Oil Prices Hit Highest Since October on Weather and China Stimulus

07 Jan 2025 CW Team

Oil prices reached their highest levels since October on January 6, driven by colder weather in the Northern Hemisphere and economic stimulus measures in China, which could boost global fuel demand. Brent crude futures rose 15 cents, or 0.2%, to $76.66 a barrel by 0125 GMT, following Friday's close at its highest since October 14. U.S. West Texas Intermediate (WTI) crude gained 22 cents, or 0.3%, to $74.18 a barrel, marking its highest close since October 11. China announced a significant increase in fiscal stimulus, including funding from ultra-long-dated treasury bonds to support business investments and consumer spending. Additionally, the country's central bank indicated plans to reduce the reserve requirement ratio and cut interest rates at an appropriate time to bolster economic recovery. China, the world’s largest oil importer and second-largest consumer, faced a decline in crude imports and fuel demand last year due to slowing economic growth and a shift to cleaner transportation fuels. On the supply side, Goldman Sachs predicts a decline in Iran's oil production and exports by the second quarter of 2025 due to expected policy changes and stricter sanctions under the incoming U.S. administration. Iran's output could fall by 300,000 barrels per day to 3.25 million bpd, according to the forecast. Meanwhile, the U.S. oil rig count, a key indicator of future production, decreased by one to 482 last week, as per a report from energy services firm Baker Hughes. (ET)

Infrastructure Transport

07 Apr 2026

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Gujarat Pushes Biogas Growth With 193 Operational Units

Gujarat has operationalised 193 biogas plants across the state and is planning to add 60 more units as part of a broader push to scale up clean and sustainable energy solutions. The existing plants, established under various government-supported schemes, process organic waste including cattle dung and agricultural residue to produce biogas and a nutrient-rich slurry. The output is mainly used for cooking and other energy needs in rural and semi-urban communities, while also improving local waste management practices. The Gujarat Energy Development Agency (GEDA) is leading the initiative and is..