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☆ Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +9 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. Notably absent are any dioceses in the U.S.Reuters reviewed the financial reports published by two dozen of the nation's more than 170 Catholic dioceses, including several of its largest, and found that few provide details on specific investments. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Remo Casilli, Dan DiLeo, Peter Marlow, Anne, Marie Welsh, William Lori, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

☆ Insight: Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +10 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. A CCF official said energy and fossil fuels stocks make up between 3.5% and 6% of archdiocese investment funds, and that CCF uses its shareholder status to press for corporate environmental improvements. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Dan DiLeo, Peter Marlow, Remo Casilli, Anne, Marie Welsh, William Lori, Bernard Hebda, Saint, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Minneapolis, Catholic Community Foundation of Minnesota, CCF, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Saint Paul, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. The comments come after India's finance minister announced a plan this year to provide equity of 300 billion rupees ($3.6 billion) to help the big state oil refiners move towards cleaner energy. Based on rights issues previously announced by two other state refiners, an ONGC issue could amount to about 155 billion Indian rupees ($1.86 billion), Reuters calculations show. ONGC, HPCL and the oil and finance ministries did not immediately respond to requests for comment. India's other big state refiners, Indian Oil Corp (IOC.NS) and Bharat Petroleum Corp (BPCL.NS) have announced plans to launch rights issues of 220 billion and 180 billion rupees, respectively.

Persons: Amit Dave, ONGC, Nidhi Verma, Tony Munroe, Clarence Fernandez Organizations: Gas, REUTERS, Natural Gas Corp, Hindustan Petroleum Corp, Indian Oil Corp, Bharat Petroleum Corp, IOC, Thomson Locations: Ahmedabad, India, DELHI, New Delhi, HPCL, ONGC, BPCL

All three Aframax-sized tankers discharged Russian Sokol crude in India in September while two of them made the trip in October, the data showed. One trader also said India may seek supply from the Mediterranean and North Sea to replace Russian Sokol. A spike in global prices led to Russian oil being sold at above the price caps imposed by western nations of $60 a barrel. The three vessels last year obtained safety certification from the Indian Register of Shipping (IRClass), according to its website. Sokol crude is produced at the Sakhalin-1 project, managed by a Rosneft subsidiary after the exit of ExxonMobil (XOM.N).

Persons: Dado Ruvic, IRClass, Sokol, India's ONGC Videsh, Florence Tan, Muyu Xu, Nidhi Verma, Jacqueline Wong, Raju Gopalakrishnan, Sharon Singleton Organizations: REUTERS, Sokol, Washington, Indian Oil Corp, Liberian, Ligovsky, Treasury Department, Russian Sokol, IOC, Indian Register of Shipping, Oil Tanker, Sun Ship, American Bureau of Shipping, ExxonMobil, Natural Gas Corp, Sakhalin Oil, Gas Development, Thomson Locations: SINGAPORE, DELHI, LSEG, U.S, Washington, Moscow, Ukraine, Kazan, India, North, Gujarat, Dubai, London, Sakhalin, Singapore, New Delhi

☆ India's ONGC posts 20% drop in quarterly profit on lower crude prices
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. REUTERS/Amit Dave/File Photo Acquire Licensing RightsBENGALURU, Nov 10 (Reuters) - India's state-run Oil and Natural Gas Corp (ONGC) (ONGC.NS) on Friday posted a more than 20% drop in second-quarter profit, dragged down by lower prices for crude oil. The company's profit fell to 102.16 billion Indian rupees ($1.23 billion) for the quarter ended Sept. 30, compared with 128.26 billion rupees a year earlier. ONGC's total crude oil production fell 2.1% to 5.25 million metric tons (MMT), while total gas production dropped 2.8%. Oil India (OILI.NS) reported a more than 80% drop in second-quarter profit on Wednesday as it set aside 23.63 billion rupees for an ongoing litigation.

