International Brent crude oil futures were trading at $46.40 per barrel at 0536 GMT, up 36 cents, or 0.8 per cent, and earlier hitting a three-week high at $46.66
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Consumption of fuel, a proxy for oil demand, totalled 14.92 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed
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Oversupply helped send oil prices from $115 a barrel in June 2014 to as low as $27 in January this year. Crude later recovered to around $50 but fell again towards $40 in July
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While the crude market has been plagued by world oversupply for two years, a global glut of refined products is a relatively new phenomenon
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Essar Oil, which operates the 400,000 barrels per day Vadinar refinery in Gujarat, directly sells gasoil and gasoline in the retail market through 2,470 fuel stations and exports about 45 per cent of its refined fuels output
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India's oil imports from Iran for the fiscal year that began in April are set to surge to a seven-year high, with the nation's state-owned and private refiners together buying at least 400,000 bpd
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Indian explorers such as Oil and Natural Gas Corp have urged the government to levy cess at 8-10 per cent of crude oil prices instead of the current 20 per cent
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Responding to an expected drop in demand, top exporter Saudi Arabia on Sunday slashed the September price for its light crude for Asian customers by $1.30 a barrel
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The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant decrease in selling price of petrol and diesel: IOC
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India initially plans to build up oil reserves of 5 million tonnes at three locations - Visakhapatnam, Padur and Mangalore - equivalent to almost 10 days of its average daily imports of 4 million bpd
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