocean Energy Management showed that the storm passed without striking major drilling areas and platforms in US federal waters. Major platforms, notably Exxon Mobil Corp's Hoover, Occidental Petroleum Corp's Boomvang and Shell Plc's Perdido, that were on the path Wednesday are now clear.

Oil prices have risen more than 14 per cent from early June lows on OPEC+ limitations on supply and expectations of stronger summer demand. This has been accompanied by geopolitical risks and the bullishness of the equity markets. One offset has been worrying about demand in China, the world's largest importer of crude. Buying by China has been lacklustre, sparking questions over future appetite.

“Geopolitics and weather are keeping oil prices well supported in the $80s for now,” Citigroup Inc. analysts including Eric Lee said in a note. “There are reasons to believe that current strength can ease, based on physical market and demand signals, even though hurricanes need to be carefully watched.”

In the final analysis, record decline in US stockpiles and supply cuts by big producers underpin prices as reduced pricing from Saudi Aramco and weak demand signals from China combine to balance the market.

Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday.

Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday. Brent crude also inched up slightly on Thursday. The demand came as US crude inventory posted a huge draw — it declined by more than 12 million barrels last week, registering its biggest drop in almost one year. In addition, Reuters reported that Rosneft and Lukoil said they would cut export of oil from the Black Sea port of Novorossiysk in July as they resume operations at their refineries. However, this left any gains in check following Saudi Aramco's move to cut the price of its key Arab Light grade price by 60 cents a barrel to $1.80 a barrel above the regional benchmark for August shipments, less than the forecast 90-cent cut by traders and refiners polled. Another factor that contributed to the market was the reduced threat to oil and gas production in the Gulf of Mexico by Hurricane Beryl. Information from the hurricane centre and the Bureau of Ocean Energy Management showed that the storm passed without striking major drilling areas and platforms in US federal waters. Major platforms, notably Exxon Mobil Corp's Hoover, Occidental Petroleum Corp's Boomvang and Shell Plc's Perdido, that were on the path Wednesday are now clear. Oil prices have risen more than 14 per cent from early June lows on OPEC+ limitations on supply and expectations of stronger summer demand. This has been accompanied by geopolitical risks and the bullishness of the equity markets. One offset has been worrying about demand in China, the world's largest importer of crude. Buying by China has been lacklustre, sparking questions over future appetite. “Geopolitics and weather are keeping oil prices well supported in the $80s for now,” Citigroup Inc. analysts including Eric Lee said in a note. “There are reasons to believe that current strength can ease, based on physical market and demand signals, even though hurricanes need to be carefully watched.” In the final analysis, record decline in US stockpiles and supply cuts by big producers underpin prices as reduced pricing from Saudi Aramco and weak demand signals from China combine to balance the market.

Can a drop in US stockpiles hold price amid mixed market signals?

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy.

By 0030 GMT, Brent crude futures dipped 30 cents, or 0.34 per cent, to $87.04 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.38 per cent, to $83.56. Reduced activity due to the US Fourth of July holiday also had an effect on the market.

Recent data has contributed to fears that the US economy is losing momentum. First-time applications for unemployment benefits rose last week and the number of people on jobless rolls hit a 2-1/2-year high through late June. The ADP Employment report showed private payrolls increased by 150,000 in June; however this is below the 160,000 consensus and May's 157,000 rise.

As if the economic worry did not have enough variables, the ISM Non-Manufacturing Index, which is a barometer of activity in the US service sector, fell to a four-year low of 48.8 in June, far below the consensus of 52.5, driven by a steep decrease in orders.

While that is weaker in terms of economic data, analysts indicate that this may actually strengthen the case for the Federal Reserve to cut interest rates, together with lower rates that can prompt demand for enhanced oil markets.

"The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy.

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy. By 0030 GMT, Brent crude futures dipped 30 cents, or 0.34 per cent, to $87.04 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.38 per cent, to $83.56. Reduced activity due to the US Fourth of July holiday also had an effect on the market. Recent data has contributed to fears that the US economy is losing momentum. First-time applications for unemployment benefits rose last week and the number of people on jobless rolls hit a 2-1/2-year high through late June. The ADP Employment report showed private payrolls increased by 150,000 in June; however this is below the 160,000 consensus and May's 157,000 rise. As if the economic worry did not have enough variables, the ISM Non-Manufacturing Index, which is a barometer of activity in the US service sector, fell to a four-year low of 48.8 in June, far below the consensus of 52.5, driven by a steep decrease in orders. While that is weaker in terms of economic data, analysts indicate that this may actually strengthen the case for the Federal Reserve to cut interest rates, together with lower rates that can prompt demand for enhanced oil markets. "The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."

Oil spill amid signs of US economic slowdown

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.60 per barrel, and the US West Texas Intermediate crude futures climbed 14 cents to $82.95 per barrel.

The advance came one day after prices fell as concerns about Hurricane Beryl acting to disrupt production in the Gulf of Mexico subsided.

According to sources citing the American Petroleum Institute, sharp declines in US crude oil inventories were 9,163,000 barrels for the week ended June 28. At the same time, gasoline inventories rose by 2,468,000 barrels, with distillate levels down 740,000 barrels. Analysts, who had predicted a more modest draw on crude inventories, indicated the figures were higher than expected.

"Oil prices were supported by a US crude inventories draw, but gains were limited as some investors were still seeking to take profits from the recent rally to reach the highest levels since April," said Mitsuru Muraishi, an analyst at Fujitomi Securities.

The Energy Information Administration is due to release its weekly data on Wednesday, which will shed more light on market dynamics.

Demand for gasoline in the US is expected to firm up, especially as the summer travel season really gets underway and the Independence Day holiday approaches. This year's holiday travel is expected to rise by 5.2 per cent over last year with car travel 4.8 per cent higher, according to American Automobile Association(AAA).

On the supply side, a Reuters survey showed that the Organisation of the Petroleum Exporting Countries'(OPEC) oil output increased for a second month in June. The rise was due to higher production from Nigeria and Iran offsetting voluntary cuts by other members of the OPEC+ alliance.

Hurricane Beryl, expected to downgrade to a tropical storm, is currently expected to move into the Gulf of Mexico this week and could also hit further dynamics.

While oil prices do respond positively to prospects for summer US demand, mixed inventory data and continual adjustments to supply from OPEC, alongside other external events such as hurricanes, will continue to remain key drivers of sentiment.

