Energy Bangla

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)... »

Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks. Brent crude fell by $1.96, or 2.4%, to settle at $80.77 a barrel. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. On Monday, both contracts rose by more than 1%. U.S. consumer confidence... »

Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day in a surprise move they said was aimed at supporting market stability. The group had been largely expected to stick to its already agreed 2 million bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually on Monday. Last October, OPEC+, which comprises... »

Prime Minister Sheikh Hasina and her Indian counterpart Narenda Modi today inaugurated the first ever cross-border energy pipeline between Bangladesh and India. They opened the “India-Bangladesh Friendship Pipeline” by pressing a button via video-conference as Sheikh Hasina joined the function from her official Ganabhaban residence here while Narendra Modi from India. The 130-kilometre first ever cross border energy pipeline between India and Bangladesh was built at an estimated cost of... »