Petroleum futures and options saw another influx of hedge fund inflows last week as renewed bullishness about output restrictions overcame concerns about the already-high level of prices.
India's MRPL plans to fill a part of the Mangalore strategic petroleum reserve (SPR) with Saudi oil, replacing Abu Dhabi's Upper Zakum grade, as it prepares to lease some space in the facility, a senior official said on Thursday.
Energy prices are expected to inch up in 2022 after surging more than 80% in 2021, fueling significant near-term risks to global inflation in many developing countries, the World Bank said in its latest Commodity Markets Outlook on Thursday.
Oil prices fell on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage.
U.S. crude and fuel inventories tightened further last week, as supplies of gasoline hit a two-year low and inventories at the largest U.S. commercial storage hub dropped to a three-year low, the Energy Information Administration (EIA) said on Wednesday.