Oil rates News

Investors remained cautious despite news of the US strikes in Iraq and Syria against an Iran-backed militia group, even as US officials warned "additional actions" may be taken. West Texas Intermediate (WTI) crude futures rose 4 cents to $61.76 a barrel by 0800 GMT. The US benchmark is up about 36% so far this year.

Brent crude futures rose 33 cents, or 0.4 percent, to $80.59 a barrel by 0256 GMT.

Oil prices declined on Wednesday in volatile trading as the US reported a 7.7-per cent increase of crude oil inventories.

Oil prices fell 2 percent on Friday, with losses accelerating after the U.S. oil rig count rose for a fourth week in a row, putting crude on track for a weekly loss and dragging Brent to two-month lows.

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.

Brent had climbed 34 cents to $50.08 a barrel by 0520 GMT, its highest since Nov. 4. It ended the previous session up $1.13, or 2.3 percent.

Without any particular market-moving news but a persistent global crude oil glut, the oil market slid again Thursday, dragging US crude to its lowest price in nearly 13 years.

Oil resumed heavy falls on Tuesday, erasing earlier gains in highly volatile trade, after the International Energy Agency issued a gloomy market outlook.

Price of non-subsidised cooking gas (LPG) was Thursday cut by Rs 43.50 per cylinder and that of jet fuel (ATF) by 12.5 percent as international oil rates slumped to multi-year lows

Losses on sale of subsidised LPG and kerosene have dropped by 21 percent to Rs 148 crore per day as international oil rates hit a five-year low.

A 14.2-kg cylinder of non-subsidised LPG will now cost Rs 752, down from Rs 865 previously, in Delhi, oil companies announced on Monday.

Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.