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.60 per barrel, and the US West Texas Intermediate crude futures climbed 14 cents to $82.95 per barrel. The advance came one day after prices fell as concerns about Hurricane Beryl acting to disrupt production in the Gulf of Mexico subsided. According to sources citing the American Petroleum Institute, sharp declines in US crude oil inventories were 9,163,000 barrels for the week ended June 28. At the same time, gasoline inventories rose by 2,468,000 barrels, with distillate levels down 740,000 barrels. Analysts, who had predicted a more modest draw on crude inventories, indicated the figures were higher than expected. "Oil prices were supported by a US crude inventories draw, but gains were limited as some investors were still seeking to take profits from the recent rally to reach the highest levels since April," said Mitsuru Muraishi, an analyst at Fujitomi Securities. The Energy Information Administration is due to release its weekly data on Wednesday, which will shed more light on market dynamics. Demand for gasoline in the US is expected to firm up, especially as the summer travel season really gets underway and the Independence Day holiday approaches. This year's holiday travel is expected to rise by 5.2 per cent over last year with car travel 4.8 per cent higher, according to American Automobile Association(AAA). On the supply side, a Reuters survey showed that the Organisation of the Petroleum Exporting Countries'(OPEC) oil output increased for a second month in June. The rise was due to higher production from Nigeria and Iran offsetting voluntary cuts by other members of the OPEC+ alliance. Hurricane Beryl, expected to downgrade to a tropical storm, is currently expected to move into the Gulf of Mexico this week and could also hit further dynamics. While oil prices do respond positively to prospects for summer US demand, mixed inventory data and continual adjustments to supply from OPEC, alongside other external events such as hurricanes, will continue to remain key drivers of sentiment.

Oil prices volatile amid mixed crude inventory data

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs. This also helped the Organisation of Petroleum Exporting Countries, or OPEC, to decide on the supply numbers and the subsequent cuts. OPEC's output cuts strategy aims to stabilise prices and balance falling demand with supply curbs.

Now Brazil has risen, with more than one-third of the deficit already covered. Brazilian oil fields are expected to overshoot the pre-collapse figure by roughly 200,000 barrels a day this year. This can potentially hurt OPEC's strategy, which now has to deal with excess Oil from Brazil. Brazil's president, Luiz Inacio Lula da Silva, has pushed to strengthen ties with OPEC and its allies but has refrained from any commitments to constrain output.

OPEC had recently extended output cuts well into 2025. This comes as slow demand growth in top oil importer China continues to weigh on prices amid rising volatility. We are currently witnessing an energy shift, from oil to cleaner forms of energy. This shift is a major factor in the declining demand. Supply cuts are hurting the wallets, but keeping the prices in balance is essential. Prices have risen above $80 per barrel. Goldman Sachs anticipates oil to touch $86 this summer. But the outlook remains grim. Citi forecasts oil prices will drop to $60 by 2025.

Brazil still has challenges to counter. Petrobras and other oil drillers face environmental protests and standoff over wages. The strikes have already squeezed 80,000 barrels of daily output so far. Another issue is the fading crude production in Brazil's once 'crown jewel', Tupi. Petrobras is currently in negotiations to revive the falling output. &nbsp;

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs.

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs. This also helped the Organisation of Petroleum Exporting Countries, or OPEC, to decide on the supply numbers and the subsequent cuts. OPEC's output cuts strategy aims to stabilise prices and balance falling demand with supply curbs. Now Brazil has risen, with more than one-third of the deficit already covered. Brazilian oil fields are expected to overshoot the pre-collapse figure by roughly 200,000 barrels a day this year. This can potentially hurt OPEC's strategy, which now has to deal with excess Oil from Brazil. Brazil's president, Luiz Inacio Lula da Silva, has pushed to strengthen ties with OPEC and its allies but has refrained from any commitments to constrain output. OPEC had recently extended output cuts well into 2025. This comes as slow demand growth in top oil importer China continues to weigh on prices amid rising volatility. We are currently witnessing an energy shift, from oil to cleaner forms of energy. This shift is a major factor in the declining demand. Supply cuts are hurting the wallets, but keeping the prices in balance is essential. Prices have risen above $80 per barrel. Goldman Sachs anticipates oil to touch $86 this summer. But the outlook remains grim. Citi forecasts oil prices will drop to $60 by 2025. Brazil still has challenges to counter. Petrobras and other oil drillers face environmental protests and standoff over wages. The strikes have already squeezed 80,000 barrels of daily output so far. Another issue is the fading crude production in Brazil's once 'crown jewel', Tupi. Petrobras is currently in negotiations to revive the falling output.

OPEC braces for more oil: Brazil's oil market rebound threatens output cuts strategy

Oil prices rose in early Asian trading on Monday, adding to last week's gains as rescuers searched for Iran's President Ebrahim Raisi after a helicopter crash in the oil-producing nation. Watch in for more details!

Oil prices rise amid uncertainity over Iran President Ebrahim Raisi's fate

The Group of Seven nations aimed to cripple Russia's oil revenue by imposing a price cap of $60 per barrel. However, the effectiveness of this strategy is under growing scrutiny.

G7 oil price cap on Russia crumbling?

Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran.&nbsp;

Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.54 a barrel. On the other hand, the US West Texas Intermediate (WTI) crude futures jumped 4.06 per cent to reach $86.09.&nbsp;

A possible expansion of the Gaza conflict beyond Israel's border could be a disaster&nbsp;for the global oil supply.

Analysts believe that oil prices could cross $100 or even $130 if a wider war blocks the Strait of Hormuz.

The strait is at the heart of West Asia's supply route and accounts for a fifth of the world's oil trade.&nbsp;

Oil prices have risen by about 25 per cent since the October 7 Hamas attack on&nbsp;Israeli civilians.&nbsp;

The risk premium has been on a downward path on the hopes that a wider conflict would be averted. But Israel's Friday strikes could spike investor worries about oil prices and its impact on the global economy.&nbsp;

The existing production cut by oil cartel OPEC+ would make matters worse for India, which relies on imports to quench its growing&nbsp;oil needs.&nbsp;

The focus would shift to OPEC+ meeting in June, when oil producers could decide to continue with the production cuts or ease the supply pressure.

