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U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec. 13, the Energy Information Administration (EIA) said on Wednesday.

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec. 13, the Energy Information Administration (EIA) said on Wednesday.

Oil prices edged higher on Wednesday after U.S. crude inventories fell and as investors eyed a likely interest rate cut by the U.S. Federal Reserve while weighing its projections for 2025.
Brent futures were up 60 cents, or 0.82%, to $73.79 a barrel at 1:10 p.m. ET. U.S. West Texas Intermediate crude was up 88 cents, or 1.26%, to $70.96. Both benchmarks retreated from gains of more than $1 a barrel at session highs.
U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec. 13, the Energy Information Administration (EIA) said on Wednesday.
Total product supplied, a proxy for demand, was at 20.8 million bpd, up 662,000 bpd from the prior week.
&ldquo;The market seems to have turned a corner from all the negativity we saw a couple of weeks ago as there is more optimism about demand,&rdquo; said Phil Flynn, a senior analyst for Price Futures Group.
Meanwhile, the Fed is expected to cut rates by a quarter point and to signal a cautious approach to loosening monetary policy next year.
&ldquo;While the market has a 25-basis point cut baked in, investors will look for what the forward-thinking is from the Fed and how aggressive they will be in 2025,&rdquo; StoneX analyst, Alex Hodes said in a note.
Between a new policy statement, the projections and Powell&rsquo;s press conference, the net result is likely to be &ldquo;a hawkish cut&rdquo; with a slower pace of reductions to come, Diane Swonk, chief economist at KPMG, wrote ahead of this week&rsquo;s meeting.
Lower rates decrease borrowing costs, which can boost economic growth and oil demand.
Uncertainty on how aggressively the U.S. Fed will cut interest rates next year is likely capping oil&rsquo;s upside for now, said UBS analyst Giovanni Staunovo.
The U.S. central bank will release its policy statement at 2 p.m. ET (1900 GMT), followed by remarks from Chair Jerome Powell.
&ldquo;The one hurdle we have to get over is the Fed meeting, if the Fed stays in the lane of what is expected then I think oil has a good chance of making new highs today and towards the end of the month,&rdquo; said Price Futures Group&rsquo;s Flynn.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

After four straight days of loss, oil prices held steady on Friday early trading but were heading for third straight weekly loss owing to economic woes

Oil set for a third straight weekly loss, but held steady on Friday early trading

After four straight days of loss, oil prices held steady on Friday early trading but were heading for third straight weekly loss owing to economic woes

As the economic woes continue, oil prices head for a third straight weekly loss. This after, markets dropped on fears of a weakening U.S economy and slowing Chinese demand. However, the prices held steady in early Friday trading.
As per Reuters, Brent crude rose 14 cents, or 0.2%, to $72.64 a barrel at 0002 GMT, while U.S. West Texas Intermediate was up 17 cents, or 0.3%, at $68.73 a barrel after four straight days of losses. For the week, Brent was set to close down 8.7%, while WTI was set to close 10.5% lower.&nbsp;
Oil prices were affected by a strengthening dollar after the European central bank and the U.S Federal Reserve raised the interest rates. Stronger dollar makes crude more expensive for buyers holding foreign currency.&nbsp;
As per Reuters, investors now broadly expect the Fed to pause rate hikes at its June meeting, after the U.S. central bank dropped language that it "anticipates" further rate increases from its policy statement. Investors are also expecting the release of U.S employment data for April to help gauge the health of the economy.

OPEC has announced a production cut by 1.16 million barrels per day. The voluntary cut will start from May to end 2023

Oil prices surge after OPEC announces production cut

OPEC has announced a production cut by 1.16 million barrels per day. The voluntary cut will start from May to end 2023

Oil prices surge after Saudi Arabia and other OPEC+ producers announced a production cut. The oil production will be brought down by 1.15 million barrel per day. The OPEC group announced the cut ahead of OPEC ministerial monitoring meeting.&nbsp;
The group said that the production cut is a precautionary measure targeted toward stabilizing the oil market. The voluntary cuts will start from May to end 2023.
Immediately after the announcement, the oil price surged almost 6% in Asian trade open on Monday. As per economic Times, the West Texas Intermediate contract jumped 5.74% to $80.01 a barrel, while Brent jumped 5.67% to $84.42.&nbsp;
This is the biggest cut output since the OPEC+ cartel slashed two million barrels per day in October. The announcement came after Russia decided to extend a cut of 5,00,000 barrels per day as a retaliation move to West's sanctions.

