A- A A+
Last Updated : Oct 23 2021 10:21PM     Screen Reader Access
News Highlights
PM Modi interacts with COVID vaccine producers in New Delhi            Major vaccine manufacturers hail PM's leadership as key factor in India crossing milestone of administering 100 cr doses            India’s COVID-19 vaccination coverage crosses 102 cr mark            Infrastructure being developed in Goa to increase income of farmers, fishermen: PM            PM to share his thoughts in Mann Ki Baat tomorrow           

Business News

Oct 15, 2021

Crude oil prices climb on strong demand, weak supply

Representational Pic
Global crude oil prices climbed, heading for gains of more than 3 per cent for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products.

Brent crude oil futures touched their highest since October 2018, rising 92 cents, to 84.92 dollars a barrel. Front-month prices are set to climb for the sixth straight week, up 3 per cent this week. US crude futures rose 75 cents to 82.06 dollars a barrel, adding to an 87 cent jump on Thursday. The contract is heading for a 3.4 per cent gain on the week, up for the eighth consecutive week.

Prices could rise sharply as OECD oil stockpiles are likely to drop to their lowest level since 2015. Demand has picked up with the recovery from the COVID pandemic, with a further boost coming from industry turning away from expensive gas and coal to fuel oil and diesel for power.

The International Energy Agency said the energy crunch is expected to boost oil demand by 500,000 barrels per day. That would result in a supply gap of around 700,000 barrels per day through the end of this year, until the Organization of the Petroleum Countries and allies, together called OPEC PLUS, add more supply, as planned in January.

   Related News

Live Twitter Feed

Listen News

Morning News 23 (Oct) Midday News 23 (Oct) Evening News 23 (Oct) Hourly 23 (Oct) (1900hrs)
समाचार प्रभात 23 (Oct) दोपहर समाचार 23 (Oct) समाचार संध्या 23 (Oct) प्रति घंटा समाचार 23 (Oct) (2210hrs)
Khabarnama (Mor) 23 (Oct) Khabrein(Day) 23 (Oct) Khabrein(Eve) 23 (Oct)
Aaj Savere 23 (Oct) Parikrama 23 (Oct)

Listen Programs

Market Mantra 23 (Oct) Samayki 1 (Jan) Sports Scan 23 (Oct) Spotlight/News Analysis 23 (Oct) Employment News 23 (Oct) रोजगार समाचार 23 (Oct) World News 22 (Oct) Samachar Darshan 22 (Mar) Radio Newsreel 21 (Mar)
    Public Speak

    Country wide 12 (Mar) Surkhiyon Mein 23 (Oct) Charcha Ka Vishai Ha 11 (Mar) Vaad-Samvaad 17 (Mar) Money Talk 17 (Mar) Current Affairs 6 (Mar) Sanskrit Saptahiki 23 (Oct) North East Diary 21 (Oct)