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…
After ending at 83.91 on August 26 instead of 83.95 roughly a week earlier, the Indian rupee has somewhat appreciated over the previous trading days. Though importers’ dollar demand and foreign portfolio withdrawals from Indian equities (totaling USD 1.5 billion as of August 26) have restricted the rupee’s gains, the currency is seeing some support…
Oil prices remained stable on Friday due to downward revisions in U.S. employment data and renewed ceasefire talks in Gaza, which alleviated supply disruption concerns. Brent crude futures and U.S. West Texas Intermediate (WTI) crude futures rose by 0.1% each, while Brent futures fell by 3% this week to $77.32 a barrel, and WTI lost…
August saw a minor decline in the value of the Indian rupee of 0.3% versus the US dollar, with August 12 marking a new record low of 83.98. In comparison, during the same period, the majority of other Asian currencies have appreciated in value relative to the US dollar. Notably, thus far this month, the…