In the short run, high oil prices could help West Asian countries like Saudi Arabia, where over half&nbsp;the budget is financed by oil money. But in the long run, the U.S, which was&nbsp;the&nbsp;biggest oil producer in 2023,&nbsp;could release excess capacity and push prices down.&nbsp;

Ultimately, higher oil prices would&nbsp;boost commodity prices&nbsp;across the world and prolong the interest rate tightening cycle. &nbsp;

Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran. Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.

Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran. Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.54 a barrel. On the other hand, the US West Texas Intermediate (WTI) crude futures jumped 4.06 per cent to reach $86.09. A possible expansion of the Gaza conflict beyond Israel's border could be a disaster for the global oil supply. Analysts believe that oil prices could cross $100 or even $130 if a wider war blocks the Strait of Hormuz. The strait is at the heart of West Asia's supply route and accounts for a fifth of the world's oil trade. Oil prices have risen by about 25 per cent since the October 7 Hamas attack on Israeli civilians. The risk premium has been on a downward path on the hopes that a wider conflict would be averted. But Israel's Friday strikes could spike investor worries about oil prices and its impact on the global economy. The existing production cut by oil cartel OPEC+ would make matters worse for India, which relies on imports to quench its growing oil needs. The focus would shift to OPEC+ meeting in June, when oil producers could decide to continue with the production cuts or ease the supply pressure. In the short run, high oil prices could help West Asian countries like Saudi Arabia, where over half the budget is financed by oil money. But in the long run, the U.S, which was the biggest oil producer in 2023, could release excess capacity and push prices down. Ultimately, higher oil prices would boost commodity prices across the world and prolong the interest rate tightening cycle.

Oil prices rise by over 4 per cent after reports of Israeli strikes on Iran

Saudi Arabia's decision to reverse plans to increase its oil production capacity highlights a long-term risk to the kingdom's oil revenue: competing suppliers. That is also raising concerns about the future of demand.

Saudi needs an oil price of $108 a barrel to balance its budget

The non-oil sector in Saudi Arabia had its greatest employment growth in nine years in October as the world's largest crude exporter looks to diversify.

Saudi Arabia's non-oil economy shows resilience in October | World Business Watch

Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades. According to a report by Bloomberg, the escalation of tensions in West Asia has stirred concerns in global markets and revived a war-risk premium.

West Texas Intermediate (WTI) crude oil traded near $87 a barrel, reflecting the rising anxiety in the energy sector. While immediate oil supply disruption remains low, there are fears that the conflict could evolve into a more extensive proxy war, potentially involving the U.S. and Iran.

As conflict in the region entered its third day, the combined death toll exceeded 1,100, intensifying concerns about the situation's severity. The United States announced its decision to deploy warships to the region, underscoring the escalating nature of the conflict.

While the immediate threat to oil supply remains limited, the conflict carries the risk of spiralling into a more devastating regional crisis, potentially involving Saudi Arabia. Bloomberg cited ANZ Group Holdings Ltd. analysts Brian Martin and Daniel Hynes, who noted, "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia. Initially, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected."

The turmoil in the West Asia comes at a time when oil markets had already faced challenges. Both WTI and global benchmark Brent futures had witnessed significant declines earlier in the month due to concerns about high interest rates and slowing economic growth, which had cast a shadow on demand prospects. These concerns had overshadowed the bullish sentiment that had driven a sharp rally in the third quarter, driven in part by prolonged crude output cuts led by Saudi Arabia.

The conflict further reduces expectations that Saudi Arabia will cut or eliminate its 1 million-barrels-a-day output curbs, according to Citigroup Inc. analysts Ed Morse and Eric Lee. Additionally, the risk of Israel launching an attack on Iran is growing, further complicating the geopolitical landscape.

The events in West Asia &nbsp;unfold after months of easing tensions between Washington and Tehran, with Iran's crude shipments rebounding to a five-year high with the tacit approval of the United States. In an extreme scenario, Iran could retaliate by targeting the Strait of Hormuz, a critical waterway for the movement of nearly 17 million barrels of crude and condensate each day.

Helima Croft, an analyst at RBC Capital Markets, highlighted the potential implications for U.S. sanctions on Iran, "If Israel comes out and directly implicates Iran, we believe it will likely be difficult for the Biden administration to continue to adopt such a permissive sanctions regime. We anticipate that critics in Congress and elsewhere will contend that the White House is providing Iran with the financial wherewithal to sponsor such malign actors," Bloomberg quoted her as saying.

While the impact on oil's futures curve has been relatively moderate, with WTI's prompt timespread moving into backwardation, signalling supply concerns, there remains uncertainty over how the situation will develop.

As per Bloomberg, Warren Patterson, Head of Commodities Strategy at ING Groep NV, noted, "The lack of movement in WTI timespreads suggests there's little change in supply-demand fundamentals at the moment. Although uncertainty over how the situation evolves is likely to support prices."

(With inputs from Bloomberg)

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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades.

Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades. According to a report by Bloomberg, the escalation of tensions in West Asia has stirred concerns in global markets and revived a war-risk premium. West Texas Intermediate (WTI) crude oil traded near $87 a barrel, reflecting the rising anxiety in the energy sector. While immediate oil supply disruption remains low, there are fears that the conflict could evolve into a more extensive proxy war, potentially involving the U.S. and Iran. As conflict in the region entered its third day, the combined death toll exceeded 1,100, intensifying concerns about the situation's severity. The United States announced its decision to deploy warships to the region, underscoring the escalating nature of the conflict. While the immediate threat to oil supply remains limited, the conflict carries the risk of spiralling into a more devastating regional crisis, potentially involving Saudi Arabia. Bloomberg cited ANZ Group Holdings Ltd. analysts Brian Martin and Daniel Hynes, who noted, "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia. Initially, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected." The turmoil in the West Asia comes at a time when oil markets had already faced challenges. Both WTI and global benchmark Brent futures had witnessed significant declines earlier in the month due to concerns about high interest rates and slowing economic growth, which had cast a shadow on demand prospects. These concerns had overshadowed the bullish sentiment that had driven a sharp rally in the third quarter, driven in part by prolonged crude output cuts led by Saudi Arabia. The conflict further reduces expectations that Saudi Arabia will cut or eliminate its 1 million-barrels-a-day output curbs, according to Citigroup Inc. analysts Ed Morse and Eric Lee. Additionally, the risk of Israel launching an attack on Iran is growing, further complicating the geopolitical landscape. The events in West Asia unfold after months of easing tensions between Washington and Tehran, with Iran's crude shipments rebounding to a five-year high with the tacit approval of the United States. In an extreme scenario, Iran could retaliate by targeting the Strait of Hormuz, a critical waterway for the movement of nearly 17 million barrels of crude and condensate each day. Helima Croft, an analyst at RBC Capital Markets, highlighted the potential implications for U.S. sanctions on Iran, "If Israel comes out and directly implicates Iran, we believe it will likely be difficult for the Biden administration to continue to adopt such a permissive sanctions regime. We anticipate that critics in Congress and elsewhere will contend that the White House is providing Iran with the financial wherewithal to sponsor such malign actors," Bloomberg quoted her as saying. While the impact on oil's futures curve has been relatively moderate, with WTI's prompt timespread moving into backwardation, signalling supply concerns, there remains uncertainty over how the situation will develop. As per Bloomberg, Warren Patterson, Head of Commodities Strategy at ING Groep NV, noted, "The lack of movement in WTI timespreads suggests there's little change in supply-demand fundamentals at the moment. Although uncertainty over how the situation evolves is likely to support prices." (With inputs from Bloomberg) WATCH WION LIVE HERE

