As sluggish manufacturing activity harmed the outlook for global demand and the dollar remained strong, oil prices decreased marginally in early Asian trade on Friday, setting the stage for a weeklong loss. While U.S. West Texas Intermediate crude slid 18 cents, or 0.2%, to $78.91 per barrel, Brent crude dropped 16 cents, or 0.2%, to…
On Tuesday, when the US dollar declined from its high levels, the rupee bounced back from its record low levels and ended the day 19 paise higher at 82.94 (provisional).In line with a weakening US dollar, according to forex traders, the rupee strengthened. Foreign investors’ push to sell their investments amid risk aversion on international…
The price of crude oil yesterday increased by 1.08% to settle at 6726 on signs of tightening global supply, but the increase was restrained by China’s slowing economy and worries about additional U.S. interest rate increases. Unexpected rate cuts by the central bank failed to calm the market as fears about the country’s struggling economy…
Early on Friday, as the US dollar fell from its high levels, the Indian rupee rebounded from record lows and strengthened by 7 paise to 83.02 against the greenback. However, a sluggish trend in domestic equities, outflows of foreign funds, and rising crude oil prices hurt the domestic unit, according to currency dealers. The local…
Fears of China’s slowing development and potential future increases in U.S. interest rates lowering fuel consumption in the two largest economies in the world caused oil prices to decline in early trade on Thursday, extending losses to a fourth straight session. While U.S. West Texas Intermediate crude (WTI) was down 39 cents, or 0.49%, to…
In addition to raising the windfall profit tax on domestically produced crude oil and diesel exports, the government has also reinstated the tax on international shipments of ATF. An official statement states that the tax on locally produced crude oil, which takes the form of a special supplementary excise charge, has increased from Rs 4,250…
Yesterday, crude oil rose 0.89% to close at 6934 on upbeat demand projections from OPEC and the International Energy Agency (IEA). OPEC predicted that global oil consumption will climb by 2.25 million bpd in 2024, which is a little less than the 2.44 million bpd increase predicted for the current year. Prices have also been…
The news that Saudi Arabia and Russia would prolong their voluntary production curbs until next month helped crude oil settle yesterday 1.45% higher at 6859. In addition, Russia announced it will decrease its oil exports by 300,000 bpd in September. Saudi Arabia stated it would prolong its 1 million barrels per day output reduction for…
After industry data revealed a significantly steeper-than-expected draw in crude oil stocks last week in the U.S., the largest fuel consumer in the world, oil prices climbed more than 1% on Wednesday, trading close to their highest level since April. While U.S. West Texas Intermediate crude increased by 84 cents, or 1.03%, to $82.21 per…
As investors took profits on worries that future interest rate increases by central banks might stifle economic growth and global fuel demand, oil prices declined on Thursday, erasing some of the gains made the day before. The price of Brent crude futures had decreased by 27 cents, or 0.4%, to $73.76 per barrel. American West…
