The PSU refiners finally bit the bullet and hiked the prices of petrol and diesel after a gap of almost 140 days...

With little sign of the conflict easing, the focus returned to whether the market would be able to replace Russian barrels hit by sanctions...

Benchmark Brent crude fell more than $1 after the deal was reported, before recovering some ground to trade around$70 a barrel....

The group is under pressure from the US to release more oil stocks as part of an effort to cool prices...

Benchmark Brent was trading above $80 a barrel on Tuesday, up from levels before the announcement but still well below last month’s three-year high of more than $86...

The US had last week made the unusual request to some of the world’s largest oil-consuming nations to consider releasing crude stockpiles...

Sources said India, which imports about 80% of its crude, may agree to the US request as rising prices can significantly impact the recovery from the pandemic...

The Opec+ alliance, made up of Opec members led by the Saudis and non-members led by Russia, approved an increase in production of 400,000 barrels per day for December...

Prime Minister Narendra Modi interacted with the CEOs of global oil and gas firms and pitched for collaboration and investment in the country’s energy sector...

Initially the group of refiners will meet once in a fortnight and exchange ideas on crude purchases...