Read more about Oil prices dip, but head for third weekly rise on demand recovery on Business Standard. Brent crude futures edged down 4 cents, or 0.06%, to $72.48 a barrel at 0658 GMT
Read more about OPEC+ will need to boost output to meet 2022 demand recovery: IEA on Business Standard. The IEA shocked the energy industry with its "Net Zero by 2050" report on May 18
Read more about Oil prices rebound after knock from United States driving season data on Business Standard. Brent crude oil futures were up 18 cents, or 0.25%, at $72.40 a barrel by 1024 GMT,
India on Thursday launched its third auction of small discovered fields offering 32 contract areas with 75 oil and gas discoveries, said Anand Gupta, additional director general of the Directorate General of Hydrocarbons. Of the 75 discoveries 54 are in shallow water, 2 in deepwater and 19 are on land, Gupta said. India, the world s third biggest oil importer and consumer, wants to quickly monetise is oil and gas resources. In the previous two rounds India awarded 54 contract areas. (Reporting by Nidhi Verma; editing by Jason Neely)
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Oil prices continued to rally on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. Brent crude futures were up 32 cents, or 0.3%, at $72.42 a barrel at 0911 GMT, having earlier touched $72.83, the highest since May 20, 2019. Brent rose 1% on Tuesday. U.S. West Texas Intermediate (WTI) crude futures climbed 18 cents, or 0.3%, to $70.23 a barrel, after rising to as high as $70.62, highest since Oct. 17, 2018. WTI prices climbed 1.2% on Tuesday. The widespread faith that oil demand growth will trend significantly higher in the second half of the year is paving the way forward for the price rally, PVM analysts said.