Oil prices surge as West Asia tensions escalate amidst Israel-Hamas conflict

Saudi Arabia and Russia extended production curbs. The price of Crude Oil regarded as a global benchmark rose to around 95% barrel on Monday as investors fretted about a worsening supply gap in the fourth quarter.

Oil price surge to $95, inflation fears rise amid oil price rally | World DNA

Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday.

According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.04 versus the dollar on Tuesday. On August 2, it had decreased by 33 pence.

“This depreciation can be attributed to the overall strength of the US dollar and a significant increase in crude oil prices, which surged by more than 10 per cent to reach $85 per barrel,” Financial Express quoted Jateen Trivedi, VP research analyst, LKP Securities, as saying.

As a result of Russia and Saudi Arabia extending supply curbs through the end of the year, crude oil prices have reached a 10-month high.

The purchasing power of the rupee weakens when it depreciates against other currencies, especially. This leads to customers having to pay&nbsp;more for imported goods and services.

Over 80 per cent of India’s crude oil is imported, and inflation is the main effect of a weakening rupee.

On September 5, the dollar index increased by 0.4 per cent against the Indian rupee. Analysts say that the rupee’s decline could be linked to persistent weakness seen in Asian currencies in addition to projected dollar outflows.&nbsp;

The rise in the dollar index signals the anticipation of a future increase in interest rates, which will have an effect on the rupee market.

The Financial Express quoted Nirpendra Yadav, senior commodity research analyst, Swastika Investmart, as saying that&nbsp;China’s slower economic performance has put pressure on the Asian currency markets.

Analysts also predict that the Federal Reserve meeting, which is scheduled for later this month, will have an impact on the movement of the rupee.

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Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday. According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.

Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday. According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.04 versus the dollar on Tuesday. On August 2, it had decreased by 33 pence. “This depreciation can be attributed to the overall strength of the US dollar and a significant increase in crude oil prices, which surged by more than 10 per cent to reach $85 per barrel,” Financial Express quoted Jateen Trivedi, VP research analyst, LKP Securities, as saying. As a result of Russia and Saudi Arabia extending supply curbs through the end of the year, crude oil prices have reached a 10-month high. The purchasing power of the rupee weakens when it depreciates against other currencies, especially. This leads to customers having to pay more for imported goods and services. Over 80 per cent of India’s crude oil is imported, and inflation is the main effect of a weakening rupee. On September 5, the dollar index increased by 0.4 per cent against the Indian rupee. Analysts say that the rupee’s decline could be linked to persistent weakness seen in Asian currencies in addition to projected dollar outflows. The rise in the dollar index signals the anticipation of a future increase in interest rates, which will have an effect on the rupee market. The Financial Express quoted Nirpendra Yadav, senior commodity research analyst, Swastika Investmart, as saying that China’s slower economic performance has put pressure on the Asian currency markets. Analysts also predict that the Federal Reserve meeting, which is scheduled for later this month, will have an impact on the movement of the rupee. WATCH WION LIVE HERE

Rupee experiences its highest monthly depreciation as US dollar strengthens, oil prices rise

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021.&nbsp;The US West Texas Intermediate crude (WTI)&nbsp;fell 4.3 percent to $68.60 a barrel, hitting its lowest level since March 24.&nbsp;

The drop in oil prices was instigated by the US Federal Reserve's choice to increase interest rates while investors were anxious about the state of the economy.

The US Federal Reserve's decision to increase interest rates by 0.25 percent raised concerns among traders about the potential negative impact on energy demand due to slower economic growth.

However, the Fed hinted that it might halt further rate increases, giving officials time to evaluate the effects of recent bank failures, the political deadlock over the US debt ceiling, and inflation.

Phil Flynn, an analyst at Price Futures Group, told Reuters that the Fed's rate pause could be beneficial for oil prices.&nbsp;&nbsp;“The big question is whether or not we’re going to have more shoes drop in the banking sector," he added.&nbsp;

As the European Central Bank is set to hold its policy meeting on Thursday, it is widely expected that they will raise rates, further compounding the downward pressure on oil prices.&nbsp;

In China, the world's largest energy consumer and top crude oil buyer, manufacturing activity unexpectedly fell in April, adding to the bearish sentiment in the oil market.&nbsp;

Meanwhile, Morgan Stanley has lowered its forecast for Brent prices to $75 a barrel by year-end.&nbsp;"Downside risk to Russia's supply and upside risk to China's demand have largely played out and prospects for 2H tightness have weakened," the bank said in a note, referring to buoyant exports from Russia despite Western sanctions.

As the oil market continues to be plagued by various macroeconomic factors, traders are closely monitoring the situation in the banking sector and the ongoing policy decisions made by central banks.&nbsp;

The recent decline in oil prices has caused concerns for oil-producing countries as they struggle to balance their budgets and generate revenue.&nbsp;

As the situation remains uncertain, the oil market may experience further volatility in the coming weeks.

(With agency inputs)&nbsp;

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021.