Persons: Amit Dave, Nishit Navin, Anil D'Silva Organizations: Gas, REUTERS, Rights, Natural Gas Corp, Oil, Sethuraman, Thomson Locations: Ahmedabad, India, Oil India, Bengaluru

☆ Japan's Japex raises profit forecast on higher oil, weaker yen
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 10 (Reuters) - Japan Petroleum Exploration Co (Japex) (1662.T) on Friday raised its full-year net profit and dividend forecast as higher-than-expected oil prices and weaker yen are set to support results. Japex increased net profit forecast for the year ending in March 2024 by 32% to 45 billion yen ($297.2 million) from its August prediction and raised annual dividend forecast to 250 yen per share from 200 yen. "We now expect stronger earnings as firmer-than-expected oil prices and the yen's depreciation will boost our sales prices of oil and natural gas," Michiro Yamashita, senior managing executive officer, told a press conference. Its half-year net profit was down 12% to 27.8 billion yen due to a fall in oil prices from a year earlier and smaller gains from its equity holdings in some overseas energy projects. An absence of profit contribution from Russia's Sakhalin 1 oil and gas project where Japex holds a stake via Sakhalin Oil and Gas Development Co (SODECO) reduced non-operating profit by about 3 billion yen for the first-half, Yamashita said.

Persons: Michiro Yamashita, Japex, Yamashita, SODECO, Vladimir Putin, Japan's, Russia's, ONGC, Yuka Obayashi, Katya Golubkova, Tomasz Janowski Organizations: Japan Petroleum Exploration Co, Sakhalin Oil, Gas Development, Exxon, U.S ., Thomson Locations: TOKYO, Russia's Sakhalin, Sakhalin, Russian, U.S, Ukraine

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. Russian President Vladimir Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator. Western governments have slapped sanctions on Russian oil over the war in Ukraine, which Russia calls a special military operation. It is difficult to secure insurance and shipping to transport Russian oil, Gupta said, and such shipments must abide by an international price cap. ONGC accounts for about two-thirds of India's oil production and about 58% of its gas output.

Persons: Amit Dave, ONGC Videsh, Vladimir Putin, Videsh, Rajarshi Gupta, ONGC, Gupta, Japan's, Rod Nickel, David Gregorio Our Organizations: Gas, REUTERS, Rights, Natural Gas Corp, Exxon Mobil, World Petroleum Congress, Thomson Locations: Ahmedabad, India, Rights CALGARY , Alberta, Sakhalin, Russia's Far, Calgary, Canada, Ukraine, Russia, Calgary , Alberta

☆ India importing Russian oil is a ‘win-win’ for the world economy, says India’s No. 1 oil company
▼ + stars: | 2023-09-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

India's imports of Russian crude is a win-win situation for the world's economy, said Oil and Natural Gas Corporation. SINGAPORE — India's imports of Russian crude is a win-win situation for the world economy, according to India's No. Since Russia's invasion of Ukraine in February last year, India's refiners have been snapping up discounted Russian oil. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. India's economy has benefited from the discounted prices, Ramesh said.

Persons: K.C, Ramesh, ONGC, India's Organizations: Natural Gas Corporation, SINGAPORE —, European Union Locations: Tuapse, Russia, India, Europe, Singapore, Ukraine, Moscow

Petroleum consumption increased to 135 million metric tons in the first seven months of 2023 from 128 million metric tons in the same period in 2022. The increase in the first seven months was equivalent to roughly 255,000 barrels per day (bpd), down from growth of 415,000 bpd in 2021/22. Chartbook: India's petroleum consumptionOil consumption growth of roughly 5% to 6% per year is consistent with the same reported growth in manufacturing output. But it compares with growth of more than 1.0 million bpd in U.S. oil production in the first five months of 2023. The relatively sluggish growth in India’s consumption has therefore added to downward pressure on crude petroleum prices so far in 2023.

