Oil Prices Sink

Earlier this month, the state-run company said it was looking at opportunities for optimising its capital and operational expenditures.

The decline extended losses from Wednesday on uncertainty about Russia's commitment to deep oil production cuts in the lead-up to a June 9 meeting of OPEC+

Court refuses to stay MCX's April 21 circular, which fixed a negative settlement price on the Aprol crude oil contract

Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic.

The forward premium comes down when the demand for the spot is more than the future dollar

The stock has rallied 21% in the past month.

The Bank did not elaborate the extent of its exposure and the steps it is taking to protect its interest

Among oil marketing companies, Indian Oil Corporation (IOC) was down over 3 per cent at Rs 84.85

Equity investors took solace as the death toll from the coronavirus slowed across major European nations including France and Italy

But while crude can sit for months or even years in a tank, super-chilled LNG tends to evaporate even in the specialised vessels that handle it.

The share of such funds among overall foreign holdings had risen over the last 18 months

The Sensex dropped 1,375 points, or 4.6 per cent, to end at 28,440, while the Nifty 50 index declined 379 points, or 4.4 per cent, to end at 8,281.

Aramco may need to raise cash this year as it confronts a historic rout in oil prices and a burgeoning list of spending obligations.

Having collapsed by about 60 per cent this year, Brent and West Texas Intermediate crude have stabilised at around $25 a barrel, but the price rout is far deeper for actual cargoes

The decline in the US market in the last 10 days is the largest ever for the contract since it was introduced in 1983

The sharp slide in crude oil prices of more than 40 per cent to $30/barrel is expected to impact overall orders/awarding from the Middle East and North Africa (MENA) region

Brent crude futures for May delivery fell 56 cents to $29.49 a barrel, or 1.9 percent, at 13:35 EST (1135 GMT)

Nifty falls below 9,000 after dropping 10% in two days

The coming flood of supply from Saudi Arabia and other producers could result in the largest surplus of crude in history, said global information provider IHS Markit

Aramco said last week it would be raising its output in April to a record 12.3 million barrels per day in a fight for market share with Russia that has helped to hammer global oil prices