U.S. oil jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the United States added to worries of tight global supplies from OPEC+ cuts led by Saudi Arabia.
U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. WTI was at $94.60 a barrel, up 92 cents, or 1%, by 0145 GMT.
Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not seen since November.
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“The oil market is quickly coming to terms with the fact that the OPEC+ cuts announced in the summer are having a deep effect on crude availability,” said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.
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“Stocks are drawing while demand keeps growing. We are still far away from a price level causing demand destruction.”
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.
Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.
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The crude draws follow production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+. The group will be meeting on Oct. 4 to review markets.
“We expect as near-term oil prices continue to push higher a reduction of current supply cuts is increasingly likely,” National Australian Bank’s analysts said in a note.
Grasso said: “I think Saudi can accept much higher prices, but not much lower, and if cutting 10% production gives them 30% price increase it make sense to do.”
President Vladimir Putin ordered his government to ensure retail fuel prices stabilise after a jump caused by an increase in exports.
In response, his deputy prime minister cited proposals to restrict exports of oil products purchased for domestic use, adding to market tightness.
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The category for Retail Individual Investors (RIIs) received 22.01 times subscription while the portion for non-institutional investors got subscribed 13.74 times. The Qualified Institutional Buyers (QIBs) part got subscribed 8 per cent.
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Shares of RailTel Corporation rallied 7.6% to an intraday high of Rs 507.45. The surge in stock price came a day after the company received an order worth Rs 52.66 crore from the Uttar Pradesh government.
“…RailTel Corporation of India Ltd. (“the Company”) has received the work order from Uttar Pradesh Police Recruitment And Promotion Board for Service amounting to Rs. 52,66,30,075 (Excluding Tax),” read an exchange filing.
Also, in Q1 FY25, RailTel reported a net profit of Rs 49 crore, up 25% on year in comparison to Rs 39 crore it posted in the same period a year ago.
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The Nifty PSU Bank index surged up to 4.4% in intra-day trading, extending gains for the second consecutive session. This follows a 2.5% jump on June 5, after confirmation that the BJP-led NDA would form the government at the Centre.
This follows a decline of over 15% on June 4, after the Modi-led NDA experienced a tighter-than-expected election race and failed to secure as many seats as predicted by exit polls.
All PSU Bank constituents experienced gains in intra-day trading today, with Indian Overseas Bank, CBI, Union Bank of India, and Bank of Maharashtra rising over 5% each. Meanwhile, Indian Bank, SBI, Bank of Baroda, Punjab and Sind Bank, and UCO Bank saw gains between 4-5% each.
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By Gaurang Somaiya
Rupee steadily gained against the US dollar following sustained inflows in the debt segment, weakness in the dollar index, India’s inclusion in the Bloomberg bond index all of it has been supportive for the currency.
Volatility could remain elevated on back the RBI’s sell-buy swap which is maturing today. Expectation is that the central bank could take delivery of the $5billion swap in the wake of adequate dollar inflows and rupee liquidity staying on the tighter side.
Inflows into the debt market have aided dollar liquidity, with foreigners pouring in over $3 billion into bonds in February. On India’s inclusion in the Bloomberg bond index, the agency said that it will include India Fully Accessible Route (FAR) bond in its EM local Currency government index starting January 2025.
MSCI Rejig: HDFC Bank likely to see $1.8 billion inflows, Vodafone Idea, RVNL and 6 other stocks likely to be …
The Division Resurgence is opening registrations for its next phase of testing. As announced during the Ubisoft Forward presentation, you can register to try out the upcoming beta test for the mobile Division game now. The beta will begin Sunday, September 12.
The next test for Resurgence will let you try the competitive Conflict PVP mode, as well as the first time you can try the Dark Zone on mobile Come from Sports betting site VPbet. You can register through the official site at thedivisionresurgence.com
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Sony has a long history of fantastic exclusive games on its consoles, dating back all the way to the original PlayStation with games like Metal Gear Solid and Final Fantasy VII. That has continued for decades, and looking ahead 2022 and beyond, there are a bunch of exciting exclusive or console-exclusive games coming to PS4 and PS5. Not only that, but there are many, many big-name multiplatform games on the way for Sony’s console in the time ahead. We’re rounding up some of our most-anticipated PlayStation games to look forward to next year and beyond.
Assassin’s Creed Infinity
One of gaming’s most popular and enduring franchises, Assassin’s Creed, is poised to grow in a big way with a new project currently known as Assassin’s Creed Infinity. Described as a “huge game” with some live-service functionality, Infinity–or whatever final name Ubisoft decides to give it–will have all the elements of the series that fans love, according to Ubisoft’s Yves Gu…
Churchill Downs Incorporated (CHDN) recently opened its new state-of-the-art Turfway Park Racing and Gaming facility, formerly Turfway Park, a big moment for the company after years of renovations. The night was an exciting one as visitors were able to see the new gaming venue for the very first time.
The company purchased the racing facility in 2019 and spend $46 million on the acquisition. A total of $148 million was spent overhauling the property to create a more exciting space. Grandstands and buildings were demolished, with a groundbreaking ceremony taking place on March 2021 to begin the new construction.
Creating a Visitor Destination
During the opening day, Florence Mayor Diane Whalen was on hand. She was one of a half dozen people who placed the first bet on historical racing machines. The mayor stated that she has always seen Florence as a retail destination and hopes the new property will provide a nice outlet for visitors as a recreation and destination…
The Cherokee Nation of Oklahoma is reportedly still pursuing a scheme to bring a large casino resort to central Arkansas despite the real prospect that the entire project may be cancelled by means of an upcoming statewide constitutional referendum.
According to a Tuesday report from the local Arkansas Money and Politics news magazine, the federally-recognized tribe has just received planning permission to build its proposed Legends Resort and Casino on 135 acres of land on the northern edge of the small city of Russellville. The source explained that this envisioned Pope County venue is set to include a hotel, a large gaming floor and a conference center as well as a concert hall, an outdoor water park and a recreational vehicle element.
Serious certification:
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Pennsylvania stands at a critical juncture in its online sports wagering industry, grappling with the implications of potential tax hikes amid a rapidly evolving regulatory landscape. As neighboring states implement significant changes to their taxation policies, Pennsylvania lawmakers and stakeholders must carefully navigate these shifts to ensure the continued growth and sustainability of the state’s burgeoning online sports betting market.
Regional legislative trends, a catalyst for change:
Across the Northeast region, states are reevaluating their taxation rates on online sports wagers in response to record-breaking revenue figures and shifting consumer preferences. New York and New Hampshire have set the bar high with a 51% tax rate, setting a precedent for other states to follow suit. In New Jersey, discussions are underway to more than double the current tax rate to 30%, signaling a seismic shift in regulatory priorities.
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In the United Kingdom and the Gambling Commission regulator has announced that it has hit the operator behind the Betfred.com and OddsKing.com iGaming domains with a fine of £2.87 million ($3.12 million).
The watchdog used a Wednesday press release to detail that the penalty against Petfre (Gibraltar) Limited was imposed after an official investigation turned up a number of anti-money laundering and social responsibility failures. The regulator stated that the punishment comes about a month after it reprimanded iGaming operator SpreadEx Limited to the tune of £1.36 million ($1.61 million) and also encompassed the issuance of an ‘official warning’.
Deficient defense:
The Gambling Commission declared that the social responsibility shortcomings exhibited by Petfre (Gibraltar) Limited included having ‘no controls in place to prevent large levels of high velocity spend by new customers’. The regulator explained that it discovered that…