After the U.S. Federal Reserve raised interest rates and investors became concerned about a slowing global economy that could reduce energy demand, oil prices fell more than 1% on Thursday, compounding recent steep losses. Brent futures had decreased by 76 cents, or 1.1%, to $71.57 per barrel. On Wednesday, the global benchmark recorded its lowest…
With effect from this Wednesday, the government has reinstated the windfall tax on domestically produced crude oil with an impost of Rs 6,400 per tonne and eliminated the tax on diesel exports. Petrol and aviation turbine fuel intended for exports are still free from tax. In its most recent fortnightly review, the Central Board of…
Early on Friday, the rupee strengthened 12 paise to 82.08 against the US dollar, helped by falling crude oil prices and an uptick in domestic equities. Significant dollar demand from importers and significant outflows of foreign funds, according to forex traders, could weigh on the local currency and limit its tendency to appreciate.The domestic currency…
According to refinery executives, India’s oil processors are willing to purchase additional Russian crude if the price is right, potentially giving Moscow a larger market almost a year after its invasion of Ukraine. The South Asian country expanded its imports of Russian oil in 2022, finishing the year with record-high volumes every month as cheap…
In comparison to the previous finish of 82.80 per dollar, the Indian Rupee started the day slightly higher at 82.77 per dollar. On Thursday, the local currency is anticipated to strengthen due to a weaker dollar and falling crude oil prices. Furthermore, the currency pair may be supported by upbeat mood on the world market….
Tuesday’s opening rate for the Indian rupee was slightly lower than the previous day’s close of 82.65 to the dollar. Due to a rise in risk appetite on international markets and the depreciation of the dollar, the local currency is anticipated to increase in value. Market confidence increased on expectations of more gradual Fed rate…
As optimism from China’s reopening and a resurgence in oil demand overshadowed worries of a global recession, oil prices recovered ground on Monday after dropping more than $2 per barrel in the previous session. While U.S. West Texas Intermediate crude was at $74.89 a barrel, up 60 cents or 0.8%, Brent crude futures increased 72…
The government on Thursday reduced the windfall tax on exports of domestically produced crude oil and diesel due to the decline in the price of oil globally. The windfall tax on locally produced crude oil has been reduced by Rs 1,700 per tonne from Rs 4,900 per tonne, according to a notice from the finance…
The first month of the oil year 2022–2023 saw an increase in imports of 34.24 percent (November to October). Data from India’s Solvent Extractors’ Association show that edible oil imports rose to 15.28 lt in November 2022–23 from 11.38 lakh tonnes (lt) in November 2021–22. (SEA). India imported 9.31 lt of CPO in November, up…
In anticipation of U.S. inflation statistics and a number of central bank meetings around the world, including the Federal Reserve, gold prices moved lower on Monday. Gold’s spot price fell 0.3% to $1,792.15 per ounce. The price of US gold futures decreased 0.4% to $1,803.70. The U.S. central bank’s final meeting of 2022, planned for…
