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IndiaIn the first quarter of 2025, crude oil edged up by 1.63% on the back of OPEC+ maintaining deep output cuts and as colder winter weather in North America and Europe lifted heating‑fuel consumption. Sustained sanctions on Russian and Iranian exports also tightened available supply, and by the end of March 2025 the benchmark WTI FOB price stood at USD 71.83 per barrel.
In the fourth quarter of 2024, prices fell by 7.28% as post‑pandemic demand growth stalled and non‑OPEC production remained high, keeping markets well supplied. Expectations of a seasonal lift from winter fuel use were muted by milder‑than‑normal weather and cautious buying ahead of year‑end budget reviews, leaving benchmarks under pressure.
In the third quarter of 2024, the market slipped by 6.70% amid clear signs of a global demand slowdown—most notably from cooling industrial activity in China and sluggish recovery in Europe—which dented consumption outlooks. At the same time, elevated crude inventories in key hubs such as Cushing, Oklahoma, exacerbated bearish sentiment, outweighing sporadic supply disruptions elsewhere.
In the second quarter of 2024, prices climbed by 5.35%, driven by OPEC+’s decision to extend voluntary production cuts into the period and by spring refinery maintenance that temporarily constrained available crude throughput. That tightening of supply coincided with the Northern Hemisphere’s peak summer driving season, boosting gasoline consumption, and underpinning futures.
In the first quarter of 2024, crude oil prices dipped by 1.08% as softer economic growth expectations in major consuming regions weighed on demand forecasts, while a firmer U.S. dollar made barrels more expensive for buyers holding other currencies. Concerns over potential Federal Reserve rate hikes and lingering inventory builds in storage hubs further tempered upside, even as geopolitical tensions in the Middle East provided intermittent support.
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PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
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