Page 38 - Crude Oil Price

How will India cope with Urals breaching the EU-denominated price cap?

Urals crude has passed the trading price cap imposed by the G7 but supplies to India may sail through largely unscathed. Here's why

Higher inflation, oil price to keep RBI on hold; cap market gains: Analysts

Another worry for the RBI and the markets are the monsoons back home (intensity and spatial distribution)

ONGC, Reliance-BP bid for oil, gas blocks, foreign giants stay away

State-owned ONGC, mining baron Anil Agarwal's Vedanta and a consortium of Reliance Industries Ltd and BP Plc put in 13 bids for 10 areas offered for finding and producing crude oil and natural gas in India's latest bid round, according to regulator DGH. India offered 10 blocks for bidding in the eighth round of the Open Acreage Licensing Policy (OALP) in July last year. After extending the bid deadline a few times, the round closed last week. Five companies - Oil and Natural Gas Corporation (ONGC), Vedanta Ltd, Oil India Ltd (OIL), Sun Petrochemicals Pvt Ltd and Reliance-BP Exploration (Alpha) Ltd - put in 13 bids for the 10 blocks on offer in OALP-VIII, the Directorate General of Hydrocarbons (DGH) said putting out a summary of bids received. Seven of the 10 blocks on offer received single bids and the other three blocks had two bidders each. Global energy giants like ExxonMobil, Chevron and TotalEnergies, which India has been courting to give a fillip to exploration and production

Russia oil discount to India shrinks to $4, delivery charges remain opaque

The steep discounts on Russia crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain 'opaque' and higher than normal, sources said. Russia bills Indian refiners at a price shade less than the USD 60 per barrel price cap imposed by the West but charges anything between USD 11 to USD 19 per barrel, twice the normal rate, for delivery from the Baltic and Black Sea to the west coast, three sources with knowledge of the matter said. The USD 11-19 per barrel shipping costs from the Russian ports to India - some of it on the 100+ tankers reportedly acquired by Russian actors for a shadow fleet - are higher than rates for comparable distances, such as a voyage from the Persian Gulf to Rotterdam. Following Moscow's invasion of Ukraine in February last year, Russian oil was sanctioned and shunned by European buyers and some in Asia, such as Japan. This led to Russian Urals crude being traded at a disco

Indian refiners saved $7 billion from Russian crude imports in 14 months

India is the world's third-largest crude oil consumer and imports more than 85 per cent of its oil needs

Indian OMCs confident of retaining discounts on Russian crude oil

Before the war in Ukraine, Indian refiners had bought Russian oil rarely due to the high freight costs involved

Fresh records on D-St! Sensex ends atop 64,700, up 803 pts; leaps 10% in Q1

CLOSING BELL ON JUNE 30, 2023: The NSE Nifty 50 was up 217 points on Friday. While the NSE benchmark ended 3.5 per cent higher in June, the index registered a 10.5 per cent gain for Q1FY24.

Oil settles higher, trade choppy as tight supply vies with rate hike fear

European Central Bank President Christine Lagarde has cemented expectations for a ninth consecutive rise in euro zone rates in July

Oil prices ease on fears of more interest rate hikes denting fuel demand

Leaders of the world's top central banks reaffirmed on Wednesday they think further policy tightening will be needed to tame stubbornly high inflation

Oil prices jump 3% on bigger-than-expected decline in US crude storage

Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand

Markets at new high! Sensex hits 64K, ends 499 pts up; Nifty tests 19K

CLOSING BELL ON JUNE 28, 2023: The BSE Sensex hit a new all-time high at 64,050; Nifty at 19,011 and Bank Nifty at 44,508 on Wednesday.

HDFC merger boost lifts Sensex 446 pts; Nifty ends atop 18,800; VIX down 6%

CLOSING BELL ON JUNE 27, 2023: HDFC-HDFC Bank set July 01 as the merger date; stocks end with gains of around 1.5 per cent each. Cyient DLM IPO sails through on Day 1, subscribed 1.9x as of 3:50 PM.

Auto, Pharma stocks shine in lacklustre trade; IdeaForge IPO subscribed 3x

CLOSING BELL ON JUNE 26, 2023: The Sensex ended on a flat note, down 9 points, while the NSE Nifty 50 gained 26 points in trade on Monday.

Equity, oil markets can breathe easy for now as tension in Russia cools off

Analysts believe, the progress of monsoon, FII and DII fund flows and the upcoming Q2 earnings, are the key triggers for Indian markets

Kuwait crude oil price rises $2.07 to $77.11 per barrel, says KPC

The Kuwaiti crude oil price rose by USD 2.07 during Friday's trading sessions to reach USD 77.11 per barrel, compared with USD 75.04 pb the day before, Kuwait News Agency (KUNA) quoted KPC as saying

Crude oil slumps on demand concerns amid rising rates offset supply cuts

Brent crude fell 49 cents, or 0.7%, to $75.18 a barrel by 1005 GMT while U.S. West Texas Intermediate (WTI) crude slipped 63 cents, or 0.9%, to $69.99

Sensex dips for 2nd day, falls 223pts; Nifty gives up 18,600; IEX tanks 10%

CLOSING BELL, JUNE 9, 2023: Tata Steel, HUL, State Bank of India (SBI), Infosys, HCL Tech, Asian Paints, ITC, TCS, and RIL were the top laggards

Sensex up 350 pts, ends atop 63K; Nifty tops 18,700 amid broad-based buying

Stock market live updates: The SGX Nifty signaled a firm start on Wednesday as it rose over 50 points to 18,745 levels

Saudi oil output cuts unlikely to lift prices to high $80s-low $90s: Citi

Prices are expected to be range-bound, the analysts added, with Brent averaging $81 a barrel through the year

Sensex, Nifty stage smart recovery in fag-end; IT stocks weak, auto rally

Stock market live updates: Tracking weak global handover, the SGX Nifty, on Tuesday, indicated a subdued start as it quoted 18,694 levels, down 31-odd points