Persons: Amit Dave, John Kemp, Jonathan Oatis Organizations: Natural Gas Corp, REUTERS, Petroleum, Thomson, Reuters Locations: Ahmedabad, India, South, East Asia, North America, Europe, China

☆ Indian energy company ONGC Videsh secures 3-yr extension to explore South China Sea
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Amit Dave/File photo Acquire Licensing RightsMUMBAI, Aug 19 (Reuters) - Indian energy company ONGC Videsh has secured a three-year extension from Vietnam to explore 'Block 128' in the South China Sea, it said in a post on social messaging platform X, formerly known as Twitter. Conflicting territorial claims over South China Sea stretch back many decades but have intensified in recent years as China and its rivals have reinforced their positions on the rocks and reefs they hold. "India's strategic commitment stays strong as ONGC Videsh continues its exploration journey with its 8th extension till 15 June 2026," the company said in its post. ONGC Videsh is the overseas investment arm of India's top oil explorer Oil and Natural Gas Corp (ONGC.NS). China claims virtually the entire mineral-rich South China Sea and has stepped up its military presence there.

Persons: Amit Dave, Videsh, Swati Bhat, Jane Merriman Organizations: Gas, REUTERS, Rights, Twitter, Natural Gas Corp, Thomson Locations: Ahmedabad, India, Vietnam, South China, China, Philippines, Brunei, Malaysia, Taiwan

☆ Indian shares set to open lower; domestic inflation data in focus
▼ + stars: | 2023-08-14 | by ( Manvi Pant | ) www.reuters.com time to read: +2 min

A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 14 (Reuters) - Indian shares on Monday are expected to start on a slightly weaker note in the holiday-truncated week as earnings season draws to a close, ahead of domestic retail inflation data due later in the day. India's GIFT Nifty on the NSE International Exchange was down 0.28% at 19,432 at 7.58 a.m. IST. Foreign investors sold shares worth 30.73 billion Indian rupees ($370.80 million) on Friday, according to provisional data from the National Stock Exchange (NSE). ($1 = 82.8740 Indian rupees)Reporting by Manvi Pant in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Manvi, Eileen Soreng Organizations: National Stock Exchange, REUTERS, NSE, Reserve Bank of India's, ITC, Vodafone, BSE, Associates, Deloitte, Natural Gas Corporation, Jindal Steel, Thomson Locations: Mumbai, India, BENGALURU, China, Beijing, Manvi Pant, Bengaluru

☆ India keeps domestic gas prices on hold for now
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, March 31 (Reuters) - India will provisionally keep the price of locally produced gas from old fields at $8.57 per million metric British thermal units (mmBtu), the government said on Friday, while it considers a potential change to the pricing formula. Keeping gas prices at the current level could hit the earnings of producers such as government-run Oil and Natural Gas Corp. (ONGC) (ONGC.NS) and Oil India Ltd (OILI.NS). Over 80% of India's yearly gas output of 91 billion cubic metres comes from old fields owned by ONGC and Oil India. India currently links prices of locally produced gas from old fields to a formula tied to global benchmarks, including Henry Hub, Alberta gas, NBP and Russian gas. However, it added it had lowered the ceiling price of domestic natural gas from difficult fields for April-September to $12.12 per mmBtu from $12.46 per mmBtu.

The company already has a presence in both continents through stakes in projects in Mozambique, Brazil and Venezuela among others. "It's better to invest in bigger hot spots where you can get larger discoveries... Africa and Latin America still hold a lot of potential. Some of the hydrocarbon assets in Africa and Latin America hold large volumes, he said, adding his company is also looking for assets in southeast Asia and Middle East. OVL currently has a stake in 32 oil & gas projects in 15 countries, spanning projects in various phases, including exploration, development, producing and pipelines. Gupta said current production at Sakhalin 1 is about 150,000 barrels per day and the production would rise to 200,000 bpd by June.

