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The Latest Breaking News from Oil

India's June palm oil imports fall to 14-month low as demand softens, dealers say

India's palm oil imports plunged to a 14-month low in June, driven by weak consumer demand and a shrinking price advantage over rival oils. This significant drop, alongside reduced soyoil and sunflower oil purchases, signals a broader decline in edible oil imports. Factors like cautious buying by refiners, cooking gas…

The Economic Times

England’s World Cup win gives economy welcome boost

Pubs on the up, but business confidence remains low

The Independent UK

At least 27 dead as Russia launches massive drone and missile attack on Kyiv

More than 70 missiles fired at Ukraine capital as Russia faces fuel shortages after strikes against its oil refineries

The Guardian - UK

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Iran warns oil tankers to use approved routes in Strait of Hormuz or face a ‘forceful response’

Iranian deputy foreign minister has asserted that Strait of Hormuz is ‘under Iran's command’

The Independent UK

Oil prices dip to level not seen since before the Iran war – here’s why

IN FULL

The Independent UK

Rs 1 lakh crore on crude imports will be saved by 2030, as 35 lakh EVs will replace petrol vehicles: SBI Report

India is poised for a significant electric vehicle surge, with an estimated 35 lakh petrol vehicles to be replaced by EVs between 2027-2030. This shift could slash crude oil import bills by Rs 1 lakh crore if EVs capture 20% of the market by 2030. The West Asia conflict has…

The Economic Times

Oil prices fall to pre-war levels as Strait of Hormuz shipping slowly recovers

Tanker traffic through Hormuz has begun to recover, though vessel movements remain well below pre-conflict levels

The Independent UK

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Govt lines up PSU stake sales to cushion budget hit from oil

India is accelerating plans to divest stakes in major state-owned entities, including the nation's largest insurer, Life Insurance Corp., to boost public finances. Hindustan Zinc and several banks are also slated for stake sales. Officials are actively engaging with investment bankers to gauge market appetite and finalize offerings, aiming to…

The Economic Times

Fed can afford to stay patient as inflation risks ease: Steve Englander

The Federal Reserve is unlikely to alter interest rates soon, as inflation moderates and the economy remains stable, according to Steve Englander of Standard Chartered. He believes muted labor costs and easing oil prices reduce the need for immediate policy shifts.

The Economic Times

US economy added fewer jobs than expected in June as World Cup fails to boost hiring – as it happened

US non-farm payrolls only increased by 57,000 in June, but unemployment rate fell

The Guardian - UK

Foreign inflows, lower oil prices help Indian bond traders look past US Treasury selloff

Indian government bonds saw gains early Thursday, defying a rise in U.S. Treasury yields. This positive movement was fueled by falling oil prices and increasing foreign investor interest, especially with the anticipation of inclusion in a Bloomberg bond index. Foreign investors have significantly boosted their bond purchases since June, driven…

The Economic Times

Crude oil correction could be India's next big market trigger: Rohit Seksaria

Indian equities are poised for a positive shift as falling crude oil prices ease inflation and currency concerns, according to Sundaram Mutual's Rohit Seksaria. While expecting a temporary earnings dip, he sees banks and NBFCs leading a rebound. Seksaria also highlights opportunities in data centers, hospitals, niche IT, and auto…

The Economic Times

'Happy Birthday': Ahead of July 4, Trump says he delivered his promise on 'plummeting' oil prices

Former President Donald Trump announced that the Freedom Fuel Network will slash gas prices at 25 Philadelphia-area stations on July 3rd as a "Happy Birthday" gift ahead of America's 250th anniversary. He highlighted falling oil prices, urging other retailers to follow suit and linking the move to his economic agenda.…

The Times of India

Iran's unsold oil piles up at sea as buyers stay wary

Iran is struggling to sell its growing oil stockpile at sea as a US deadline looms, potentially costing Tehran vital revenue and weakening its negotiating position. Weak demand from China, its primary buyer, and lingering sanctions concerns are major hurdles. While some oil has been discharged in China, India remains…

The Economic Times

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Benzinga

Trump Says This 'Very Smart' Retailer Will Cut Gas Prices in the Northeast, Urges Others to Follow: 'They Love the U.S.A'

President Donald Trump reaffirmed his call for lower gas prices following a decline in global oil costs, noting that the Freedom Fuel Network will lower gas prices in the Greater Philadelphia area ahead of the Fourth of July weekend.

