Author: omc_admin
NEW DELHI (AP) — At least 15 people were killed late Tuesday after debris from a massive landslide hit a bus in India’s northern state of Himachal Pradesh, local authorities said.The bus was traveling on a hilly stretch near Bilaspur district when a landslide struck following days of torrential rains. There were at least 20 to 25 passengers on the bus at the time. Nine men, four women and two children were among those killed, police said.Three injured children were rescued and admitted to a local hospital for treatment, according to a statement from the office of Sukhvinder Singh Sukhu,…
(Bloomberg) – Oil swung between small gains and losses as traders weighed the impact of a series of supply moves by OPEC+ and the group’s de-facto leader, Saudi Arabia. West Texas Intermediate gained about 0.1% to settle near $62 a barrel, narrowly extending a winning streak to a third day. OPEC and its allies including Russia decided over the weekend on a 137,000-bpd hike, while Saudi Arabia kept the price of its main grade to Asia steady in a sign of caution, surprising traders who had expected a bump. “The OPEC+ output increase planned for November is pretty modest,” said…
The U.S. Energy Information Administration (EIA) revised its crude oil production outlook slightly higher in the October Short-Term Energy Outlook (STEO) after new data showed record output in July 2025. U.S. crude oil production averaged 13.6 million bpd in July, the highest monthly level on record and above earlier estimates. The EIA now forecasts production will average 13.5 million bpd in both 2025 and 2026, modestly higher than its September forecast, as U.S. producers sustain near-record activity levels despite softening prices. Global oil prices are projected to continue trending lower as inventories build through 2026. The agency expects…
“About three years from now, we’re confident we can make a very compelling $25,000 electric vehicle that’s also fully autonomous,” Elon Musk said in September 2020.It’s been just over five years since then. Are we any closer to Tesla’s new, cheaper vehicles?On Tuesday, the company rolled out a Tesla Model 3 that costs $36,990 before taxes, fees, and incentives. A new Tesla Model 3 Standard electric vehicle Tesla If we applied the US consumer price index rate to the $25,000 price in September 2020, what’s the inflation-adjusted sticker price of Musk’s prediction now?There was significantly high inflation during the COVID-19…
Shell Plc said the performance of its oil and gas trading operation recovered in the third quarter, after struggling with geopolitical volatility in the previous period. The division’s performance was significantly higher for gas and higher for oil in the quarter, the company said Tuesday in a statement ahead of earnings results later this month. It’s a bounce back for a business that’s often one of the energy giant’s biggest profit boosters. Chief Executive Officer Wael Sawan had linked unusually poor trading results in the second quarter to market swings driven by geopolitics rather than supply-demand fundamentals, leading Shell…
Failed Wedge and Bearish Continuation A falling bullish wedge pattern had been developing, with a breakout attempt occurring on September 23. However, after briefly reaching a seven-week high, the breakout failed as sellers regained control. The pattern has since expanded, forming a broader upper boundary connecting the September 26 lower swing high. That move triggered renewed downside momentum, taking prices to a fresh trend low of $60.64 last Thursday. The decline completed a 78.6% Fibonacci retracement at $60.66, an area now acting as tentative support. A minor counter-trend bounce followed to $61.24, but Tuesday’s reversal near that level signals renewed…
The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by 2.780 million barrels in the week ending October 3. Analysts had forecast a 2.25 million build for the week. Today’s figures come after three consecutive weeks of draws, including a 3.674 million barrel draw in the week ending September 26.So far this year, net crude oil inventories have rose by just 557,000 barrels, according to Oilprice calculations of API data.Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 300,000 barrels to 407…
(Oil Price)– OPEC+ yesterday agreed to yet another monthly boost in production, this time for a modest 137,000 barrels daily. Oil prices inched up, yet they remain tightly range-bound, with Brent at just over $65 per barrel following the news. On the one hand, this is good news for consumer countries—including the U.S. On the other hand, it’s bad news for producer countries—including, again, the U.S. The Wall Street Journal called Saudi Arabia’s strategy of leading the production cut unwinding a gift to President Trump. It would keep prices at the pump low, the publication said, and cushion the blow from tariffs. It…
The Texas Railroad Commission (RRC) has named 13 members to the newly created State Task Force on Petroleum Theft (STOPTHEFT), an initiative established under Senate Bill 494 to address organized petroleum theft that continues to impact Texas oil and gas operations. The task force brings together representatives from major operators, trade associations, and law enforcement agencies to develop strategies and policy recommendations to prevent theft of crude oil, condensate, and refined products. Members include executives from ConocoPhillips, Occidental Petroleum, Diamondback Energy, Ring Energy, and the Texas Oil & Gas Association, along with officials from the Texas Department of…
Oil swung between small gains and losses as traders weighed the impact of a series of supply moves by OPEC+ and the group’s de-facto leader, Saudi Arabia. West Texas Intermediate gained about 0.1% to settle near $62 a barrel, narrowly extending a winning streak to a third day. OPEC and its allies including Russia decided over the weekend on a 137,000-barrel-a-day hike, while Saudi Arabia kept the price of its main grade to Asia steady in a sign of caution, surprising traders who had expected a bump. “The OPEC+ output increase planned for November is pretty modest,” said Edward Bell,…