Fuel pricing to be fixed on wednesday

Oil ministry will discuss pricing of key oil products at a meeting with Prime Minister Manmohan Singh later on Wednesday, Oil Minister Murli Deora told reporters.

The government sets the prices of petrol, diesel, cooking gas and kerosene to protect the poor and control inflation.

Oil below 80 USD

Oil prices were lower in Asian trade today on signs of softening energy demand in the US, the world's biggest oil consumer, analysts said.

New York's main futures contract, light sweet crude for delivery in February fell 89 cents to USD 79.90.

Oil below 82 USD

Oil fell below USD 82 a barrel in Asian trade today on forecasts that the relentless frigid weather in the United States will moderate and ease demand for heating fuel, analysts said.


New York's main futures contract, light sweet crude for February delivery, was trading at USD 81.75 a barrel in the morning, down 77 cents from the New York close yesterday.

Oil prices bounces back

Oil prices bounced over 1 percent and topped $83 a barrel on Monday, thanks to a hobbled U.S. dollar and weekend data that showed China's crude oil imports surging by nearly 25 percent to more than 20 million tonnes in December.

Oil at 82 USD

Oil rose to near USD 82 a barrel today in Asia after a jump in US stock markets boosted investor confidence and helped extend a four-week rally in crude prices.

Oil rose to $80 a barrel

Oil rose to $80 a barrel amid thin trading volumes on Monday, the first trading day of 2010, partly supported by news that Russia had halted oil supplies to Belarussian refineries.

Russia has halted oil supplies to Belarussian refineries after failing to agree terms for 2010, traders said on Sunday, threatening a repeat of a dispute which disrupted supplies to elsewhere in Europe three years ago.

Oil above 74 Dollar

Oil traded above $74 on Wednesday, buoyed by a sharp drawdown in U.S. crude stocks and an unexpected fall in gasoline inventories, but held in check by a firmer dollar.

U.S. crude for February rose 30 cents to $74.70 a barrel by 1033 GMT in thin pre-holiday trade, after rising 68 cents on Tuesday. Prices have gained almost $6 since Dec. 13.

OIL slipped below $73

Oil slipped to around $73 per barrel on Tuesday after OPEC agreed to roll over its production targets and ahead of data expected to show a fall in crude and distillate inventories in the United States.

OPEC oil ministers, content with oil prices, agreed to leave output unchanged and meet again on March 17.

border tensions between Iran and Iraq eased oil firm above 73 USD

Oil prices were mixed in Asian trade today as worries over border tensions between Iran and Iraq eased, and the Christmas holidays kept traders on the sidelines, analysts said.

New York's main futures contract, light sweet crude for January delivery, shed two cents to USD 73.34 per barrel.

Crude oil prices lower today

Oil prices were lower in Asian trade today on profit-taking after an overnight rally, boosted by a report showing stronger US energy demand, analysts said.

New York's main futures contract, light sweet crude for delivery in January, fell 40 cents to USD 72.25 a barrel in morning trade. It rose USD 1.69 at the close of US trade overnight.

Asian crude prices stable

Oil prices were stable in Asian trade today as dealers weighed recent price falls against a firming US dollar, analysts said.

New York's main futures contract, light sweet crude for delivery in January, was unchanged at USD 70.69 a barrel.

Crude Oil fell in Asian trade

Oil fell in Asian trade today as prices came under continued pressure from a strong dollar and US demand concerns, analysts said.

New York's main contract, light sweet crude for January delivery, was down 70 cents to USD 69.17 a barrel.

Traders reduced their positions in Crude oil futures

Crude oil futures prices moved down by 0.28 per cent today as traders reduced their positions following fall in demand.Crude oil for current December contract shed 0.28 per cent at Rs 3,522 per barrel with business turnover in 12 lots.Similarly, the oil for delivery in January contract traded lower by 0.22 per cent to Rs 3,610 per barrel with business turnover of 5 lots.

Market analysts said traders indulged in reducing their positions due to fall in demand led to fall in crude oil prices at futures market.

Oil product sales rose a strong 17.3 percent in October

India's annual oil product sales rose a strong 17.3 percent in October driven by a pick up in economic activity and higher demand from farm sector, government data showed on Wednesday.

The October surge, helped by a low base last year, is higher than China's 10.3 percent rise in apparent oil demand, while demand in developed countries has been weak.

Oil prices extended their decline

Oil prices extended their decline from the previous day to fall to $76 a barrel on Friday, as debt problems in Dubai rattled investors and spurred nervous traders to take profit from the fuel's recent rally.

Oil above $77 a barrel

Oil eased on Tuesday to hover above $77 a barrel, weighed down by a firmer greenback, but trade thinned ahead of the Thanksgiving holiday and weekly U.S. data that could show rising crude stocks in the world's top oil user.

The dollar trimmed losses as Tokyo stocks failed to follow up a stronger day on Wall Street, prompting some to buy the dollar back, and as some investors closed dollar-short positions before the Thanksgiving holiday

U.S. crude futures fell more than 2 percent on Thursday

U.S. crude futures fell more than 2 percent on Thursday as a stronger dollar weighed and weaker equities raised concern about the economy and a potential rebound in energy demand.

U.S. crude prices for December delivery fell $2.12 to settle at $77.46 a barrel. Brent crude for January delivery fell $1.83 to settle at $77.64 a barrel.

Oil prices cooled after breaching USD 80

Oil prices cooled in Asian trade today after breaching USD 80, spurred mainly by a decline in US energy stocks, analysts said.

New York's main contract, light sweet crude for December delivery, fell 21 cents to USD 79.37 a barrel.

Oil climbed higher in Asian trade

Oil climbed higher in Asian trade today on expectations a widely monitored US report would show a drop in fuel stocks, analysts said.

New York's main contract, light sweet crude for December delivery, gained 50 cents to USD 79.64 a barrel.

Oil trims overnight gains

Oil fell slightly in Asian trade today after overnight gains spurred by a weak dollar and hopes of improved energy demand amid a global recovery, analysts said.

New York's main contract, light sweet crude for December delivery eased 20 cents to USD 78.70 a barrel.