Business
Global Oil Benchmark Brent Tops $90 on Ukraine, OPEC Narrative
The words couldn’t be more fitting for the oil bulls who hit their $90-a-barrel target on Wednesday, not only from their own push but also from the tireless message of Wall Street banks that have been trying to get there for months.
Brent rose to $90.07 a barrel, a level not seen since 2014, as the London-traded global crude benchmark rallied 14% after surging 50% last year. Brent crude settled at $89.96 a barrel, up $1.76, or 2%, on the day.
West Texas Intermediate, the U.S. crude benchmark, closed up $1.75, or 2 percent, at $87.35 a barrel after a session high of $87.94. After rising about 50% in 2021, WTI is up 16% from the previous year.
“In markets, narrative sometimes matters, not necessarily hard data,” said John Kilduff, a partner at Again Capital, an energy hedge fund in New York. “Aided by geopolitical tensions and the impression that the market is severely undersupplied, the oil narrative is now overwhelmingly on the positive side – something that can only be confirmed in a few months.”
Oil prices rose on Wednesday amid strong speculation that Russia will invade Ukraine, despite Moscow’s repeated denials of such an intention. This week, U.S. troops were placed on “high alert” for possible deployments to Eastern Europe, while NATO sent additional ships and fighter jets to the region, in anticipation of a worsening of the Russian-Ukrainian conflict.
Crude producers in the OPEC+ alliance, which includes Russia, have also reduced output in the past month, reinforcing the theory that the market is undersupplied.
U.S. gasoline inventories rose for a fourth straight week, data from the U.S. Energy Information Administration showed on Wednesday, but last week’s huge buildup since late December eased as refiners processed less crude into products amid weak fuel demand. .
Motor fuel gasoline, also known as gasoline outside the United States, is the most consumed petroleum product in the United States. Gasoline inventories rose by 1.3 million barrels in the week ended Jan. 21, compared with expectations for a 2.5 million-barrel rise after a 5.9 million-barrel rise last week, EIA data showed.
Despite the contraction in the latest week, the entire barrel of gasoline has swelled by nearly 25 million barrels since the end of December, a record high, as Americans start driving less.
EIA data also showed crude inventories rose for a second straight week as refiners processed less oil into gasoline. Crude inventories rose by 2.4 million barrels last week, compared with market expectations for a decrease of 728,000 barrels and a rise of 515,000 barrels the previous week.
The rise in crude oil prices has contradicted the state of a fuel glut in the United States, the world’s largest oil consumer. Wall Street banks also ignored this factor, focusing on geopolitical tensions in Eastern Europe and tight OPEC+ supply.
Complete News Source : Investing.com
india
Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
Group Media Publications
Entertainment News Platforms – anyflix.in
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
-
india1 month ago
‘My support will be with new J&K govt’: L-G Manoj Sinha ahead of Omar Abdullah’s oath-taking ceremony
-
Politics1 month ago
New BJP government to take oath in Haryana on Oct 17, PM Modi to attend
-
Sports1 month ago
Score for the third day of the first test between India and New Zealand: Ravindra-Southee crushes IND, NZ leads by 299 at lunch
-
TV1 month ago
Prince Narula and Yuvika Chaudhary share first pic with newborn daughter from hospital. See post
-
In News2 weeks ago
SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad
-
Entertainment.1 month ago
Massive data breach at Game Freak studios reveals shocking new dark Pokemon movie plot
-
Sports1 month ago
India vs New Zealand LIVE Score 1st Test Day 3: Ravindra-Southee carnage flattens IND, NZ lead by 299 at Lunch
-
Business2 weeks ago
OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT