State-run oil marketing companies like IOC, HPCL and BPCL are looking to the government for a revision in retail fuel prices with the current rally in global crude rates making them lose several crores every day. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah announced that the current oil price is satisfactory and that it was premature to say if OPEC needed to cut output at its next meeting. For full story, click here
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