Page 41 - Crude Oil Price

Crude oil prices falling but no control on looting of Modi govt: Kharge

Congress president Mallikarjun Kharge on Thursday targeted the Modi government for not reducing the prices of petrol and diesel even when crude oil prices were falling globally. In a post on X, Kharge also put out a chart, which said crude oil has reduced by 31 per cent in 19 months but the minister says there will be no reduction in the prices of petrol and diesel. "Crude oil prices are falling, but there is no control on the looting of the Modi government. Modi ji's ministers themselves are saying that 'there has been no talk with oil companies about reducing prices'. Oil companies are earning Rs 8 to Rs 10 profit from the public on every litre of petrol and Rs 3 to Rs 4 profit on diesel," he said in his post. "The country is looking for an account of lowest 'public savings' in 50 years, ... in BJP's false speeches of 'Acche Din' and in their hollow advertisements," Kharge added.

Sensex sinks 536 pts, Nifty nears 21,500 amid global sell-off; IT slides

Closing Bell on January 3, 2024: On the upside, Bajaj Auto, Adani Enterprises, Adani Ports, Cipla, ITC, and IndusInd Bank were the top gainers, rising up to 4.5 per cent

India's oil demand growth expected to remain strong in FY24: Analysts

Forecast of higher demand come amid industrial slowdown fears in China

Crude oil advances as Iran warship in the Red Sea escalates tensions

Brent crude climbed as much as 2.6 per cent to top $79 a barrel, before paring some of that gains

Petrol, diesel sales dwindle as winter sets in, PSU firms' data show

Petrol and diesel sales in India slumped in December as setting in of winter tapered demand, preliminary data of state-owned firms showed on Monday. Petrol sales of the three state-owned firms, which control 90 per cent of the fuel market, fell 1.4 per cent to 2.72 million tonnes in December 2023 when compared to the year-ago period, while diesel demand dropped 7.8 per cent to 6.73 million tonnes. The onset of the winter season in northern India led to the tapering of air-conditioning demand. Month-on-month petrol sales dropped 4.9 per cent when compared to 2.86 million tonnes consumption in November. Diesel demand too was down 0.8 per cent month-on-month when compared to 6.79 million tonnes in November. Diesel is India's most consumed fuel, accounting for almost 40 per cent of all petroleum product consumption. Transport sector accounts for 70 per cent of all diesel sales in the country. Fuel consumption has been on a see-saw over the last couple of months. Demand for both petro

Govt to audit rising spot purchase of crude, House panel flags costly buys

The Committee has recommended that the Ministry should conduct an audit to see whether the purchases in spot tenders have actually resulted in cheaper costs

Import more crude grades to cut basket price: Parliamentary panel

India currently imports about 50 grades of crude oil in a year

Rupee settles flat at 83.20 against dollar amid volatile crude oil prices

The rupee paired all its early gains to end on a flat note at 83.20 (provisional) against the US dollar amid increased month-end dollar demand from importers and volatile crude oil prices. At the interbank foreign exchange, the domestic currency opened at 83.14, touched the peak of 83.10 and hit the lowest level of 83.22 against the greenback during intra-day deals. The local unit closed the session at Thursday's closing level of 83.20 (provisional) against the dollar. The domestic currency jumped 14 paise on Thursday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.13 per cent at 101.36 on Friday. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the US dollar recovered slightly on short coverings but declined again on expectations of interest rate cuts by the US Federal Reserve. The rupee is likely to trade with a slight positive bias on the weak tone of the US dollar and declining crude oil pric

Oil prices slip as investors monitor Red Sea tensions triggered by Gaza war

Israeli forces pummelled central Gaza by land, sea and air on Wednesday after Israel's Chief of Staff Herzi Halevi told reporters on Tuesday that the Gaza war would go on "for many months"

Brent to remain steady in near term, reflects demand destruction: Emkay

The forthcoming OPEC meeting is anticipated to exert influence on oil prices, with the possibility of OPEC implementing measures such as output restriction or supply curtailment

Oil extended gains as investors eye Middle East tensions, US rate cut

While hopes of rate cuts and conflict in the Red Sea have led to a rebound in crude prices, Maersk's announcement of a restart of shipping routes through the waterway has alleviated supply concerns

Oil extends weekly gains, up 1% as tensions over Red Sea attacks persist

More maritime carriers are avoiding the Red Sea due to attacks on vessels carried out by the Houthi militant group, who say they are responding to Israel's war in Gaza

Benign oil prices can provide fillip to multiple sectors, ease inflation

The direct impact on the energy sector should see a positive re-rating for OMCs (despite possible losses on marked-down inventory) since retail margins and refining margins may both improve

LIVE: No final decision taken yet on INDIA bloc PM face, says Cong chief

Catch all the latest updates from across the globe here

Oil prices edge up 1% on bigger-than-expected US storage withdrawal

The U.S. Energy Information Administration (EIA) said energy firms pulled 4.3 million barrels of crude from stockpiles during the week ended December 8

Street remains optimistic about further gains in oil-marketing companies

The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices

India may buy more oil from UAE in the coming months after COP talks

Under pressure of russian crude, shipments from UAE has fallen 65 per cent in FY24 so far

India set to restart imports of Venezuelan oil as US sanctions ease

Private refiner Reliance Industries Ltd has booked two supertankers, C. Earnest and C. Genuine, which are scheduled to load crude cargoes from Venezuela between December to early January.

Govt cuts windfall tax on crude to Rs 5,000/tonne, on ATF to Rs 1.06 l/kL

Centre had earlier reduced the windfall tax on diesel and crude oil on November 16

The fossil fuel dilemma

Pandemic recovery, energy security, and profitability are fuelling demand, with China and India spearheading coal production growth