Oil prices head for weekly decline on signs of weakened Asian demand
Brent crude oil price news: Brent crude futures rose 68 cents, or 0.9 per cent, to $74.73 a barrel by 0136 GMT, while US West Texas Intermediate crude futures gained 64 cents, also up 0.9 per cent, to $69.98 a barrel.
Brent crude oil price news: Oil prices rose in early trade on Friday but were on track to fall 6 per cent for the week, hovering near six-month lows, with investors fretting about weak energy demand in Asia combined with high US crude production. Brent crude futures rose 68 cents, or 0.9 per cent, to $74.73 a barrel by 0136 GMT, while US West Texas Intermediate crude futures gained 64 cents, also up 0.9 per cent, to $69.98 a barrel.
Both benchmarks slid to their lowest since late June in the previous session. In a signal that traders believe the market may have become oversupplied, Brent and WTI are also in contango, a market structure in which front-month prices trade at a discount to prices a half year later. Concerns about China's economy have fueled the oil market's downturn this week.
Chinese customs data showed that crude oil imports in November fell 9 per cent from a year earlier as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand. In India, fuel consumption in November fell after hitting a four-month peak in the previous month, hit by reduced travel in the world's third biggest oil consumer as a festive boost fizzled.
PM Kisan Samman Nidhi Yojana: How to check village-wise beneficiary list under the welfare scheme; know details
Namo Shetkari MahaSanman Nidhi: PM Modi set to release 2nd, 3rd instalment for farmers today; know details
Post Office Tax Saving FD: How to get Rs 4.50 lakh interest on Rs 10 lakh investment; tax benefits and more
PM Kisan Samman Nidhi Yojana: How farmers' names are shortlisted for Rs 2000 instalments? Know complete process
Brent and WTI crude futures are on track to fall 5.8 per cent and 6 per centfor the week, respectively, despite a recent supply cut agreement from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+. OPEC+ agreed to a combined 2.2 million barrels per day (bpd) in voluntary output cuts for the first quarter of next year.
Saudi Arabia and Russia, the two biggest oil exporters, on Thursday called for all OPEC+ members to join the agreement on output cuts for the good of the global economy. In the US, output remained near record highs of over 13 million barrels per day, US Energy Information Administration data showed on Wednesday.
08:56 AM IST