US crude oil News

US crude prices jumped 7% on Friday to their highest since March, on strengthening fuel demand as countries around the world eased travel restrictions they had imposed to curb the spread of the coronavirus.

Production cuts by OPEC have led to international oil prices hitting a four year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices.

MRPL bought a 1 million-barrel cargo for a Feb. 1-10 delivery.

US Energy Secretary Rick Perry said the export of US crude oil to India will create jobs, economic stability and national security in both countries.

The first of a series of new shipments of crude oil from the United States arrived in Odisha on October 2.

The official said IOC had last month sealed a deal to import 1.6 million barrels of crude from the US for delivery in the first week of October at its Paradip refinery in Odisha -- the first ever such purchase of US crude by an Indian state-run refiner.

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.

The United States on Friday lifted a 40-year-old ban on export of oil, thus paving the way for energy deficient countries like India to open up another frontier to import oil from a distant friendly nation.

US crude prices remained near 2009 lows in early Asian trading on Friday as oil output in the Middle East continued to rise despite an existing global glut.

The US government cut its estimate of domestic oil production on Monday, helping send crude prices sharply higher.

US crude oil slumped over 4 percent on Wednesday to hit a 6-1/2-year low and almost break below $40 per barrel, as a huge unexpected stockpile build in the United States reinforced concerns about a growing global oil glut.

Oil prices fell 3 percent on Tuesday, with U.S. crude extending losses for a fifth straight day, as the dollar rallied amid evidence that the United States and top oil exporter Saudi Arabia were pumping more than the world needed.

Oil prices rallied and U.S. crude jumped nearly 6 percent to a 2015 peak on Wednesday after government data showed crude oil inventories in the United States rose less than expected last week.

Oil prices advanced further on Monday as OPEC forecast a reduction in US output amid a dip in North American crude production.

Oil slipped to $49 a barrel on Wednesday after US crude stocks soared to the highest on record last week, and as a firmer dollar weighed on prices.

European shares sank for a third day on Tuesday as a slide in oil prices showed no sign of easing off, supporting traditional safe-haven assets such as top-rated government bonds, the Japanese yen and the Swiss franc.