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021. The US West Texas Intermediate crude (WTI) fell 4.3 percent to $68.60 a barrel, hitting its lowest level since March 24. The drop in oil prices was instigated by the US Federal Reserve's choice to increase interest rates while investors were anxious about the state of the economy. The US Federal Reserve's decision to increase interest rates by 0.25 percent raised concerns among traders about the potential negative impact on energy demand due to slower economic growth. However, the Fed hinted that it might halt further rate increases, giving officials time to evaluate the effects of recent bank failures, the political deadlock over the US debt ceiling, and inflation. Phil Flynn, an analyst at Price Futures Group, told Reuters that the Fed's rate pause could be beneficial for oil prices. “The big question is whether or not we’re going to have more shoes drop in the banking sector," he added. As the European Central Bank is set to hold its policy meeting on Thursday, it is widely expected that they will raise rates, further compounding the downward pressure on oil prices. In China, the world's largest energy consumer and top crude oil buyer, manufacturing activity unexpectedly fell in April, adding to the bearish sentiment in the oil market. Meanwhile, Morgan Stanley has lowered its forecast for Brent prices to $75 a barrel by year-end. "Downside risk to Russia's supply and upside risk to China's demand have largely played out and prospects for 2H tightness have weakened," the bank said in a note, referring to buoyant exports from Russia despite Western sanctions. As the oil market continues to be plagued by various macroeconomic factors, traders are closely monitoring the situation in the banking sector and the ongoing policy decisions made by central banks. The recent decline in oil prices has caused concerns for oil-producing countries as they struggle to balance their budgets and generate revenue. As the situation remains uncertain, the oil market may experience further volatility in the coming weeks. (With agency inputs)

Pain at the pump: Oil prices plummet 4% after Fed rate hike

Oil prices experienced a 2% drop as concerns over the US debt ceiling standoff and rising jobless claims weighed on market sentiment. The stronger US Dollar further added pressure to crude prices, reaching its highest level in a week against major currencies. Brent crude fell to around $75 per barrel from $78 earlier in the week, sparking recession fears amidst global economic concerns and political tensions. While this may imply cheaper fuel prices, a stronger dollar can strain countries that import oil.

Recession fears ignite oil market turbulence

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.&nbsp;

However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period.

As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84.

According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn.

From Slump to Spike

Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency&nbsp;that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover.

Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month.

Reuters reported&nbsp;that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies. However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period. As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84. According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn. From Slump to Spike Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover. Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month. Reuters reported that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Oil prices rally on strong US jobs report, easing recession fears

Oil prices rebounded at the end of the week gone by, but still experienced their third consecutive weekly decline. This was following concerns of the US banking crisis causing an economic slowdown and a decline in fuel demand.

Crude prices to remain elevated

At a time when countries were already grappling with high oil prices, the OPEC+ announced fresh cuts in its oil production. The U.S. says the world needs lower prices to support economic growth. We ask, the world needs it? Or the west does?

Surprise new cuts in oil production by OPEC+ | The West Asia Post

Oil&nbsp;prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month.

However, the decision by the OPEC+ cartel fanned concerns about a fresh spike in prices that could put pressure on central banks to push interest rates higher.

Both main crude contracts jumped almost six percent at one point following the cut by&nbsp;Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman, which was the biggest since the group slashed two million barrels per day in October.

It came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production.

A Saudi energy ministry official "emphasised that this is a precautionary measure aimed at supporting the stability of the&nbsp;oil&nbsp;market", according to the official Saudi Press Agency.

Crude prices have come down over the past year as concerns about a possible recession caused by higher borrowing costs have offset supply worries sparked by sanctions on Russia over its invasion of Ukraine.

"The production cut, coming at a time of an uncertain global demand environment clearly shows OPEC was not happy with the movement in the&nbsp;oil&nbsp;price which had fallen over recent months," said National Australia Bank's Tapas Strickland.

Analysts said the decision could deal a blow to markets, which had rallied in recent weeks on optimism that the recent banking sector turmoil could force the US Federal Reserve to end its rate hike drive sooner than expected.

"For equity investors, this could be a rude awakening, as markets imply a Goldilocks outlook of reduced discount rates but no recession," said Lazard Ltd's Ronald Temple.

"The OPEC+ production cut is another reminder that the inflation genie is not back in the bottle."

Still, the mood on Asian trading floors was upbeat, with most markets tracking a strong rally on Wall Street in response to news that US and eurozone price rises had slowed further.

The PCE Price Index, the Fed's preferred measure of inflation, slowed to an annual rate of 5.0 percent in February from 5.3 percent in January.

Meanwhile, eurozone prices rose 6.9 percent in March, well down from 8.5 percent in February, beating expectations as energy prices eased.

In early trade, Shanghai, Sydney, Singapore, Manila and Jakarta all rose, though Hong Kong dipped after last week's rally. Seoul and Wellington also slipped.

Tokyo rose despite the Bank of Japan's closely watched Tankan survey showing confidence among the country's largest manufacturers falling to its lowest level in more than two years.

However, US futures dipped as Treasury yields climbed on bets of further monetary tightening by the Fed.

Key figures around 0230 GMT

West Texas Intermediate: UP 5.6 percent at $79.91 per barrel

Brent North Sea crude: UP 5.5 percent&nbsp;at $84.26 per barrel

Tokyo - Nikkei 225: UP 0.4 percent at 28,149.89 (break)

Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,348.41

Shanghai - Composite: UP 0.2 percent at 3,278.61

Euro/dollar: DOWN at $1.0806 from $1.0846&nbsp;on Friday

Pound/dollar: DOWN at $1.2297 from $1.2331

Euro/pound: DOWN at 87.87 pence from 87.93 pence&nbsp;

Dollar/yen: UP at 133.02 yen from 132.82 yen

New York - Dow: UP 1.3 percent at 33,274.15 (close)

London - FTSE 100: UP 0.2 percent at 7,631.74 (close)&nbsp;

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Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month.

Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month. However, the decision by the OPEC+ cartel fanned concerns about a fresh spike in prices that could put pressure on central banks to push interest rates higher. Both main crude contracts jumped almost six percent at one point following the cut by Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman, which was the biggest since the group slashed two million barrels per day in October. It came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production. A Saudi energy ministry official "emphasised that this is a precautionary measure aimed at supporting the stability of the oil market", according to the official Saudi Press Agency. Crude prices have come down over the past year as concerns about a possible recession caused by higher borrowing costs have offset supply worries sparked by sanctions on Russia over its invasion of Ukraine. "The production cut, coming at a time of an uncertain global demand environment clearly shows OPEC was not happy with the movement in the oil price which had fallen over recent months," said National Australia Bank's Tapas Strickland. Analysts said the decision could deal a blow to markets, which had rallied in recent weeks on optimism that the recent banking sector turmoil could force the US Federal Reserve to end its rate hike drive sooner than expected. "For equity investors, this could be a rude awakening, as markets imply a Goldilocks outlook of reduced discount rates but no recession," said Lazard Ltd's Ronald Temple. "The OPEC+ production cut is another reminder that the inflation genie is not back in the bottle." Still, the mood on Asian trading floors was upbeat, with most markets tracking a strong rally on Wall Street in response to news that US and eurozone price rises had slowed further. The PCE Price Index, the Fed's preferred measure of inflation, slowed to an annual rate of 5.0 percent in February from 5.3 percent in January. Meanwhile, eurozone prices rose 6.9 percent in March, well down from 8.5 percent in February, beating expectations as energy prices eased. In early trade, Shanghai, Sydney, Singapore, Manila and Jakarta all rose, though Hong Kong dipped after last week's rally. Seoul and Wellington also slipped. Tokyo rose despite the Bank of Japan's closely watched Tankan survey showing confidence among the country's largest manufacturers falling to its lowest level in more than two years. However, US futures dipped as Treasury yields climbed on bets of further monetary tightening by the Fed. Key figures around 0230 GMT West Texas Intermediate: UP 5.6 percent at $79.91 per barrel Brent North Sea crude: UP 5.5 percent at $84.26 per barrel Tokyo - Nikkei 225: UP 0.4 percent at 28,149.89 (break) Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,348.41 Shanghai - Composite: UP 0.2 percent at 3,278.61 Euro/dollar: DOWN at $1.0806 from $1.0846 on Friday Pound/dollar: DOWN at $1.2297 from $1.2331 Euro/pound: DOWN at 87.87 pence from 87.93 pence Dollar/yen: UP at 133.02 yen from 132.82 yen New York - Dow: UP 1.3 percent at 33,274.15 (close) London - FTSE 100: UP 0.2 percent at 7,631.74 (close) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil prices soar as producers unveil shock output cut

Oil prices rose more than two&nbsp;per cent&nbsp;on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand.

Measures to stabilise the banking sector, including a UBS takeover of Credit Suisse and pledges from major central banks to boost liquidity, have calmed fears about the financial system that roiled markets last week.

"Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index.

Brent crude settled up $1.53, or 2.1 per cent, at $75.32 a barrel, while US&nbsp;West Texas Intermediate (WTI) closed up $1.69, or 2.5 per cent&nbsp;to $69.33.

On Monday, both benchmarks ended about one&nbsp;per cent&nbsp;higher after falling to their lowest since December 2021, with WTI sinking below $65 at one point. Last week, they shed more than 10 per cent&nbsp;as the banking crisis deepened.

"A 'risk back on' sentiment seems to be coming back to crude, as the latest selloff may very well have been exaggerated liquidation," said Dennis Kissler, senior vice president of trading at BOK Financial.

The US&nbsp;Federal Reserve started its monetary policy meeting on Tuesday. Markets expect a rate hike of 25 basis points, down from previous expectations of a 50 bps increase. Some top central bank watchers have said the Fed could pause further rate hikes or delay releasing new economic projections.

Wall Street indexes also closed sharply higher on Tuesday as fears over liquidity in the banking sector abated and market participants eyed the Fed.

Meanwhile, US&nbsp;crude oil inventories rose by about 3.3 million barrels last week, according to market sources citing American Petroleum Institute figures. That compared with Reuters estimates for a draw of 1.6 million barrels.

Figures from the US&nbsp;Energy Information Agency are due on Wednesday.

A meeting of ministers from OPEC+, which includes members of the Organization of Petroleum Exporting Countries plus Russia and other allies, is scheduled for April 3. OPEC+ sources told Reuters the drop in prices reflects banking fears rather than supply and demand.

Hedge fund manager Pierre Andurand agreed the latest price drop was speculative and not based on fundamentals. He predicted oil will hit $140 a barrel by year-end.

The CEO of energy trader Gunvor, Torbjorn Tornqvist, said he expected oil prices to move higher toward year end as rising Chinese demand tightens the market further.

Money managers cut their net long US&nbsp;crude futures and options positions in the week to March 14, the US Commodity Futures Trading Commission (CFTC) said.

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Oil prices rose more than two per cent on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand.

Oil prices rose more than two per cent on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand. Measures to stabilise the banking sector, including a UBS takeover of Credit Suisse and pledges from major central banks to boost liquidity, have calmed fears about the financial system that roiled markets last week. "Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index. Brent crude settled up $1.53, or 2.1 per cent, at $75.32 a barrel, while US West Texas Intermediate (WTI) closed up $1.69, or 2.5 per cent to $69.33. On Monday, both benchmarks ended about one per cent higher after falling to their lowest since December 2021, with WTI sinking below $65 at one point. Last week, they shed more than 10 per cent as the banking crisis deepened. "A 'risk back on' sentiment seems to be coming back to crude, as the latest selloff may very well have been exaggerated liquidation," said Dennis Kissler, senior vice president of trading at BOK Financial. The US Federal Reserve started its monetary policy meeting on Tuesday. Markets expect a rate hike of 25 basis points, down from previous expectations of a 50 bps increase. Some top central bank watchers have said the Fed could pause further rate hikes or delay releasing new economic projections. Wall Street indexes also closed sharply higher on Tuesday as fears over liquidity in the banking sector abated and market participants eyed the Fed. Meanwhile, US crude oil inventories rose by about 3.3 million barrels last week, according to market sources citing American Petroleum Institute figures. That compared with Reuters estimates for a draw of 1.6 million barrels. Figures from the US Energy Information Agency are due on Wednesday. A meeting of ministers from OPEC+, which includes members of the Organization of Petroleum Exporting Countries plus Russia and other allies, is scheduled for April 3. OPEC+ sources told Reuters the drop in prices reflects banking fears rather than supply and demand. Hedge fund manager Pierre Andurand agreed the latest price drop was speculative and not based on fundamentals. He predicted oil will hit $140 a barrel by year-end. The CEO of energy trader Gunvor, Torbjorn Tornqvist, said he expected oil prices to move higher toward year end as rising Chinese demand tightens the market further. Money managers cut their net long US crude futures and options positions in the week to March 14, the US Commodity Futures Trading Commission (CFTC) said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil rises 2% in retreat from 15-months low as banking fears subside

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.&nbsp;

That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures.

