Crude prices near $62

BUDAPEST: Concerns that gasoline supply in the United States could fail to meet peak demand during the summer driving season pushed crude prices back near $62 a barrel on Friday. The US Energy Department report this week showing declines in gasoline inventories exacerbated already heightened fears that overworked US refiners may not quickly recover from shutdowns. —AP

BHEL disinvestment

NEW DELHI: The Indian government has put off plans to sell part of its stake in state-run Bharat Heavy Electrical Ltd, the country’s largest industrial equipment manufacturer, because of opposition from left-wing allies. The government with 68 per cent stake in the company, had planned to sell a stake equal to 10 per cent in the profitable company that manufactures parts for power generation plants and other equipment. — AP

Less oil for China

MOSCOW: Russia downgraded its forecast for the oil supplies it will send to China this year by 30 per cent on Friday, blaming insufficient loading capacity at its railways, the Interfax news agency reported. Interfax reported that loading limitations prompted the decrease to 2.05 billion gallons, and that Lukoil, Russia’s largest oil producer, had stopped transporting oil to China in May. — AP

Hope for Indian oil

NEW DELHI: Indian Oil Corporation Ltd is banking on refiners like Reliance Industries to offer some discount on petroleum products to reduce the impact of a freeze in retail prices. “We are expecting refiners to give a discount of Rs15 billion on petroleum products,” S Behuria, chairman of oil refining and marketing major IndianOil, said. — HNS