Crude Oil Prices

Most Asian equities rallied Tuesday and Brent crude hit a more than seven-year high as optimism over the global recovery returned to trading floors, though concerns about the end of long-running central bank support tempered sentiment.

Avian turbine fuel (ATF) or jet fuel price was hiked by 4.2 per cent on Sunday, the second increase in rates this month

There has been a 39.6 per cent increase in the import cost of petroleum products in the last four years between 2016-17 and 2020-21

Brent ended the year up 50.5 per cent, its biggest gain since 2016, while WTI posted a 55.5 per cent gain, the strongest performance for the benchmark contract since 2009

Indian bonds and the rupee weakened in 2021, weighed down by sharply higher crude oil prices which pushed up inflation and raised concerns over potential interest rate

In the United States, the average number of daily confirmed coronavirus cases hit a record high of 258,312 over the last seven days, a Reuters tally on Wednesday found.

Oil prices pared earlier gains after China, the world's top crude importer, lowered the first batch of 2022 import quotas to mostly independent refiners by 11%.

Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

Asset classes from oil to equities have clawed back losses from late November, when the Omicron variant of COVID-19 sent investors scurrying for safety.

Oil prices settled higher on Tuesday, with Brent crude ending the session near $80 a barrel despite the rapid spread of the Omicron coronavirus variant.

Brent crude was trading near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, mainly supported by supply outages and expectations that U.S. inventories fell last week.

Oil prices extended gains on Tuesday with prices trading near the previous day's one-month high on hopes that the Omicron coronavirus variant will have a limited impact on fuel demand.

Brent crude settled up $2.46, or 3.4%, at $73.98 a barrel, and U.S. West Texas Intermediate (WTI) crude rose $2.51, or 3.7%, to $71.12 a barrel.

U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is in part due to year-end tax considerations that encourage companies not to store crude barrels.

The market sold off dramatically after the Organization of the Petroleum Exporting Countries and its allies known as OPEC+ issued a bit of a surprise by sticking to plans to boost output monthly by 400,000 barrels per day.

Most Asian equities rallied Tuesday and Brent crude hit a more than seven-year high as optimism over the global recovery returned to trading floors, though concerns about the end of long-running central bank support tempered sentiment.

Avian turbine fuel (ATF) or jet fuel price was hiked by 4.2 per cent on Sunday, the second increase in rates this month

There has been a 39.6 per cent increase in the import cost of petroleum products in the last four years between 2016-17 and 2020-21

Brent ended the year up 50.5 per cent, its biggest gain since 2016, while WTI posted a 55.5 per cent gain, the strongest performance for the benchmark contract since 2009

Indian bonds and the rupee weakened in 2021, weighed down by sharply higher crude oil prices which pushed up inflation and raised concerns over potential interest rate

In the United States, the average number of daily confirmed coronavirus cases hit a record high of 258,312 over the last seven days, a Reuters tally on Wednesday found.

Oil prices pared earlier gains after China, the world's top crude importer, lowered the first batch of 2022 import quotas to mostly independent refiners by 11%.

Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

Asset classes from oil to equities have clawed back losses from late November, when the Omicron variant of COVID-19 sent investors scurrying for safety.

Oil prices settled higher on Tuesday, with Brent crude ending the session near $80 a barrel despite the rapid spread of the Omicron coronavirus variant.

Brent crude was trading near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, mainly supported by supply outages and expectations that U.S. inventories fell last week.

Oil prices extended gains on Tuesday with prices trading near the previous day's one-month high on hopes that the Omicron coronavirus variant will have a limited impact on fuel demand.

Brent crude settled up $2.46, or 3.4%, at $73.98 a barrel, and U.S. West Texas Intermediate (WTI) crude rose $2.51, or 3.7%, to $71.12 a barrel.

U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is in part due to year-end tax considerations that encourage companies not to store crude barrels.

The market sold off dramatically after the Organization of the Petroleum Exporting Countries and its allies known as OPEC+ issued a bit of a surprise by sticking to plans to boost output monthly by 400,000 barrels per day.