Crude Prices

WTI crude oil prices opened weaker, tumbling over 4 per cent in early trading, a sharp reversal from the prior week's modest 2.2 per cent.

The Indian currency settled at 86.75 per dollar, against the previous close of 86.59 per dollar

US West Texas Intermediate crude was up $5.38, or 7.91 per cent, at $73.42 a barrel after hitting a high of $74.35, the loftiest since February 3

Downstream businesses like the oil marketing companies (OMCs) and gas players gain

The rupee settled at 86.05 per dollar on Friday, against 86.70 per dollar on Thursday. Last week, it had settled at 85.23 per dollar

Resumption of more frequent revision in retail prices could be a driver. Policy risk appears low

The rupee traded in an almost flat note and settled 1 paisa lower at 84.43 (provisional) against the US dollar on Tuesday, as support from positive domestic equity markets and lower crude oil prices was negated by strength of the American currency in the overseas market. Forex traders said the Ukraine-Russia war took a new turn with Russia updating its nuclear doctrine and Ukraine aimed American missiles at Russia. Safe haven assets like Gold, JPY and CHF and to some extent dollar were bought and rupee felt the heat and was sold at the closing hours. At the interbank foreign exchange, the rupee opened at 84.39 and stayed range-bound throughout the session. It finally settled at 84.43 (provisional) against the greenback, down 1 paisa from its previous close. On Monday, the rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 against the US dollar. Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said the USD-I

Brent crude prices fell to a 33-month low last week amid oversupply concerns

The WTI holding on to support of $78 in Asian hours, retreating from three weeks high of $79.12. hit on Wednesday

Crude oil prices have corrected significantly after posting 16 per cent gains for Q1-2024. However, since April the oil prices have lost roughly 7 per cent of their value, amid the easing of tensions

Revenues at India's third-largest paintmaker by market capitalisation rose over 2% to 17.69 billion rupees, while a rise in input costs helped total expenses tick 1.7% higher

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 103.45

Brent crude prices moved up on Thursday, ending at $78.9 per barrel

External factors like geopolitical tensions and energy prices must be monitored, says rating agency

Operating profit of offshore rig operators in India is likely to jump 30 per cent next fiscal on the back of strong global demand for rigs amid healthy crude prices and elevated day rate which has doubled to USD 85,000 from the last year's level, says a report by Crisil Ratings. The day rate is the amount of money paid by the operator to the drilling contractor for each day that the rig is used to drill a well. In the absence of significant investment towards rig addition, growth will bolster the returns and debt metrics of rig operators and strengthen their credit risk profiles, it added. Crude price, which averaged at USD 55 a barrel between fiscals 2016 and 2021, increased to USD 86 a barrel on average since fiscal 2022. Higher crude prices have, in turn, incentivised increased capex in offshore exploration and production activities, driving up demand for offshore rigs. Though global demand for offshore rigs has surged 11 per cent since April 2022, supply has shrunk as operator

In the interest of global good, the Minister advocated balancing global energy markets by ensuring that crude oil prices do not outstrip the paying ability of the consuming countries

Berger Paints India Ltd, the country's second-largest paint manufacturer, does not foresee any significant impact on its profit margins despite the recent surge in crude oil prices, according to a senior company official. Production of paint heavily depends on crude-based derivatives which are used as raw materials. Berger said the current pain is mostly covered with its previous price increases and is not considering any further hikes in the festive season to push sales. However, if crude oil prices continue to remain elevated for a longer duration, the company anticipates a potential dip in profits compared to the first quarter levels. "If the prices remain at this level, which we expect, we see no immediate or significant impact going forward, except that profitability may be lower than in Quarter 1," Berger Paints Managing Director & CEO Abhijit Roy told PTI. Brent crude, a benchmark for India, has at one point of time surged to nearly USD 98 per barrel from USD 75 in July. It

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

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

The rupee fell 21 paise to close as 81.38 (provisional) against the US dollar on Monday amid rise in crude prices. However, strong sentiment at domestic equities market and a weak dollar restricted the fall of the local currency, forex traders said. At the interbank foreign exchange market, the rupee opened stronger at 80.92 to a dollar against the previous close of 81.17. The local unit moved in a range of 81.47 to 80.93 during the day. On Friday, the rupee had appreciated by 19 paise to close at 81.17 against the US dollar. Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.35 per cent to 101.66 amid concerns over US economic growth. The Brent crude rose 0.26 per cent to USD 87.86 per barrel. On the domestic equity market front, the 30-share BSE Sensex rose by 319.90 points or 0.53 per cent to 60,941.67, while the broader NSE Nifty gained 90.90 points or 0.5 per cent to settle at 18,118.55. Foreign Institutional