Oil prices remain steady amid Israel-Hezbollah ceasefire

02 Dec 2024 CW Team

Oil prices remained steady early trading as markets evaluated the implications of a ceasefire between Israel and Hezbollah and anticipated OPEC+ policy discussions. Brent crude futures were slightly down by 2 cents at $72.79 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped 4 cents to $68.73 per barrel by 0114 GMT. The ceasefire, set to take effect, follows an agreement brokered by the United States and France to end the conflict along the Israeli-Lebanese border, which has caused significant casualties since last year’s Gaza war. Israeli Prime Minister Benjamin Netanyahu affirmed readiness to implement the deal but warned of strong retaliation for any violations by Hezbollah. Hiroyuki Kikukawa, president of NS Trading at Nissan Securities, noted that markets are cautiously monitoring adherence to the ceasefire, with expectations for WTI prices to range between $65 and $70 per barrel. This range reflects considerations like winter weather in the Northern Hemisphere, potential shale oil production increases under the incoming Trump administration, and demand trends in China. OPEC+ is also under scrutiny as the group, which produces about half of the world’s oil, prepares to meet on December 1. Discussions are focused on delaying planned output increases for 2025 due to weaker demand from China and globally, along with rising production outside the bloc. In the U.S., crude inventories fell significantly by 5.94 million barrels in the week ending November 22, surpassing analysts' expectations of a 600,000-barrel decline. However, fuel inventories saw an uptick, adding complexity to market dynamics. Additionally, President-elect Donald Trump’s proposal for a 25% tariff on imports from Mexico and Canada, including crude oil, has raised concerns about potential trade disruptions, further influencing market sentiment. (ET)

Infrastructure Transport

12 Jan 2026

Dhalbhumgarh Airport Faces 150-km Rule Hurdle

The issue has resurfaced following a recent statement by Union Civil Aviation Minister Ram Mohan Naidu, who said that under existing aviation policy, a new greenfield airport is generally not permitted within an aerial distance of 150 kilometres of an operational civilian airport. He added, however, that if a formal proposal is submitted, its impact on the existing airport can be examined and relaxations may be considered on a case-by-case basis. While the clarification has revived some hope for Dhalbhumgarh, it has also underlined the scale of the technical challenge facing the project. Unde..

Stakeholders Seek Parallel Ops For Vizag Airports

With road and metro rail links to Bhogapuram still several years away, stakeholders in north Andhra Pradesh have renewed demands to continue civil operations at INS Dega even after the commissioning of Bhogapuram International Airport. The new airport is expected to begin commercial operations from June. Officials said close to 80 per cent of the airport infrastructure at Bhogapuram, including the terminal building and internal approach roads, has already been completed. However, inadequate external connectivity remains a key concern. Making a case for parallel operations, Andhra Pradesh Air ..

Govt To Roll Out V2V Tech To Cut Road Crashes

In an effort to curb road accidents, particularly in low-visibility conditions such as dense fog, the government is set to roll out vehicle-to-vehicle (V2V) communication technology that will allow cars to exchange real-time data and alert drivers to potential dangers. The announcement was made by Union Road Transport and Highways Minister Nitin Gadkari after the 43rd meeting of the Transport Development Council. The technology involves installing an on-board unit (OBU) in vehicles, enabling wireless data exchange between nearby cars. This will allow vehicles to share information such as spee..