Goldman Sachs Group Inc predicts that the price of commodities, particularly crude oil, would be largely determined by when China reopens following the Lunar New Year celebrations later this month. If China and other Asian economies entirely remove coronavirus limitations, a barrel of Brent oil may hit $110 by the third quarter, according to Currie….
Oil corporations are making ₹10 per liter on petrol sales, but retail prices haven’t dropped to make up for earlier losses and a ₹6.50 per liter loss on diesel, a report said. The prices of petrol and diesel have not been updated by state-owned IOC, BPCL, and HPCL in pace with inflation for the past 15 months….
The market anticipates that the easing of Covid-related limitations in China will increase demand for the commodity, which is why crude oil futures traded higher on Monday. The price of January crude oil futures on the Multi Commodity Exchange (MCX) opened at $6,620, up $0.99 from the previous close of $6,555. The price of February…
Amid rising crude oil prices and ongoing capital outflows from abroad, the rupee started the session Monday on a flat note against the U.S. dollar. The rupee depreciated 1 paisa from the previous close to trade at 82.83 at the interbank foreign exchange from its opening price of 82.79. The rupee lost 3 paisas against…
As a cold front approaches the United States and traffic is expected to spike throughout the holiday season, U.S. crude, heating oil, and jet fuel stockpiles were considered as tight on Thursday, driving up oil prices for a fourth straight day. At 01:45 GMT, Brent crude futures increased by 27 cents, or 0.3%, to $82.47…
On Thursday, the government reduced the windfall tax on locally produced crude oil and diesel exports, boosting the intraday share prices of Reliance Industries and ONGC by more than 1.5%. Shares of Reliance Industries began trading at Rs. 2,571 before rising more than 1.5% to reach an intraday high of Rs. 2,618. ONGC reached a…
As the market anticipated a possible U.S. recession in 2023, crude oil futures dropped below $80 a barrel on Wednesday morning. On the Multi Commodity Exchange (MCX), December crude oil futures were trading at $6,177 in the first hour of trading on Wednesday morning, up from the previous close of $6,153 by 0.39 percent, and…
Rupee recovered some of its strength from the prior week and retreated to 81.50 levels, while the dollar retreated to 105.60 levels. The FOMC meeting minutes revealed that the majority of the officials believe the central bank should limit the rate of interest rate hikes, which caused the dollar to lose strength. Additionally, the rupee…
Indian refiners imported $720 million, or around 5,800 crores, worth of crude oil from Russia in the first two weeks of November, despite the G7 countries’ plans to control the price of Russian crude oil being unknown. From November 1 to November 15, the inbound shipment from Russia was the fourth-highest in the previous nine…
The biggest oil and gas producer in India, ONGC, said on a conference call with investors that it would reverse years of production drop this year and progressively increase output going forward as it invests billions to produce from more recent discoveries. Oil and Natural Gas Corporation (ONGC) produced 21.707 million tonnes of crude oil…