Watch |&nbsp;World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

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China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world.

Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand."

Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide.

Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today.

(With inputs from agencies)

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Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg. That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures. Watch | World Business Watch: Goldman sees $110 oil by third quarter on full China reopening China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world. Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand." Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide. Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Higher inflation this year? Goldman Sachs predicts oil prices could rise up to $110 a barrel

Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.

World Business Watch: Oil rises on uncertainty over US pipeline restart, Russian supplies

Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production.&nbsp;The remarks came in response to the move of the Group of Seven, European Union and Australia to impose a price limit on Russian oil of $60 per barrel in a bid to weaken Kremlin’s ability to finance its war in Ukraine. The price cap&nbsp;came into effect on Monday.

“I have already said that we simply will not sell to those countries that make such decisions,” Putin said on Friday after a regional summit in Kyrgyzstan’s capital, Bishkek.

<h2>Russian President Putin attends Eurasian Economic Council, talks to focus on energy and trade</h2>

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“We will consider a possible reduction in production if necessary,” he added, calling the price cap a “stupid decision” that is “harmful to global energy markets”.

The Russian leader added that Moscow will announce retaliatory steps “in the next few days”, but did not elaborate further.

Currently, the market price of a barrel of Russian Urals crude is hovering around $65 dollars, just slightly above the cap agreed.

<h2>Putin hints at ending war in Ukraine</h2>

After the summit, Putin also talked about the possibility of ending the war in Ukraine, adding that Russia is looking for a settlement with its neighbour.

“The settlement process as a whole, yes, it will probably be difficult and will take some time. But one way or another, all participants in this process will have to agree with the realities that are taking shape on the ground,” he said.

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Putin’s statement came just days after the 70-year-old hinted at a protracted war in Ukraine, saying that his military operation could be a “long-term process”.&nbsp;

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He further said that his military operation was going as per the plan.

“Everything is stable. There are no questions or problems there,” he said.

(With inputs from agencies)

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Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production.

Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production. The remarks came in response to the move of the Group of Seven, European Union and Australia to impose a price limit on Russian oil of $60 per barrel in a bid to weaken Kremlin’s ability to finance its war in Ukraine. The price cap came into effect on Monday. “I have already said that we simply will not sell to those countries that make such decisions,” Putin said on Friday after a regional summit in Kyrgyzstan’s capital, Bishkek. Russian President Putin attends Eurasian Economic Council, talks to focus on energy and trade “We will consider a possible reduction in production if necessary,” he added, calling the price cap a “stupid decision” that is “harmful to global energy markets”. The Russian leader added that Moscow will announce retaliatory steps “in the next few days”, but did not elaborate further. Currently, the market price of a barrel of Russian Urals crude is hovering around $65 dollars, just slightly above the cap agreed. Putin hints at ending war in Ukraine After the summit, Putin also talked about the possibility of ending the war in Ukraine, adding that Russia is looking for a settlement with its neighbour. “The settlement process as a whole, yes, it will probably be difficult and will take some time. But one way or another, all participants in this process will have to agree with the realities that are taking shape on the ground,” he said. Also read | Vladimir Putin toys with idea of 'pre-emptive' nuclear strike Putin’s statement came just days after the 70-year-old hinted at a protracted war in Ukraine, saying that his military operation could be a “long-term process”. Also Read | Russia open to more prisoner exchanges with United States, says Vladimir Putin He further said that his military operation was going as per the plan. “Everything is stable. There are no questions or problems there,” he said. (With inputs from agencies) WATCH WION LIVE HERE:

Putin threatens to cut oil production over price cap, stop sale to nations insisting on ceiling

The Kremlin said on Monday that the oil price cap imposed by the European Union members may have a major impact on the global energy markets but "will not affect” the ongoing conflict in Ukraine. The western countries have imposed massive sanctions on Russia in the aftermath of the conflict but most countries have not stopped their reliance on the imports. After the enforcement of the price cap, Russia said that it was preparing its response while evaluating the impact that it can have on the economy.&nbsp;

"Russia and the Russian economy have the required capacity to fully meet the needs and requirements of the special military operation," Kremlin spokesman Dmitry Peskov told reporters.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/north-korea-fires-over-100-artillery-rounds-as-part-of-military-drills-says-south-korea-540133">North Korea fires over 100 artillery rounds, says South Korea</a>

During the press briefing, Peskov added that it was "obvious and indisputable that the adoption of these decisions is a step towards destabilising world energy markets".&nbsp;

Since the implementation of oil price cap, prices around the world have gone up. According to Reuters, the brent crude price went up by around 0.6 per cent and it is currently $86 a barrel.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/china-services-activity-shrank-to-six-month-lows-in-november-caixin-pmi-540062">China services activity shrank to six-month lows in November: Caixin PMI</a>

Earlier, Former Russian president Dmitry Medvedev, now deputy chairman of Putin's Security Council took to Telegram to warn the world about a destablisation in oil prices after the EU decision.&nbsp;

He said that the "an unequal battle with the Russian bear and General Frost" may lead to a major crisis ahead in this year’s winter months. "One thing is clear - nothing good will come of it for consumers, that's for sure. So let them stock up on schnapps, quilts and water heaters," he said in his post.&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Kremlin said on Monday that the oil price cap imposed by the European Union members may have a major impact on the global energy markets but "will not affect” the ongoing conflict in Ukraine.

The Kremlin said on Monday that the oil price cap imposed by the European Union members may have a major impact on the global energy markets but "will not affect” the ongoing conflict in Ukraine. The western countries have imposed massive sanctions on Russia in the aftermath of the conflict but most countries have not stopped their reliance on the imports. After the enforcement of the price cap, Russia said that it was preparing its response while evaluating the impact that it can have on the economy. "Russia and the Russian economy have the required capacity to fully meet the needs and requirements of the special military operation," Kremlin spokesman Dmitry Peskov told reporters. Also read | North Korea fires over 100 artillery rounds, says South Korea During the press briefing, Peskov added that it was "obvious and indisputable that the adoption of these decisions is a step towards destabilising world energy markets". Since the implementation of oil price cap, prices around the world have gone up. According to Reuters, the brent crude price went up by around 0.6 per cent and it is currently $86 a barrel. Also read | China services activity shrank to six-month lows in November: Caixin PMI Earlier, Former Russian president Dmitry Medvedev, now deputy chairman of Putin's Security Council took to Telegram to warn the world about a destablisation in oil prices after the EU decision. He said that the "an unequal battle with the Russian bear and General Frost" may lead to a major crisis ahead in this year’s winter months. "One thing is clear - nothing good will come of it for consumers, that's for sure. So let them stock up on schnapps, quilts and water heaters," he said in his post.

