Brent crude News

Crude oil remains flat -- Brent crude at $79 per barrel and WTI crude at $83 per barrel. 

Bharti Airtel, Tata Steel, Power Grid and State Bank of India were among the gainers. 

Russia has now emerged as the largest supplier of crude oil to India replacing Iraq and Saudi Arabia which occupied the top slot earlier. 

India imports over 85 per cent of its crude oil requirement and a substantial spike in global oil prices could raise the country’s oil import bill.

The global standard, Brent crude, hasn't reached these levels since October, primarily due to increasing tensions in the volatile Middle East.

Here is the price of petrol, and diesel today, i.e. March 15, 2024, in your city:  

Brent crude futures dropped 0.4 per cent to $95.41 per barrel. WTI crude was at $87.67 a barrel, down 0.3 per cent. Petrol costs Rs 96.72 today in Delhi.

Here is the price of petrol, and diesel today, i.e. October 27, 2022, in your city:

In Mumbai, petrol costs Rs 106.31 per litre. In Delhi, Diesel costs Rs 94.27 per litre. In Lucknow, petrol costs Rs 96.57 per litre.

Petrol in Bengaluru costs Rs 101.94 Diesel in Mumbai costs Rs Rs 94.27 Petrol in Kolkata costs Rs 106.03

Sensex gains over 110 points whereas Nifty reaches 17,423.20 after gaining 25.70 points in opening trade on Monday. Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,605.81 crore on Friday, as per exchange data. Mahindra & Mahindra was the biggest gainer from the Sensex pack, rising more than 2 %, followed by IndusInd Bank, NTPC, Reliance Industries, HDFC Bank, and Maruti.

The dollar index strengthened by 0.05 per cent to 104.48. Brent crude futures, the global oil benchmark, dropped 4.46 per cent to USD 109.54 per barrel.

Brent futures rose $1.43, or 1.3%, to $112.31 per barrel by 1:24 p.m. WTI was on track to gain about 6% and Brent set to rise nearly 4% this week. Demand concerns on signs of a weakening global economy capped the price rise.

A strong dollar makes crude more expensive for other currency holders and tends to weigh on risk appetite. Earlier this month, Brent hit $139 a barrel, the highest since 2008. Oil prices drew support from threats to supply as Yemen`s Iran-aligned Houthi group attacked Saudi energy and water desalination facilities.

EU governments will consider whether to impose an oil embargo on Russia. Brent crude futures were up $4.44, or 4.1%, at $112.37 a barrel by 1321 GMT, adding to a 1.2% rise on Friday.

The central government reduced excise duty on November 4, 2021, to provide relief from historically high prices. The government reduced the duty on petrol by Rs 5 per litre and on diesel by Rs 10 per litre, resulting in significant reductions in fuel prices. Later, in December 2021, the Delhi government cut the value-added tax on petrol from 30% to 19.40%.

The price of Brent crude has skyrocketed above $125 per barrel from $97 before the Russian invasion began. While this would benefit domestic primary steel makers and aluminium smelters because their realizations will rise, it would cascade negatively for the construction, real estate, and automobile sectors. For diamond polishers, continued disruption of trade can make roughs costlier, leading to a squeeze on their margins.

Brent crude reached a high of $114.98 per barrel and was up $4.44, or 4%, at $114.90 by 1300 GMT. Crude oil touched a decade high this week, and prices are on track for their best weekly increases since the middle of 2020, with the US benchmark up more than 21% and Brent up 17%. Oil prices are rising on concerns that Western sanctions over the Ukraine war could impede shipments from Russia, the world's largest crude and oil product exporter combined.

Brent crude, the global benchmark, was up $1.93, or 2%, at $97.32 by 1448 GMT. The Ukraine crisis has added further support to an oil market that has surged on tight supplies as demand recovers from the COVID-19 pandemic. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, have resisted calls to boost supply more rapidly.

Brent has risen by more than 45% this year. Oil, which plunged by more than 10% on Nov. 26 when reports of a new variant first appeared. OPEC+ stuck to its plans at its last meeting to boost output for January despite Omicron.