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Oil falls amid supply glut, lower prospects of output freeze

Oil falls amid supply glut, lower prospects of output freeze

Amid the recent fluctuation in global crude oil rates, prices fell on Friday, in a situation of supply glut following indications from Saudi Arabia that no output freeze was in the offing.

US crude down 3% after big stockpile build report

US crude down 3% after big stockpile build report

Oil prices tumbled on Wednesday, with U.S. crude falling more than 3 percent, after an unexpectedly large inventory build in the world`s biggest oil consumer renewed worries about oversupply.

Oil up, Brent over $50/bbl at 6-week high on OPEC freeze talk

Oil up, Brent over $50/bbl at 6-week high on OPEC freeze talk

Oil prices rose for a sixth straight day, with Brent crude touching a six-week high above $50 a barrel on Thursday as the world`s biggest producers prepared to discuss a possible freeze in production levels.

Oil prices extend gains on Saudi minister's comments

Oil prices extend gains on Saudi minister's comments

Oil prices climbed further on Friday as investors were digesting the latest remarks from Saudi Energy Minister.

Only Rs 1,764 cr subsidy saved by DBT scheme on LPG: CAG

Only Rs 1,764 cr subsidy saved by DBT scheme on LPG: CAG

Drilling holes into government claims of huge subsidy savings from direct benefit transfer (DBT), the CAG on Friday said only Rs 1,764 crore in subsidy was saved on LPG on account of the scheme and the bulk of Rs 21,552 crore was due to sharp fall in global prices.

 

Pradhan pitches for cut in oil cess

Pradhan pitches for cut in oil cess

Petroleum Minister Dharmendra Pradhan has asked Finance Ministry to cut cess on domestically produced crude oil to 10-12 per cent from current 20 percent to provide relief to producers hit by slump in prices.

Thousands of jobless Asians stranded in Saudi Arabia

Thousands of jobless Indians, Filipinos and Pakistanis are stranded and destitute in Saudi Arabia after the plunge in oil prices sparked construction layoffs.

Asian shares edge up as soft U.S. GDP cuts Fed rate hike bets

Asian shares ticked up slightly on Monday after disappointing U.S. economic growth data reduced expectations of a rate hike by the U.S. Federal Reserve in the next few months.

Oil prices decline on glut worries

Oil prices extended losses on Thursday after data showed US crude stockpiles gained unexpectedly, deepening market concerns on oversupply.

Iraq overtakes Saudi Arabia as India's top oil seller

Iraq has overtaken Saudi Arabia to become India's top crude oil supplier while Iran has grabbed the fourth biggest exporter slot post lifting of sanctions.

 

Oil prices dip in Asia as oversupply worries return

Oil prices dip in Asia as oversupply worries return

Oil prices turned lower again in Asia on Wednesday after data indicated a rise in US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day's surge.

Government may not cut excise duty on petrol, diesel for now

Government may not cut excise duty on petrol, diesel for now

Government may not cut excise duty on petrol and diesel in the near-term if it accepts the suggestions made in the approach paper submitted by Chief Economic Adviser for maintaining status quo when oil prices can climb by another USD 15 a barrel.

Oil prices fall as Brexit lingers, refined products glut looms

Oil prices fall as Brexit lingers, refined products glut looms

Oil prices dropped on Monday, extending sharp declines after Britain`s vote to leave the European Union sparked a sharp selloff in global markets on Friday.

Oil plunges more than 6.0% as Brexit looms

Oil plunges more than 6.0% as Brexit looms

World oil prices plunged more than 6.0 percent in Asia Friday after early results of a historic vote showed Britain increasingly moving towards bolting out of the European Union.

Oil prices above $50, buoyed by US stock draw

Oil prices rose in early Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.

Ind-Ra lowers FY17 CAD estimate to 1.3-1.5%

India Ratings and Research has revised its FY17 estimate for the country's current account deficit (CAD) to 1.3-1.5 percent of GDP from 1.2 percent due to lower remittances and lower software earnings in fourth quarter for the current fiscal.

Moody's ups oil price forecast to $40 per barrel for 2016

Moody's ups oil price forecast to $40 per barrel for 2016

Moody's Investors Service on Friday revised upwards its price forecast for oil this year on the back of recent uptick in rates.

Lower CAD a healthy sign, will meet macro data target: Lavasa

Lower CAD a healthy sign, will meet macro data target: Lavasa

Buoyed by the current account nearing surplus for the first time in nine years, the government on Friday said reduction in CAD is a sign of economic health and it is committed to sticking to its targets.

Keeping tab on Brexit, turmoil in the Middle East, oil prices: Jayant Sinha

Keeping tab on Brexit, turmoil in the Middle East, oil prices: Jayant Sinha

Government is keeping a watch on the global risk factors to the economy including Brexit, turmoil in the Middle East and spike in oil prices in the international market, Minister of State for Finance Jayant Sinha said Thursday.

Diesel gets costlier by Rs 1.26 per litre: Know the new price list city wise

Diesel gets costlier by Rs 1.26 per litre: Know the new price list city wise

Know the new prices of diesel in major Indian cities applicable from midnight of June 15, 2016 and June 16, 2016.