New Delhi, March 20 (IANS) Oil marketing companies on Friday increased the price of premium petrol by around Rs 2 per litre from March 20, amid rising global crude prices triggered by escalating tensions in West Asia.State-run oil marketing companies, including Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited, have raised the prices of their premium petrol variants by about Rs 2.09 to Rs 2.35 per litre.With this revision, the price of branded fuels such as Power petrol …
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New Delhi, March 19 (IANS) Oil prices jumped more than 4 per cent on Thursday over attacks on key energy infrastructure in West Asia.The April contract of Brent crude on the Intercontinental Exchange was trading at $111.78 per barrel, up 4.10 per cent from its previous close. Meanwhile, the April contract of West Texas Intermediate (WTI) on NYMEX rose 3.37 per cent to $99.57 per barrel.Oil surged after Israel’s strike on Iran’s South Pars gas field — the world’s largest. Iran retaliated,…
New Delhi, March 18 (IANS) Global oil prices traded in the negative zone on Wednesday, slipping over 3 per cent after a sharp surge in the previous session, as escalating geopolitical tensions in West Asia kept markets volatile.Brent crude futures were trading 2.50 per cent lower, hitting an intra-day low of $100.85 per barrel by 9:45 am, while the US benchmark West Texas Intermediate (WTI) crude fell 3.40 per cent to an intra-day low of $92.83.So far this week, WTI futures have declined as much…
New Delhi, March 13 (IANS) Global equity markets have not fully priced in the economic fallout of the ongoing war in the Middle East, Christopher Wood, global head of equity strategy at Jefferies, said in his weekly note to investors.Wood said markets have shown surprising resilience considering that it has been nearly two weeks since the U.S.‑Israel strikes on Iran.“The explanation for the lack of a more dramatic sell‑off in stocks is markets’ continuing assumption that Donald Trump wil…
New Delhi, March 13 (IANS) Gold and silver prices opened flat but dipped marginally on Friday, amid profit‑taking capped after recent record highs and strengthening of US dollar.MCX gold April futures lost 0.14 per cent to Rs 1,60,046 per 10 grams around 11.10 am on an intraday basis. Meanwhile, MCX silver May futures declined 0.19 per cent to Rs 2,67,448 per kg.However, the decline was capped by safe‑haven demand amid the ongoing US‑Iran war, and high crude prices kept underlying support …
New Delhi, March 13 (IANS) Global oil prices cooled down marginally on Friday after the US announced a 30-day waiver, allowing all countries to purchase Russian oil.Brent crude was trading at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) dropped 0.67 per cent to $95.09 per barrel.US Secretary of Treasury, Scott Bessent, said on X that “To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase…
Mumbai, March 12 (IANS) Global oil prices surged sharply on Thursday as markets remained worried about supply disruptions linked to the ongoing tensions in the Middle East. The rally in crude prices came despite the announcement of the largest coordinated release of emergency oil reserves by the International Energy Agency.Benchmark crude prices climbed more than 8 per cent during the day. West Texas Intermediate rose around 8.8 per cent to trade near $95 per barrel, while Brent crude gained abo…
New Delhi, March 10 (IANS) Amid war de-escalation hopes in West Asia, crude oil prices drop almost 6 per cent in early trade on Tuesday, after crossing the $100 a barrel on Monday.While Brent futures dropped $6.51, or 6.6 per cent, to $92.45 a barrel, US West Texas Intermediate (WTI) crude was down $6.12, or 6.5 per cent, to $88.65.The oil prices fell after President Donald Trump said that the US campaign against Iran would end “very soon”, defining victory as the point at which Tehran no lo…
New Delhi, March 9 (IANS) Petrol and diesel prices in India are unlikely to be raised immediately despite global crude oil crossing $110 a barrel amid the escalating Middle East tensions.Government currently expects state run oil marketing companies (OMCs) to absorb the impact for now and pump prices of fuels will remain the same. OMCs may have to accept lower profits amid the spike in international oil prices, according to sources.West Texas Intermediate rose 27 per cent to $116 per barrel, whi…
Washington, March 9 (IANS) Oil prices surged past $100 a barrel as the conflict involving Iran disrupted energy flows through the Strait of Hormuz and rattled global markets.US President Donald Trump defended the spike. He said higher oil prices were a temporary cost tied to confronting Iran’s nuclear threat.“Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” Trump wr…