Russia boosts oil and gas output
Oil extends gains in Asian trading after rising for seven weeks.
Oil extends gains in Asian trading after rising for seven weeks. A global energy crunch due to shortage of coal and gas ahead of winter is pushing the price of crude oil. Brent futures rose by over $1 to $85.89 a barrel.
China's September oil processing rate fell on feedstock shortage and environmental inspections, which cut production. The country's economy grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks.
Japan's Prime Minister Fumio Kishida has urged the country's oil producers to increase output to support industries hit by high energy costs.
In India, diesel consumption fell in the first half of October compared to same period last year, according to preliminary sales data. Diesel sales by the country's state fuel retailers came in at 2.4 million tonnes during Oct. 1-15, a decline of about 9.2% from last year and down 0.9% from the same period in 2019, the data showed. – John Xavier
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