Energy Sector

Oil Closes Above $80 For First Time

After fluttering at the peak for a number of days, yesterday, the U.S. crude oil prices closed above $80 per barrel for the first time.

For next month delivery, sweet crude added up 18 cents to close at $80.09 per barrel at the New York Mercantile Exchange (NYMEX).

The price had hit $80.15 during the session and $80.20 during the earlier electronic trading. But, it was the first closing in what one investor called unchartered territory.

Crude Oil Prices set a New High

Crude Oil Company
Oil costs climbed to a record settlement price on Tuesday as dealers anticipated the administration inventory to confirm tight supplies.

The worries of a supply limit also disregarded OPEC’s resolution to increase output.

Market analysts were of the opinion that even after OPEC decision to boost up oil fabrication by 500,000 barrels per day starting November 1, supplies get stretched.

Citibank and IndianOil offer Rewards of up to 5 % on Fuel Purchases

Citibank and Indian Oil
Citibank has joined hands with IndianOil to offer ‘CitiBusiness’ with a target of achieving transactions worth Rs 400 crore by March next year. The reward programme is for small businesses and professionals. IOC and Citibank started their partnership in year 1997 with launch of co-branded fuel credit card. Citibank has over 1 million credit card users presently.

BHEL Signs MoU With NTPC

Bharat Heavy Electricals Ltd

Oil Firms Losing Rs 150 Crore Each Day, Says Behuria

IOC chairman Sarthak Behuria
Public sector oil companies were missing a huge Rs 150 crore daily on the sale of petroleum products.

Sarthak Behuria, the IOC chairman, said Indian Oil Corporation alone lost Rs 80 crore each day.

Rejecting to mention the amount of hike hinted by the oil companies to counterbalance the loss, Mr. Behuria said it was for the Centre to resolve.

MRPL & Shell Enters 4-Year Petrol, Diesel Supply Pact

MRPL Managing Director Mr. R Rajamani
New Delhi: For supplying petrol and diesel, Mangalore Refinery & Petrochemicals Ltd (MRPL) has signed up a four-year agreement with Shell India Marketing Private Ltd. The products comprise all grades of MS and HSD grades.

According to MRPL’s press release the contract is extendable by another two years.

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