Market News Today

Brent crude futures gained 33 cents, or 0.4%, at $82.01 a barrel at 0127 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed 45 cents, or 0.6%, to $76.86 a barrel. MCX Crude oil prices opened at 6388 with a fall of 0.39%.

Iran's 2024-2025 draft budget indicates a sharp decrease in oil and gas export earnings and a rise in domestic energy prices, pointing to potential economic challenges ahead.

Sri Lanka approves a $4.5 billion petroleum refinery plant in Hambantota port by China's Sinopec. This investment, the largest in Sri Lanka, is poised to significantly enhance the country's energy sector.

Brazil's Grepar is set to sue Petrobras following a halted refinery sale, potentially impacting oil prices. The outcome may influence India's crude oil import strategy, affecting commodity markets and consumer prices.

European PET producer, Neo Group, plans to restart 160K tons capacity production at Line No. 3 in Klaipeda, Lithuania, this February post maintenance shutdown in September 2022 due to commercial factors.

JBF Global is halting its second PET production line in Belgium due to volatile market conditions. The facility, with a 216,2023 tonne annual capacity, will be inactive from November-end till January, due to reduced demand.

Indian natural gas production has grown 9.3% YoY in October 2023, with LNG imports also up 18.2%, demonstrating a strategy to boost domestic production and a robust demand in the energy-driven country.

The International Energy Agency's report shows high consumption of oil and gas in 2022, contributing significantly to carbon emissions. Demand for oil and gas might peak before 2030, showing the urgency for clean energy transition.

Russia's oil trade with Asia, a beneficial route since Western sanctions over the Ukraine conflict, is challenged by payment complications in non-dollar currencies. No immediate solutions appear in sight, continuing the dollar's oil trade dominance.

Dive into the analysis of rising Brent crude oil prices, influenced by OPEC+ dynamics and export trends. As anticipation builds for the OPEC+ meeting, explore the market's response and the unpredictable landscape influenced by global dynamics and U.S. crude stockpiles.