Energy Bangla

Oil prices edged higher on Thursday, after industry data showed U.S. crude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Advertisement · Scroll to... »

People suffered across the country today as a faction of petrol pump owners and workers in the fuel distribution went on strike. The 16-hour strike, which was called by a faction of the Bangladesh Petrol Pump Owners’ Association, was postponed till September 30 today. For all latest news, follow The Daily Star’s Google News channel. Syed Sajjadul Karim Kabul, president of the faction, said this in a press conference after... »

Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports. Arrivals from Russia were up 13% from the same month last year to 8.06 million metric tons in July, or 1.9 million barrels per day (bpd), according to data from the General Administration of Customs. For the first... »

Oil prices rose more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns. Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while the U.S. West Texas Intermediate crude gained $1.27, or 1.6%, to close at $82.82 a barrel. Both benchmarks hit their highest... »

Oil prices rose for a second day on Friday, set for their sixth week of gains, after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through next month. Brent crude futures for October rose 10 cents, or 0.1%, to $85.24 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude for September rose 17 cents, or 0.2%, to $81.72. Both benchmarks were... »

Oil prices edged higher on Friday with Brent poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will be dented further by more interest rate hikes. Brent crude futures for September delivery rose 16 cents or 0.2% to stand at $74.67 as of 0405 GMT. The less-traded front month contract , which expires on Friday, was up 30... »

Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of U.S. inventories signalling robust demand from the world’s biggest oil consumer, but the gains were limited by worries over interest rate hikes. Brent crude futures rose 51 cents, or 0.71%, to $72.77 a barrel at 0346 GMT, while U.S. West Texas Intermediate (WTI) futures gained 50 cents, or 0.74%, to $68.20 a barrel. Both contracts had... »

Oil prices jumped more than $1 a barrel on Monday after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.64 a barrel, up $1.51, or 2%, at 0014 GMT after earlier hitting a session-high of $78.73 a barrel. US West Texas Intermediate crude climbed $1.41, or 2%,... »

Oil fell on Tuesday, giving up earlier gains, as concerns about the viability of the U.S. debt ceiling pact cooled the market’s risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend. Brent crude futures fell 59 cents, or 0.8%, to $76.48 a barrel by 0615 GMT after rising by 0.5% earlier on Tuesday. U.S. West Texas Intermediate (WTI) crude dipped 42... »

State Minister for Power, Energy and Mineral Resources Nasrul Hamid said on Monday that measures are being taken to remove the discrepancies in the import duties of primary fuels. “We’ve already approached the National Board of Revenue (NBR) to remove the discriminations among the duty structures of the primary fuel imports” he told a seminar titled: “FERB Dialogue: Budget FY 2023-24, Challenges and Expectations”. Forum for Energy Reporters Bangladesh (FERB)... »