Brent Crude

India has told Saudi Arabia and other OPEC nations that high oil prices will hurt the nascent economic recovery

Brent crude oil futures hit a fresh three-year high on Tuesday, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more.

Brent crude was up by 40 cents or 0.5 per cent at $81.66 a barrel by 9:10 am, having risen2.5 per cent on Monday.

Petrol and Diesel Price Today: Fuel rates were hiked for the third consecutive day on Sunday, October 3, a day after they had touched record highs

For the week, Brent was up 3.3% and U.S. crude was up 3.2%, supported by tight supplies due to the hurricane outages.

Brent volumes were above 330,000 contracts, while volumes for the most-active WTI contract were more than 450,000, the highest since July 20.

For the week, global benchmark Brent shed more than 6%, its largest week of losses in four months, and U.S. West Texas Intermediate (WTI) tumbled nearly 7% in its biggest weekly decline in nine months.

While the pandemic drags on fuel demand, supply is steadily increasing. U.S. production rose and drilling companies added rigs for the third week in a row, services company Baker Hughes said.

Fresh COVID-19 outbreaks fueled by the Delta variant raised concerns about the strength of the economic recovery globally.

For the week, global benchmark Brent shed more than 6%, its largest week of losses in four months, and WTI tumbled nearly 7% in its biggest weekly decline in nine months.

Oil prices fell on Monday on worries over China's economy after a survey showed growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers.

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, reached a compromise on Sunday to increase oil supply from August.

Brent crude oil futures were down 9 cents, or 0.1 per cent, at $74.03 a barrel by 7:10 am. US West Texas Intermediate futures were up 1 cent at $72.95 a barrel.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.

Fuel costs have been ratcheted up to current levels by combined effects of rising Brent prices and numerous tax hikes over the past few years.

India has told Saudi Arabia and other OPEC nations that high oil prices will hurt the nascent economic recovery

Brent crude oil futures hit a fresh three-year high on Tuesday, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more.

Brent crude was up by 40 cents or 0.5 per cent at $81.66 a barrel by 9:10 am, having risen2.5 per cent on Monday.

Petrol and Diesel Price Today: Fuel rates were hiked for the third consecutive day on Sunday, October 3, a day after they had touched record highs

For the week, Brent was up 3.3% and U.S. crude was up 3.2%, supported by tight supplies due to the hurricane outages.

Brent volumes were above 330,000 contracts, while volumes for the most-active WTI contract were more than 450,000, the highest since July 20.

For the week, global benchmark Brent shed more than 6%, its largest week of losses in four months, and U.S. West Texas Intermediate (WTI) tumbled nearly 7% in its biggest weekly decline in nine months.

While the pandemic drags on fuel demand, supply is steadily increasing. U.S. production rose and drilling companies added rigs for the third week in a row, services company Baker Hughes said.

Fresh COVID-19 outbreaks fueled by the Delta variant raised concerns about the strength of the economic recovery globally.

For the week, global benchmark Brent shed more than 6%, its largest week of losses in four months, and WTI tumbled nearly 7% in its biggest weekly decline in nine months.

Oil prices fell on Monday on worries over China's economy after a survey showed growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers.

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, reached a compromise on Sunday to increase oil supply from August.

Brent crude oil futures were down 9 cents, or 0.1 per cent, at $74.03 a barrel by 7:10 am. US West Texas Intermediate futures were up 1 cent at $72.95 a barrel.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.

Fuel costs have been ratcheted up to current levels by combined effects of rising Brent prices and numerous tax hikes over the past few years.