☆ Russia ready to meet India's oil needs at 'market price', Rosneft says
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, India, Feb 6 (Reuters) - Russia was willing to meet India's oil needs at 'market price', the CEO of top Russian oil major told Reuters on Monday. Russia has emerged as the largest supplier of oil to India, replacing Iraq. When asked if Russia will give an additional stake to ONGC Videsh or other Indian companies in its Sakhalin-1 project, Rosneft CEO Igor Sechin said the decision to do so lay with the Russian government. Russia last year approved the requests of ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC.NS), and Sakhalin Oil and Gas Development Co (SODECO), a consortium of Japanese firms, to retain their 20% and 30% stake respectively in the project. Reporting by Nidhi Varma in Bengaluru, writing by Shilpa Jamkhandikar; Editing by Kim Coghill and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Guyana expects proposal from India for long-term crude purchases
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

[1/2] Vessels carrying supplies for an offshore oil platform operated by Exxon Mobil are seen at the Guyana Shore Base Inc wharf on the Demerara River, south of Georgetown, Guyana January 23, 2020. REUTERS/Luc CohenGEORGETOWN, Jan 17 (Reuters) - Guyana expects to soon receive a proposal from India for long-term purchases of the South American country's oil, President Irfaan Ali said on Tuesday, a new attempt to reach a government-to-government deal potentially leading to better sale terms for Guyana. Guyana's government is entitled to a share of crude produced off the nation's coast by a consortium led by Exxon Mobil Corp (XOM.N). In 2022, Ali's government received a total of 13 cargoes of crude, and it expects to receive and export 17 cargoes this year, the finance minister said earlier this week. Guyana and India in 2021 failed to reach an agreement for direct sales of Guyana's sweet crude to Indian state refiners.

Refiner Indian Oil Corp (IOC.NS) also is looking to work in Guyana in collaboration with ONGC Videsh, two people close to the talks told Reuters. Guyana is offering three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometers (722 sq miles). Exxon is considering bids on the blocks, said the company's Guyana country chief, Alistair Routledge. To bring more companies into the auction, Guyana did not restrict the amount of blocks companies can bid for, but will limit the awards to three per company. Last year, Exxon, Hess Corp (HES.N) and China's CNOOC (0883.HK) ramped up oil output and exports with their second production vessel.

☆ Indian shares flat in choppy trade as liquidity dries up
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 28 (Reuters) - Indian shares swung between small gains and losses on Wednesday in the absence of major triggers, with liquidity drying up ahead of the year-end and weaker global cues. Foreign institutional investors had sold net 43.2 billion rupees since Dec. 16, as per National Stock Exchange data. Adding to the worries for domestic equities were oil prices, which hovered around a three-week high on hopes of demand recovery in China. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill. Twenty-six of the Nifty 50 stocks logged losses, with Bharti Airtel (BRTI.NS), Bajaj Finserv (BJFS.NS), ONGC (ONGC.NS), Infosys (INFY.NS) and Bajaj Auto (BAJA.NS) losing over 0.6%.

[1/3] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. India's foreign ministry did not respond to questions from Reuters on its plans and strategic aims in Sri Lanka. New Delhi has long been concerned about China's clout in its neighbourhood, including Nepal, Bangladesh and Sri Lanka. "And as far as Sri Lanka is concerned, we don't want to contribute to any escalation of tension between any countries." "Sri Lanka has clearly benefited from being the closest neighbour to the most powerful country in the region.

☆ INDIA STOCKS Indian shares edge down as consumer, tech stocks drag
▼ + stars: | 2022-11-15 | by ( Praveen Paramasivam | ) www.reuters.com time to read: +2 min

[1/2] A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, December 11, 2018. REUTERS/Francis MascarenhasBENGALURU, Nov 15 (Reuters) - Indian shares gave up opening gains on Tuesday, dragged by consumer and IT stocks, as investors secured profits after a four-week rally, even as data showed annual retail inflation for October eased roughly in line with estimates. Slower rise in food prices helped India's annual retail inflation ease to 6.77% in October, from 7.41% in the previous month, data showed on Monday. More than 1,000 companies reported their quarterly results on Monday as the country's month-long earnings season drew to a close. Globally, investors will get another look at U.S. inflation when the producer price index data is released at 1330 GMT.

