Page 19 - Crude Oil Price

Rupee turns flat at 83.73 against US dollar amid high crude oil prices

The rupee turned flat at 83.73 against the US currency on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to forex traders, the Indian currency found support due to softening dollar against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level. On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks". "The next key US economic release is the July jobs report, expected on Friday," he added. Meanwhile, the dollar index, which gauges the greenback's str

Govt decreases windfall tax on petroleum crude to Rs 4,600 per tonne

The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil

Crude Oil Outlook July 25: WTI prices may test support at $75; MCX Rs 6,250

Oil prices could fall back to early June level of $72.50 as demand side fundamental are looking weak due to abysmal economic performance of China, says technical analyst Mohammed Imran.

Crude oil strategy for Budget 2024 day: WTI eyes breakout, next target: $82

Budget 2024-25: How to trade WTI crude oil today? Find out strategy, key levels here

Oil price continues to drop amidst growing ceasefire hope, demand concerns

War in Gaza has lent support to oil prices as investors priced in the risk of potential disruptions to global crude supply in the key producing region of the Middle East, but peace now seems close

Rupee settles at fresh closing low of 83.66 against the US dollar

Market participants said that the Reserve Bank of India intervened in the foreign exchange market via dollar sales, which prevented the rupee from further depreciation

Oil holds ground as dollar gains and Chinese demand concerns weigh

Oil market is also broadly underpinned by supply cuts from OPEC+ group of producers, as Iraq's oil ministry said at the weekend that it will compensate for overproduction since the beginning of 2024

Reliance Industries' subsidiary Ethane plans over $500 mn offshore loan

In 2016, Reliance Ethane had raised a loan of $572 million with a 12-year tenor to purchase six new ethane carriers

Crude Oil remains in 'buy on dips' mode; US CPI inflation data eyed

US June CPI will be out tonight, and consensus is looking for a 0.2 percent monthly rise and 3.4 per cent annual gains in the crucial monthly core CPI reading.

Gold prices show bullishness, Crude oil bearish; check trading strategy

Oil prices fell 1 per cent to $82.33 amid easing supply disruption concerns from Gaza ceasefire hopes and Hurricane Beryl's impact

Crude Oil prices may decline further, test $80-mark; China demand a concern

Weakness in crude demand in China, the world's second-largest crude consumer, is bearish for oil prices, said analyst at Sharekhan by BNP Paribas.

Rupee rises 5 paise to 83.44 against US dollar as crude prices come down

The rupee appreciated 5 paise to 83.44 against the US dollar in early trade on Monday, as the American currency and crude oil prices retreated from their elevated levels. Forex traders said foreign fund inflows also aided investors' sentiments and supported the rupee. At the interbank foreign exchange market, the local unit opened at 83.45 and gained further to 83.44 against the greenback, registering a rise of 5 paise from its previous close. On Friday, the rupee settled at 83.49 against the US dollar. According to CR Forex Advisors MD Amit Pabari the Reserve Bank of India (RBI) seems determined to prevent the rupee from depreciating below 83.70. Even with pressure from oil companies due to elevated oil prices. "Overall, positive economic indicators such as a good growth rate, stable inflation, a reduced fiscal deficit, record-high RBI forex reserves, and a pipeline of inflows are all supportive factors that should ideally bolster the rupee," Pabari said, adding that given these

Asia shares inch higher as investors confident about US Fed's Sept rate cut

Oil prices gained on strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes

Oil prices on track for fourth straight week of gains as demand rises

With the U.S. market shut on Thursday for the Independence Day holiday, trading was thin and there was no settlement for WTI, but prices have risen this week on strong summer demand expectations in US

Prices for Brent crude above $87, sets highest levels since April

In the previous session, Brent gained 1.3% to settle at $87.34 for its highest close since April 30. WTI, meanwhile, had settled at an 11-week high of $83.88

As Iran votes for new President, rise in gasoline prices may spark protests

As Iran's runoff presidential election nears, comments by an official in the campaign of reformist Masoud Pezeshkian raised the possibility of his government increasing government-set gasoline prices a move that has sparked nationwide protests in the past. While still tentative, economists long have warned Iran needs to overhaul its system of subsidies, estimated to cost the Islamic Republic tens of billions of dollars a year. In 2019, a similar hike triggered mass demonstrations and a bloody crackdown that grew even more intense after the 2022 protests over the death of Mahsa Amini. On Saturday, Pezeshkian campaign head Ali Abdolalizadeh told journalists that his possible presidency would see price hikes for fuel and other items handled without any outcry. Don't worry, petrol at any ... price, you will see that it would be allowed with calmness and cooperation by the people, Abdolalizadeh said. Hard-liners immediately accused Pezeshkian of planning to increase fuel prices by a ..

Cash-rich commodities traders snapping up refineries from Big Oil

Oil majors are also under pressure from institutional investors to cut emissions

Crude Oil prices may retreat; test support at $82-80 per barrel

Recent economic data from across the region like Asia, Eurozone and the US are indicating an economic slow down ahead.

Crude Oil: Check key trading strategy on July 02, target price and more

Crude oil prices at $83.50, hover near two months high driven by the renewed geo-political risk in the middle east and red sea region along with the threat of Hurricane Beryl

From Jan lows Russian oil rebounds to 45.4% of Indian crude imports in June

Russian volumes have surged amid shrinking discounts for the grades. Discounts averaged $10 per barrel on a delivered basis off Brent crude in mid-2023 compared to over $4 per barrel now