G7, EU agree oil price cap to reduce Russia war funding

The price cap is designed to make it harder to bypass the sanctions by selling beyond the EU.

The G7 and EU on Friday agreed a $60-per-barrel price cap on Russian oil in an attempt to deny the Kremlin of war resources, as President Vladimir Putin said more strikes on Ukrainian infrastructure were "inevitable".
The price cap, previously negotiated on a political level between the G7 group of wealthy democracies and the European Union, will come into effect with an EU embargo on Russian crude oil from Monday.
The embargo will prevent shipments of Russian crude by tanker vessel to the EU, which account for two thirds of imports, potentially depriving Russia's war chest of billions of euros.
"The G7 and Australia... reached consensus on a maximum price of 60 US dollars per barrel for seaborne Russian origin crude oil in line with" the European Union, the G7 said in a statement.
ALSO WATCH: <a title="EU seeks specialised court to investigate Russia war crimes" href="https://www.editorji.com/world-news/eu-seeks-specialised-court-to-investigate-russia-war-crimes-1669812893580">EU seeks specialised court to investigate Russia war crimes</a>
The G7 said it was delivering on its vow "to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets and to minimise negative economic spillovers of Russia's war of aggression".
Poland had refused to back the price cap plan over concerns the ceiling was too high, before its ambassador to the bloc confirmed Warsaw's agreement on Friday evening.
The price cap is designed to make it harder to bypass the sanctions by selling beyond the EU.
Poland's ambassador Andrzej Sados also said Brussels would take into account Polish and Baltic state suggestions for a "painful and expensive" ninth round of sanctions against Moscow.
The White House described the deal as "welcome news", saying a price cap will help limit Putin's ability to fund the Kremlin's "war machine".

India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine

Russia becomes India's top oil supplier in Oct

India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine

Russia has become India's top oil supplier in October, surpassing traditional sellers Saudi Arabia and Iraq, according to data from energy cargo tracker Vortexa.
Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 935,556 barrels per day (bpd) of crude oil to India in October -- the highest ever.
It now makes up for 22 per cent of India's total crude imports, ahead of Iraq's 20.5 per cent and Saudi Arabia's 16 per cent.
India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine.
According to Vortexa, an energy intelligence firm, India imported just 36,255 barrels per day of crude oil from Russia in December 2021 as compared to 1.05 million bpd from Iraq and 952,625 bpd from Saudi Arabia.
There were no imports from Russia in the following two months but they resumed in March, soon after the Ukraine war broke out in late February.
India imported 68,600 bpd of Russian oil in March while it increased to 266,617 bpd in the following month and peaked to 942,694 bpd in June. But in June, Iraq was India's top supplier with 1.04 million bpd of oil. Russia in that month became India's second biggest supplier.

Households may see some reprieve as the centre govt has asked the edible oil manufacturing to cut the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre. 
The government told the companies to implement the change in prices within a week. 
This move came after the prices of edible oils had reduced significantly in the international market in the last few days.
India annually imports 8-8.5 million tonnes palm oil. Almost 45-50% of palm oil comes from Indonesia and the rest from neighbouring Malaysia.

Relief from burning high prices, edible oil prices to get cheaper 

The central government told the companies to implement the change in prices within a week

Households may see some reprieve as the central govt has asked edible oil manufacturers to cut the maximum retail price (MRP) of imported cooking oils by upto Rs 10-15 per litre.&nbsp;
The government has told the companies to implement the change in prices within a week.&nbsp;
Also read/watch| <a title="After wheat, India puts restrictions on export wheat products" href="https://www.editorji.com/business-news/after-wheat-india-puts-restrictions-on-export-wheat-products-1657190218196">After wheat, India puts restrictions on export wheat products</a>
This move came after the prices of edible oils reduced significantly in the international market in the last few days.
India annually imports 8-8.5 million tonnes palm oil. Almost 45-50% of palm oil comes from Indonesia and the rest from neighbouring Malaysia.

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