Indian Oil Corp (IOC), a state-owned major oil marketing firm, announced on Tuesday that it has set a capital expenditure target of Rs 33,000 crore for the upcoming fiscal year 2025–2026, compared to Rs 35,000 crore for FY25. As of December, the company’s capital expenditures for the fiscal year totaled Rs 28,000 crore. The company…
Crude oil prices dropped by 1.98% to ₹6,300 after the US reversed its initial plan to impose sanctions and tariffs on Colombia after reaching an agreement on deported migrants. Market volatility persists due to the President’s strong rhetoric. US crude oil inventories fell for the ninth week, with a 1.02 million-barrel drop. Inventories at the…
As the US Federal Reserve’s hawkish stance triggered a broad dollar rally, the rupee fell 12 paise to its lowest point ever, 85.06, against the US dollar in early trading on Thursday. Forex dealers reported that the US Federal Reserve had changed its 2025 forecasts, indicating a more cautious approach to monetary policy and putting…
Oil prices edged higher in Asian trade on Friday and headed for a positive week as lingering concerns over worsening Middle East conflicts largely kept the risk premium in play. Brent oil futures for December delivery rose 0.4% to $74.70 a barrel, while West Texas Intermediate crude futures rose 0.5% to $70.55 a barrel. Brent…
India’s merchandise exports increased somewhat year over year to $34.58 billion in September, albeit from a low base (-2.8%). However, with import growth also being moderate at 1.6%, the trade imbalance shrank to $20.78 billion, its lowest level in five months. With exports falling sharply by 9.3% year over year in August, the trade imbalance…
On October 11, worries over the recent spike in oil prices and the withdrawal of foreign capital from the country’s equities markets caused the Indian rupee to fall to a record low vs the US dollar. At the latest quote, the rupee was trading at 84.05. It had fallen as low as 84.0525 against the…
Oil prices stabilized on Wednesday as investors await the US Federal Reserve’s anticipated interest rate cut and the potential for more violence in the Middle East. Brent crude futures for November dropped 3 cents to $73.67 a barrel, while U.S. crude futures for October slid 11 cents to $71.08 a barrel. After Hurricane Francine, both…
Due to a rise in grain prices and a little lower base than the one for July, India’s retail inflation, as measured by the Consumer Price Index (CPI), crept up to 3.65% in August from 3.6% in July. Retail inflation decreased to 6.83% in August 2023 from 7.44% in July 2023. Due to a large…
In a note released on Friday, OPEC+ revised its forecast for oil production, expecting output for the three months starting in December to rise from October. OPEC+ announced on Thursday that it has decided to postpone a planned increase in oil production until October and November, following crude prices that hit a nine-month low. If…
Crude oil prices dropped by -1.02% at 6,288, due to weakening global demand and economic uncertainty. Major banks revised price forecasts, with China experiencing slowdowns and Europe experiencing lower diesel demand. Geopolitical risks and supply threats weakened gains. The country’s volatile oil output, which stood at about 1.18 million barrels per day in July, according…