The Economic Times

Gold prices snap 2-day rally; silver gains Rs 9,000/kg in 3 days as falling oil eases inflation bets. Key levels to watch

Gold prices fell on Thursday, snapping a two-day rally, while silver edged higher on the MCX as weaker U.S. jobs data and lower oil prices boosted safe-haven demand. Investors are awaiting the U.S. nonfarm payrolls report for cues on the Federal Reserve's interest rate path.

The Economic Times

Sensex jumps 580 points, Nifty closes above 24,150 as IT stocks outperform; oil prices near $70/barrel

Indian equity benchmarks rallied over 0.7% as easing crude oil prices, lower market volatility, and gains in IT stocks lifted sentiment. Analysts expect the market to remain supported by global macro developments, the India–Japan Summit, US jobs data and the upcoming corporate earnings season.

The Economic Times

Petrol, diesel price today: Have state-run OMCs cut fuel prices after Nayara Energy's rate slash? Check latest rates

Nayara Energy, India's largest private fuel retailer, has slashed petrol prices by Rs 5 and diesel by Rs 3 per litre nationwide. This marks the first retail price cut in over two years, following a dip in global crude oil costs. While Nayara reversed its earlier March hike, state-run oil…

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news in one place.

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Benzinga

Trump Says Iran Talks 'Going Well'; Oil Falls to Nearly $67 While South Korea's KOSPI Slides More Than 5%

On Wednesday, President Donald Trump’s upbeat assessment of U.S.-Iran negotiations weighed on oil prices and shaped global market sentiment, even as Asian equities tumbled sharply.

The Economic Times

Oil Price Today (July 2): Crude oil at $70, falls for 2nd session as US-Iran talks progress. Worst over?

Brent crude futures fell 80 cents, or 1.09%, to $70.80 a barrel, while U.S. West Texas Intermediate crude declined 90 cents, or 1.28%, to $67.75 a barrel. In the previous session, both benchmarks had dropped more than 1%, settling at their lowest levels in four months.

The Economic Times

Gold extends gains on weak jobs data, lower oil prices

Gold prices climbed on Thursday, reaching a one-week high, buoyed by weaker-than-expected U.S. jobs data and a dip in oil prices. Investors are now keenly awaiting crucial nonfarm payroll figures later today for further direction on the Federal Reserve's monetary policy. This economic outlook is shaping near-term movements in the…

The Economic Times

Oil falls after US, Iran talks conclude in Doha

Oil prices dipped as Qatar reported positive progress in indirect Iran-U.S. talks concerning the vital Strait of Hormuz. Despite recent exchanges, tanker traffic is recovering, with U.S. officials noting a return to pre-war levels. This, coupled with anticipated OPEC+ output hikes and a smaller-than-expected draw in U.S. crude inventories, is…

The Economic Times

Global Market Today: Asian stocks fall on Korean chip selloff, oil dips

Asian markets tumbled as chipmaker stocks experienced a sharp decline, sparking fears the AI rally might have overheated. Concerns also surfaced over Apple's potential chip purchases from China, impacting major players like Samsung and SK Hynix. Meanwhile, comments from Federal Reserve Chairman Kevin Warsh eased inflation worries, suggesting no immediate…

The Independent UK

Diesel prices fall by record amounts as Iran crisis eases

The cost of oil, which is a major influence on fuel prices, fell below pre-crisis levels for the first time since the war started on February 28

Barchart

Soybeans See First of the Month Strength on Wednesday

Soybeans posted gains of 3 to 9 ½ cents across most contracts, led by the front months on Wednesday. The cmdtyView national average Cash Bean price was up 15 1/4 cents at $10.85 1/4. Soymeal futures were steady to $1.90 higher, with Soy Oil futures mixed from 28 points higher...

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