Results for: Oil Prices

According to Citi, the energy sector is expected to maintain its strong performance due to elevated oil prices driven by geopolitical risks. The sector has outpaced the broader market this year, driven by rising energy demand and production cuts from OPEC+. While the oil market has cooled following tensions between Israel and Iran, prices remain significantly higher than last year. Citi analysts foresee continued support for oil prices in the short term due to global economic growth and geopolitical uncertainties, despite reduced demand growth projections for 2025.

Gas prices in British Columbia’s Lower Mainland have experienced a significant drop in recent days, with prices now sitting at 203.9 cents per liter. This decline is attributed to a combination of factors, including a decrease in oil prices and increased refinery production in the region. Despite the current relief, experts warn that gas prices may remain volatile in the coming months as the summer driving season approaches.

Reliance Industries, India’s largest conglomerate, reported a fourth-quarter profit above analysts’ estimates, boosted primarily by its oil-to-chemicals (O2C) business.
The company’s consolidated profit fell slightly by 2% year-over-year to 189.51 billion Indian rupees ($2.27 billion), but it exceeded market expectations of 185.22 billion rupees.
Reliance reported a revenue growth of 11.6% to 2.41 trillion rupees, with the O2C segment driving this growth due to improved fuel prices and increased volumes.