Falling US output lends support to the market but concerns over slowing demand and an ongoing global production and storage overhang caps any potential for bigger price gains
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Global crude prices have risen more than 40 per cent since two months ago when they hit 12-year lows
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US crude futures had climbed 20 cents to $34.77 a barrel, having settled down 9 cents in the previous session
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A true reflection of the step-up in Indian purchases of Iranian oil will emerge from April, the new contract year
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The crash occurred less than 24 hours after the US Department of Justice announced that McClendon had been indicted for allegedly colluding to rig bids for oil and gas acreage
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US crude inventories rose by 9.9 million barrels last week, data from the American Petroleum Institute showed after Tuesday's settlement
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Petrol price was on Monday cut by Rs 3.02 per litre, but diesel rates were hiked by Rs 1.47 a litre - the second increase this month in line with global trends.
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India on Monday proposed to give income tax exemption to foreign companies for storing and selling oil to local refiners, a move that could spur interest from global oil producers in leasing the country's strategic petroleum reserve facilities.
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Venezuela's state oil company PDVSA is about to clinch a deal for India's Oil and Natural Gas Corp to invest some $500 million in their San Cristobal joint venture
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Competitive prices and shorter shipping distances are giving the Middle East members of the OPEC the upper hand in India, the world's third-largest crude oil importer
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