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TOKYO: Oil prices fell on Monday amid mounting concerns that surging caseloads of coronavirus infections in India and other countries will lead to stronger measures and hit economic activity, along with demand for commodities such as crude.Brent crude was down 43 cents, or 0.6%, at $66.34 a barrel by 0139 GMT, after rising 6% last week. U.S. oil was down 42 cents, or 0.7%, at $62.71 a barrel, having gained 6.4% last week.
Oil rose on Monday amid hopes that fuel demand is picking up in the United States as the summer driving season approaches and the rollout of COVID-19 vaccinations there accelerates, though increasing case numbers in other countries are set to cap gains.Brent was up 25 cents, or 0.4 per cent, at $63.20 a barrel by 0155 GMT. U.S. crude gained 17 cents, or 0.3 per cent, to $59.49 a barrel.
SINGAPORE: Oil prices edged down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.Brent crude futures for June fell 16 cents, or 0.2 per cent, to $64.70 a barrel by 2351 GMT while U.S. West Texas Intermediate crude for May was at $61.32 a barrel, down 13 cents, or 0.2 per cent.
New Delhi: Government-dictated price for natural gas produced by companies such as ONGC is likely to inch up marginally to USD 1.82 next week while the same for difficult fields like one operated by Reliance-BP may fall below USD 4, sources said. The price of gas, which is used to generate electricity, make fertiliser and convert into CNG for automobiles and cooking gas for households, is due to bi-annual revision next week.
Oil prices resumed their decline on Monday, falling around 1% as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading.Germany plans to extend a lockdown to contain COVID-19 infections into a fifth month, according to a draft proposal, after new cases exceeded levels authorities say will cause hospitals to be overstretched.
Oil prices edged up on Monday, with Brent drifting near $70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year.Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by 0102 GMT while U.S. West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4%.
KUWAIT (Reuters) - Kuwait’s finance minister said on Wednesday that an increase in oil revenues due to higher crude prices would not cover the Gulf state’s budget obligations and he called for radical economic reforms.Kuwait’s budget would need oil prices of $90 per barrel to eliminate its deficit, the minister, Khalifa Hamada, said in a statement.
Only 18 per cent, that is $368 billion of $14.6 trillion, COVID-induced spending for rescue and recovery by leading economies in 2020 was green, according to a latest report by Oxford’s Economic Recovery Project and the UN Environment Programme (UNEP). It said that this green spending was mostly accounted for by a small group of high-income countries.
The spike in oil prices has focused attention on how the steady rise in energy costs is threatening to create a drag on the global economic recovery and stoking fears of inflation.the international benchmark, above $70 a barrel for the first time since January 2020.
Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted. Futures in London jumped as much as 2.6% at the open after rising 4.9% last week. The attacks follow a recent escalation of hostilities in the Middle East region after Yemen’s Houthi rebels launched a series of attacks on Saudi Arabia.
Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities.Despite fast-rising crude prices, Saudi Arabia's oil minister has voiced doubts on demand recovery.
Oil rallied toward $70 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps. West Texas Intermediate edged higher in Asia, building on Thursday’s 4.2% surge to the highest close since April 2019. The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut.
U.S. alternative fuels supplier Clean Energy Fuels Corp and its largest shareholder, European oil and gas producer Total SE, announced terms of a new joint venture on Thursday focused on renewable natural gas (RNG) production. Clean Energy's shares rose 7.5% to $13.15 in pre-market trading. U.S. oil major Exxon and Chevron are also investing in carbon-removal technology.
Wells Fargo Renewable Energy & Environmental Finance (REEF) today announced it recently surpassed $10 billion in tax-equity investments in the wind, solar, and fuel cell industries. Wells Fargo has invested in more than 500 projects, helping to finance 12% of all wind and solar energy capacity in the U.S. over the past 10 years.
Xcel Energy will spend $8 billion to double its renewable energy generation and storage and add new transmission lines, while closing all of its coal-fired power plants in Colorado by 2040. The centerpiece of the plan is a dramatic increase in renewables and storage, adding approximately 5,600 MW of new capacity.
New Delhi:Cooking gas LPG price on Thursday was hiked by Rs 25 per cylinder across all categories, including subsidised fuel and those availed by Ujjwala scheme beneficiaries. This is the third increase in rates this month on the back of spiralling international rates as demand recovered. Prices have been on the rise since December and rates have cumulatively gone up by Rs 150 per cylinder.
Energean Plc submitted a proposal to the Greek government to build a carbon dioxide storage facility and a hydrogen plant in northern Greece close to its old Prinos oil field. Capital expenditure for the project is close to $500 million. Greece produces around 60 million metric tons of carbon dioxide per year, so the project would help the country reduce its emissions by around 2.5 million tons(4%).
State owned NTPC on Tuesday said it has signed a share purchase agreement to buy GAIL 25.51 per cent stake in Ratnagiri Gas and Power Pvt Ltd. After that NTPC would have 86.49 percent stake in RGPPL. The transfer of shares, NTPC will exit KLL, and NTPC shareholding stand at 86.49 percent. RGPPL own a integrated Power generation and re-gasified LNG facility.