Oil price cap 'will not affect' Russian military operation in Ukraine

US President Joe Biden has slammed major oil producers - accusing them of "war profiteering". This comes after the oil companies reported record profits. Priyanka Sharma tells you more.

Gravitas: Joe Biden launches a fight with big oil

US President Joe Biden hit out at oil firms for posting bumper profits this year amid the Ukraine war, calling on them to increase production to help bring down gas prices at the pump or pay a windfall tax.

US President Joe Biden compares oil firms to war profiteers, threatens windfall tax

On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes.&nbsp;

A rising US&nbsp;dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell.&nbsp;

The STOXX index for Europe recovered from session lows of as much as 1.1 per cent&nbsp;to close up 0.1 per cent&nbsp;at a five-week high. Prior to that, Amazon's disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid&nbsp;restrictions in China hurt mining and oil companies.

The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data.&nbsp;

By 1:52 pm&nbsp;ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent&nbsp;and the S&amp;P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon's sombre warning.&nbsp;

Also Read:<a href="https://www.wionews.com/world/let-the-good-times-roll-musk-says-after-becoming-the-new-twitter-boss-529241">&nbsp;‘Let the good times roll’: Musk says after becoming the new Twitter boss</a>

"This stock market clearly wants to go higher and is growing confident that next week's Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace," said Edward Moya, senior market analyst at OANDA in New York.

Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar.

(with inputs from agencies)

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On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes. A rising US dollar reduced the value of commodities.

On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes. A rising US dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell. The STOXX index for Europe recovered from session lows of as much as 1.1 per cent to close up 0.1 per cent at a five-week high. Prior to that, Amazon's disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid restrictions in China hurt mining and oil companies. The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data. By 1:52 pm ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent and the S&P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon's sombre warning. Also Read: ‘Let the good times roll’: Musk says after becoming the new Twitter boss "This stock market clearly wants to go higher and is growing confident that next week's Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace," said Edward Moya, senior market analyst at OANDA in New York. Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar. (with inputs from agencies)

Wall Street's upswing lifts global and European markets while oil prices decline

Oil slid more than 2% on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand.&nbsp;

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem.

Also read |&nbsp;<a href="https://www.wionews.com/world/live-russian-strikes-kill-14-in-ukraine-over-84-missiles-were-launched-524252" hreflang="en">Ukraine war LIVE | Russian strikes on Ukraine could amount to war crimes: UN</a>

Brent crude fell $2.30, or 2.4%, to $93.89 a barrel by 1006 GMT. U.S. West Texas Intermediate crude dropped $2.12, or 2.3%, to $89.01.&nbsp;

"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA.&nbsp;

Oil has dropped sharply on economic fears after surging earlier in 2022, when Brent came close to its record high of $147 as Russia's invasion of Ukraine added to supply concerns.&nbsp;

"Warnings after warnings are being issued when it comes to global economic growth," said Avatrade analyst Naeem Aslam.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/israel-and-lebanon-reach-historic-agreement-on-maritime-border-dispute-524371">Israel and Lebanon reach 'historic agreement' on maritime border: Reports</a>

Those worries aside, fears of a further hit to demand in China also weighed. Authorities have stepped up coronavirus testing in Shanghai and other large cities as COVID-19 infections rise again.&nbsp;read more&nbsp;

Oil also came under pressure from a strong dollar, which hit multi-year highs on worries about increases to interest rates and escalation of the Ukraine war.&nbsp;

A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite.&nbsp;

Losses were limited, however, by a tight market and last week's decision by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, to lower their output target by 2 million barrels per day.&nbsp;

"An undersupply is even looming next year because the production cut is supposed to apply until the end of 2023, according to the OPEC+ decision," a Commerzbank report said.&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Oil slid more than 2% on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand.

Oil slid more than 2% on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem. Also read | Ukraine war LIVE | Russian strikes on Ukraine could amount to war crimes: UN Brent crude fell $2.30, or 2.4%, to $93.89 a barrel by 1006 GMT. U.S. West Texas Intermediate crude dropped $2.12, or 2.3%, to $89.01. "There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. Oil has dropped sharply on economic fears after surging earlier in 2022, when Brent came close to its record high of $147 as Russia's invasion of Ukraine added to supply concerns. "Warnings after warnings are being issued when it comes to global economic growth," said Avatrade analyst Naeem Aslam. Also read | Israel and Lebanon reach 'historic agreement' on maritime border: Reports Those worries aside, fears of a further hit to demand in China also weighed. Authorities have stepped up coronavirus testing in Shanghai and other large cities as COVID-19 infections rise again. read more Oil also came under pressure from a strong dollar, which hit multi-year highs on worries about increases to interest rates and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite. Losses were limited, however, by a tight market and last week's decision by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, to lower their output target by 2 million barrels per day. "An undersupply is even looming next year because the production cut is supposed to apply until the end of 2023, according to the OPEC+ decision," a Commerzbank report said.

Oil prices fall more than two per cent on recession and China COVID-19 fears

The OPEC+ group agreed to cut production, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020.

World Business Watch: OPEC+ will cut production by 2 million barrels a day

World Business Watch: OPEC+ to cut oil production by 2 million barrels per day to shore up prices

Oil prices have jumped after reports said that OPEC+ is considering a cut to output this week. Meanwhile, Asian shares trade mix today as the holiday-heavy week gets underway.

World Business Watch: Oil prices climb, Asian shares mixed as holiday-heavy week gets underway

The OPEC Plus has decided to start cutting oil production in October by 100,000 barrels. Western sanctions on countries like Iran and Venezuela could squeeze oil supplies further. Palki Sharma tells you more.

Gravitas: Why your oil bills could spike again

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