iifl-logo-icon 1

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

Oil prices rise

17 May 2024 , 09:40 AM

Friday’s Asian trading hours saw an uptick in oil prices, with global benchmark Brent expected to rise for the first time in three weeks due to increasing global demand and a slowdown in inflation in the United States, the world’s largest oil user.

The price of a barrel of Brent crude oil  increased by 21 cents, or 0.3% to $83.48. At $79.41 per barrel, U.S. West Texas Intermediate (WTI) oil futures increased by 18 cents, or 0.2%.

WTI futures are expected to gain 1.4% weekly, while Brent futures are expected to advance by roughly 1%.

Reversing a trend of building stocks that had put a significant pressure on crude oil prices in previous weeks, recent decreases in oil and refined product inventories at major global trading hubs have raised optimism about the expansion of oil demand. Brent crude futures were down almost 10% as of Thursday from the peak of $92.18 per barrel on April 12 of this year.

While Singapore’s middle distillate fuel stocks plummeted to an almost three-month low this week, U.S. oil and fuel inventories decreased this week. According to statistics from consulting firm Insights Global, petrol stocks in Europe’s major trading hub of Amsterdam, Rotterdam and Antwerp fell 7.5% in the week ending on Thursday.

The recent U.S. economic data has contributed to the confidence regarding global demand. According to data released on Wednesday, U.S. consumer prices increased less than anticipated in April, which raised hopes for a reduction in interest rates in the nation.

Data released on Thursday indicated that the U.S. labour market was beginning to stabilise, which raised even more optimism.

Reduced interest rates may contribute to the depreciation of the US dollar, lowering the price of oil for foreign currency holders and increasing demand.

For feedback and suggestions, write to us at editorial@iifl.com

For opening a demat account click on: https://www.indiainfoline.com/

For doing stock trading & investments, go to: https://ttweb.indiainfoline.com/trade/Login.aspx

For loans, go to: https://www.iifl.com/

Related Tags

  • Brent
  • crude oil
  • WTI
sidebar mobile


Read More

Most Read News

Indices end lower
21 Jun 2024|03:40 PM
Market Update: Nifty and Sensex Dip
21 Jun 2024|01:47 PM
Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.