COMMODITIES NEWS - Page 4

UK inflation slows by less than expected to 3.2% in March

April 17, 2024 12:25 IST

Core inflation, which excludes energy, food and tobacco prices, also slowed to 4.2% from 4.5% in February.

US signals Venezuela oil sanctions relief at risk as deadline looms

April 17, 2024 11:21 IST

Barring any last-minute concessions by President Maduro, the US has made clear it is not likely to renew a six-month license that granted the OPEC member partial sanctions relief from October.

Oil prices hover below $90/barrel as demand concerns outweigh Middle East supply fears

April 17, 2024 10:05 IST

Brent futures for June slipped 56 cents, or 0.62%, to $89.46 a barrel by 0337 GMT, while U.S. crude futures for May fell 63 cents, or 0.74%, to $84.73 a barrel.

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Global conflicts, FPI outflow: Rupee ends at record low of 83.54 against dollar

April 17, 2024 06:10 IST

Last week, Iran launched drones and missiles on Israel, in retaliation for a strike by the latter on it on April 1, which raised fear of a wider conflict between the two nations.

Over the past few years, the government has also intensified efforts to raise domestic crude oil output by making exploration and production contracts more lucrative and opening vast acreages for oil and gas exploration (Reuters/fuile)

India’s reliance on oil imports hits fresh full-year high in FY24Subscriber Only

April 17, 2024 23:15 IST

India’s domestic consumption of petroleum products in FY24 rose 4.6 per cent year-on-year to a record 233.3 million tonnes, underscoring robust demand, particularly for transportation fuels petrol and diesel. Domestic crude oil output for the year rose 0.7 per cent to 29.4 million tonnes.

Oil prices rise marginally on China growth, Middle East tensions

April 16, 2024 13:02 IST

Earlier in the day oil prices had risen nearly 1% following the release of official data from China showing gross domestic product in the world's biggest oil importer grew 5.3% in the first quarter, year-on-year, comfortably beating analysts' expectations.

Drinks, beverage brands to lose health tag in e-retail

April 14, 2024 04:01 IST

The Ministry, on April 10, directed the platforms to do so, saying there is no such thing as ‘health drink’ defined under the country’s food and safety standards laws.

Oil rebounds as Mideast tensions persist, but set for weekly loss

April 12, 2024 11:42 IST

Brent crude futures climbed 51 cents, or 0.57%, to $90.25 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.72%, to $85.63.

Crude oil prices extend gains on escalation in Middle East tensions

April 11, 2024 09:58 IST

Brent crude futures advanced by 30 cents, or 0.3%, to $90.78 a barrel by 0325 GMT, while U.S. West Texas Intermediate crude futures rose 25 cents, or 0.3%, to $86.46 a barrel.

Gold futures rise Rs 245 to Rs 71,585 per 10 gm

April 11, 2024 15:05 IST

On the Multi Commodity Exchange, gold contracts for June delivery traded higher Rs 245 or 0.34 per cent at Rs 71,585 per 10 grams in a business turnover of 23,529 lots.

Oil rises as Middle East worries offset US crude stock buildup

April 10, 2024 12:53 IST

Brent crude futures were up 25 cents at $89.67 per barrel at 0650 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 24 cents to $85.47.

Former Gazprom unit says Russian sanctions disrupted LNG supply to GAIL

April 9, 2024 17:31 IST

GAIL had in December last year filed an arbitration claim before the London Court of International Arbitration seeking USD 1.8 billion from SEFE for "non-supply of LNG cargoes under long-term contract."

Oil prices turn higher as Middle East ceasefire hopes wane

April 9, 2024 12:22 IST

Brent crude futures rose 14 cents to $90.52 a barrel by 0610 GMT. U.S. West Texas Intermediate (WTI) crude was 10 cents higher at $86.53.

Gold futures rise Rs 280 to Rs 70,916 per 10 g

April 8, 2024 14:12 IST

On the Multi Commodity Exchange, gold contracts for June delivery traded higher Rs 280 or 0.4 per cent at Rs 70,916 per 10 grams in a business turnover of 23,856 lots.

Crude oil prices slide more than 1% as Middle East tensions ease, Brent below $90/barrel

April 8, 2024 14:16 IST

Brent crude futures dropped $1.48, or 1.6%, to $89.69 a barrel by 0615 GMT. U.S. West Texas Intermediate crude was at $85.54 a barrel, down $1.37, or 1.5%.

Crude oil futures gain on spot demand

April 5, 2024 14:08 IST

On the Multi Commodity Exchange, crude oil for April delivery traded higher Rs 91 or 1.28 per cent at Rs 7,214 per barrel in 9,338 lots.

Neither expect, nor asked India to curb Russian oil imports; price cap a success, say US officials

April 4, 2024 20:51 IST

Officials clarified that oil importers like India, which are not part of the price cap coalition comprising G7 countries and their allies, are not bound by the price cap as long as their purchase of Russian oil does not involve any shipping or insurance service from providers in the coalition countries

Gold scales fifth consecutive record high after Federal Reserve’s comments

April 4, 2024 14:13 IST

Spot gold edged down 0.2% at $2,293.54 per ounce, as of 0815 GMT after hitting an all-time high of $2,304.09 earlier in the session. U.S. gold futures fell 0.1 at $2,312.40.

Oil prices remain close to $90 a barrel on concerns of lower supply

April 4, 2024 11:54 IST

Brent futures for June rose 31 cents, or 0.4%, to $89.66 a barrel at 0443 GMT. U.S. West Texas Intermediate (WTI) futures for May rose 30 cents, or 0.4%, to $85.73 a barrel.

India to build first commercial crude oil strategic storage

April 3, 2024 16:51 IST

Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating strategic petroleum reserves in the country, has invited bids for constructing 2.5 million tonnes of underground storage at Padur in Karnataka, according to the tender document.

Brent oil futures above $89 a barrel as supply risks intensify

April 3, 2024 14:57 IST

Prices jumped higher on Tuesday after a fresh round of Ukrainian drone attacks on Russian refineries threatened to take even more of the country's processing capacity offline.

High crude oil prices a cause for concern, says oil secretary Pankaj Jain

April 3, 2024 13:05 IST

As a consuming nation any increase in prices will cause concern and anxiety, Jain said at an industry event, referring to the "geopolitical premium" in crude prices.

India’s Russian oil imports flow heavy despite tighter sanctionsSubscriber Only

April 3, 2024 19:51 IST

Indian refiners are now refusing to take delivery of crude transported by Sovcomflot tankers in an evident bid to steer clear of any secondary sanction risk

OPEC+ unlikely to recommend oil output policy changes: Report

April 2, 2024 18:05 IST

Oil has rallied this year, underpinned by tighter supply and attacks on Russian energy infrastructure and war in the Middle East. Brent crude reached $89 a barrel on Tuesday, up from $77 at the end of 2023.

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India’s reliance on imported natural gas rises to 46% during April-February period

March 29, 2024 11:44 IST

India’s natural gas consumption, and consequently imports, had been on a growth trajectory till FY20, with the government’s push to increase the share of the fuel in the country’s primary energy mix to 15 per cent by 2030 from a little over 6 per cent.