His trip comes as U.S. Treasury Secretary Janet Yellen visits New Delhi this week to hold talks with Indian officials, including possibly on capping Russian oil prices. India has become Russia's largest oil customer after China, as its refiners snap up discounted cargoes shunned by Western buyers. Russia's share of India's oil imports surged to an all-time high of 23% in September, from just about 2% before the invasion. Jaishankar said India needed to boost its exports to Russia to balance bilateral trade that is now tilted towards Russia. Reporting by Shivam Patel in New Delhi, Editing by Louise Heavens and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Exxon exits Russia empty-handed with oil project 'unilaterally terminated'
▼ + stars: | 2022-10-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

BP, TotalEnergies, Equinor, and Shell have all transferred properties to Russian partners or left operations behind. The company said it "safely exited" Russia after the government earlier this month "unilaterally terminated" its interests in the Sakhalin-1 oil and gas project, its largest in the country. On Oct. 7 Putin seized Exxon shares in the oil production joint venture and transferred them to a government-controlled company. By July, output at the Sakhalin-1 project fell 10,000 barrels per day (bpd), from 220,000 bpd before Russia invaded Ukraine. About 700 Russia-based employees that kept operations running will be transferred to the new Russia company taking over the asset, Exxon said.

☆ Exxon's Russian oil output collapsed after rejecting local tanker insurance - sources
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sergei KarpukhinHOUSTON/NEW DELHI, Oct 17 (Reuters) - Oil output at the giant Exxon-led (XOM.N) Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. The developments have unfolded as the European Union is due to impose a ban on Russian oil tanker insurance and shows the major impact ship insurance and re-insurance guarantees can have on operations. Russia's state oil champion Rosneft (ROSN.MM), a partner in the Sakhalin-1 project, has blamed Exxon for falling output, saying that since mid-May the project produced hardly any oil. Russian newspaper Kommersant was first to report on Monday that production at Sakhalin-1 collapsed following Exxon's refusal to work with Sovcomflot. Oil output at the Sakhalin-1 project fell to just 10,000 barrels per day (bpd) earlier this year from 220,000 bpd before Russia invaded Ukraine on Feb. 24.

☆ Oil prices inch lower as dollar firms, China COVID worries dent demand
▼ + stars: | 2022-10-11 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Brent crude futures fell 27 cents, or 0.3%, to $95.92 a barrel by 0342 GMT, after falling $1.73 in the previous session. U.S. West Texas Intermediate crude was at $90.73 a barrel, down 40 cents, or 0.4%, after losing $1.51 in the previous session. A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero COVID-19 policy in China ahead of the Communist Party Congress is "not helping" demand, the analysts added. EU sanctions on Russian crude and oil products will take effect in December and February, respectively, while the bloc last week gave its final approval for a new batch of sanctions against Russia including a price cap on Russian oil exports.

REUTERS/Sergei Karpukhin (RUSSIA)HOUSTON, Oct 10 (Reuters) - India maintains a "healthy dialogue" with Russia and will look at what is offered following an announced ownership revamp to the Sakhalin-1 oil and gas project, Petroleum Minister Hardeep Singh Puri told Reuters. "We’ll look at what is the state of play and what’s on offer," Petroleum Minister Hardeep Singh Puri told Reuters in an interview on Monday following meetings with U.S. oil executives in Houston. On the proposed European Union price cap on Russian oil purchases, he suggested it is not yet firm. "At no stage have we ever been told not to buy Russian oil," he said, referring to talks with officials on global energy supplies. India is interested in the U.S companies' technical expertise in offshore production, ethanol and sulfur recovery in oil refineries, Puri added.

☆ Oil prices slide as dollar strengthens, China Covid-19 woes dampen demand
▼ + stars: | 2022-10-11 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in Covid-19 cases in China increased fears of slowing global demand. Brent crude futures fell 57 cents, or 0.6%, to $95.62 a barrel by 0031 GMT, after falling $1.73 in the previous session. U.S. West Texas Intermediate crude was at $90.58 a barrel, down 55 cents, or 0.6%, after losing $1.51 in the previous session. A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero Covid-19 policy in China ahead of a Communist Party congress is "not helping" demand, the analysts added.

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