Page 32 - Crude Oil Price

Turning the tide on oil

India has faltered in locating its oil reserves for decades, but now a path is being paved to facilitate its transition from an oil importer to an exporter

Rupee hits fresh closing low of Rs 83.28 due to rise in crude oil prices

Brent crude oil prices crossed $90 per barrel on Monday, a 6 per cent increase from Friday, amid escalating geopolitical tensions in West Asia

Experts see WPI inflation rising in second half of ongoing fiscal year

The Wholesale Price Index (WPI) in India is likely to rise in the second half of the ongoing fiscal and a prolonged deflationary trend could impact growth, experts said on Monday. Wholesale inflation remained in the negative territory for the sixth straight month in September at (-) 0.26 per cent on easing prices of food items, especially vegetables. Deflation in WPI in September is primarily due to the fall in prices of chemicals and chemical products, mineral oils, textiles, basic metals, and food products as compared to the year-ago period, the commerce and industry ministry said on Monday. "In September, the WPI exhibited its sixth consecutive month of contraction, with a decline of 0.3 per cent year-on-year (y-o-y), lower than the previous month's contraction of 0.5 per cent," CareEdge Chief Economist Rajani Sinha said. "The continued contraction in WPI can be attributed to the deceleration in food prices, as well as the ongoing decline in fuel and manufactured product prices,

Cash holdings with mutual funds at 16-month low of 4.8% in September

Fund houses put cash to use despite market uncertainty

Israel-Hamas conflict: Don't expect disruption in supply lines, says Puri

Amid the ongoing Israel-Hamas conflict, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said that there is no expectation of any disruption in supply lines for crude oil so far. Asked if the conflict can have an impact on oil supplies, Puri told reporters here, ".. so far, no expectation of supply lines being disrupted". "I am reasonably confident that both on issues related to availability and affordability that we can navigate forward. "I am confident that we will be able to manage and this for a variety of reasons. We have diversified our sources of supply. Earlier, we used to import from 27 countries, today we import from 39 countries," Puri said. Replying to a question, he said normally, the country consumes five million barrels per day. "Our imports from the Americas have increased. We buy USD 20 billion worth energy from them," he said in response to a question. Replying to a question if further reduction in fuel prices can be expected with festiv

Israel-Hamas conflict: Rising energy costs likely to weigh on India Inc

An Adani Ports & SEZ statement said the company is closely monitoring the situation at its port, which is situated in the North - far away from the conflict zone

Israel-Hamas conflict: India's hope of respite in oil prices dashed

The Indian crude oil basket, a mix of Gulf sour and Brent sweet grades, averaged $93.54 a barrel last month

As Israel-Hamas war escalates, crude oil traders are focused on Iran

The energy minister of the United Arab Emirates, a key OPEC member, was clear on Sunday that the conflict wouldn't affect the group's decision-making

Markets recover as crude oil prices plunge; Sensex, Nifty gain 0.6%

The benchmark Sensex climbed 405 points, or 0.62 per cent, to close at 65,632, while the Nifty 50 index advanced 110 points, or 0.56 per cent, ending the session at 19,546

India confident of continuing discounts on Iraqi and Saudi crude oil

Share of imports from traditional middle eastern share has crept up even as Russian oil dominates

Easing oil prices lifts market mood; Sensex up 406 pts, Nifty near 19,550

Closing Bell on October 5, 2023: L&T, Titan Company, TCS, Bajaj Auto, M&M, Infosys, Eicher Motors, Asian Paints, and ICICI Bank were the top stocks that supported the indices, rising up to 2.15%

Crude prices beyond $100 per barrel to create large, organised chaos: Puri

Previously, Puri underscored the need for oil producers to demonstrate the same consideration for consumer nations as they had received during the pandemic

Govt owned refiners increase Russian oil imports despite G7 price cap

The Indian imports from Russia increased due to a lower demand from China leaving more oil to be supplied to the Indian markets, an industry expert said

India urges producers for 'sensitivity' as oil price near $90 per barrel

Union Minister Hardeep Singh Puri has long called for OPEC and its allies led by Russia, known as OPEC+, to consider how their policies affect oil-consuming countries

Cloudy future

Higher oil prices increase risks for India

Rising costs, competition leave paint sector in need of fresh coat

Festival season may add vibrant strokes to volumes, but margins remain a blank canvas

Crude oil prices rise 3%, breach $97 a barrel on US stockpile concern

Brent crude futures closed up $2.59, or 2.8 per cent, at $96.55. It breached $97 a barrel during the session

FinMin retains 6.5% FY24 growth estimate amid steady high-frequency indicators

The finance ministry on Friday exuded confidence that the country will achieve 6.5 per cent growth in FY24 on the back of improved corporate profitability, private capital formation and bank credit growth, notwithstanding the risks of rising crude oil prices and monsoon deficit. The ministry's August edition of Monthly Economic Review said the 7.8 per cent growth recorded in the first quarter (April-June) was on account of strong domestic demand, consumption and investment. The growth was also witnessed in various high-frequency indicators. Flagging certain risks like steadily climbing crude oil prices in the global market, impact of monsoon deficit in August on Kharif and Rabi crops, the review said, "that needs to be assessed." At the same time, it observed, the rains in September have erased a portion of the rainfall deficit at the end of August. Furthermore, the review said, a stock market correction, in the wake of an overdue global stock market correction, is an ever present .

India says rising oil prices a concern, but economic outlook 'bright'

India, the world's third-largest energy importer, purchases more than 80% of its crude oil from international markets

India to clock GDP growth of 6.5% in FY24: NITI Aayog member Arvind Virmani

The Indian economy will grow at around 6.5 per cent in the current fiscal, notwithstanding high crude oil prices and increased uncertainty due climate changes, NITI Aayog member Arvind Virmani said on Thursday. Virmani also asserted that the gross household savings ratio in India has consistently gone up. In an interview with PTI, he said: "My growth projection (of India's GDP growth) is 6.5 per cent plus minus 0.5 per cent... because my experience is that the fluctuations in global GDP more or less has balanced out for us, assuming normal changes." On some US-based economists' claim that India is overstating economic growth, Virmani said he has noticed that certain former officials don't have any idea how GDP is constructed as they have come from academic background. Last week, the Finance Ministry also dismissed the criticism of inflated GDP, saying it has followed the consistent practice of using the income side estimates to compute economic growth, and stressed many internatio