Page 5 - Crude Oil Prices

Saudi Aramco earned profits of $161 bn in 2022 due to high crude oil prices

Oil giant Saudi Aramco said Sunday it earned a USD 161 billion profit last year. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that higher crude oil prices propelled its profits. It made the announcement on Riyadh's Tadawul stock exchange. In 2021, Aramco declared profits of USD 110 billion, as compared to USD 49 billion in 2020 when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions and oil prices briefly going negative. Benchmark Brent crude oil now trades around USD 82 a barrel, though prices had reached over USD 120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, announced a record USD 42.4 billion profit in the third quarter of 2022 off the back of that price spike. Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the Gulf Arab states amid tensions with Iran. Before the midterm elections in November, t

MCX Crude Oil may soon breakout; Bias negative for Natural Gas below Rs 224

The anticipated trading band for the MCX Crude Oil futures has got narrower to Rs 6,180 - Rs 6,660. Broader trend for Natural Gas remains weak as the commodity trades below 200-WMA.

MCX Crude Oil range narrows; Natural Gas up 39% from lows; what next?

The Bollinger Bands suggest a likely trading range of Rs 6,070 - Rs 6,650 for the MCX Crude Oil futures; whereas, Natural Gas futures need to sustain above Rs 231 for the pullback to continue.

Bias for MCX Crude Oil turns marginally positive, can rally up to Rs 7,600

Meanwhile, the MCX Natural Gas futures need to conquer the key resistances at Rs 224 and Rs 232 for a meaningful pullback rally to emerge.

MCX Crude Oil remains range-bound; Natural Gas can bounce back to Rs 255

The MCX Natural Gas futures need to sustain above Rs 209-level, break and sustained trade above Rs 224 can trigger a rally towards Rs 255.

Range-bound MCX Crude Oil may test Rs 6,100; Natural Gas in oversold zone

Natural Gas futures have tumbled over 74 per cent their record highs. The commodity is now seen trading below major monthly moving averages after two years.

Oil prices falls on US Fed interest rate hike worries, Russian export flows

Higher rates could slow the global economy and weaken oil demand

MCX Crude oil may find support at Rs 6,400; Natural Gas could test Rs 227

On the upside, the Rs 6,700-odd level remains a major hurdle for Crude Oil futures; whereas, interim support for Natural Gas is placed at Rs 240.

Rupee closes at 81.18 against US dollar amid surge in crude oil prices

The rupee appreciated 18 paise to close at 81.18 (provisional) against the US dollar on Friday on broad dollar weakness. However, weak domestic equities and a surge in crude oil prices capped sharp gains for the local currency, forex traders said. At the interbank foreign exchange market, the local unit opened strong at 81.24, and settled for the day at 81.18 (provisional), registering a rise of 18 paise over its previous close. During the trading session, the local unit witnessed an intra-day high of 81.09 and a low of 81.28 against the American currency. On Thursday, the rupee closed at 81.36 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.21 per cent to 102.26. Global oil benchmark Brent crude futures rose 0.48 per cent to USD 86.57 per barrel. According to Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, the Indian rupee appreciated on Friday on soft US dollar and FII inflows on ...

Crude compulsions in Budget: Oil prices to put pressure on govt finances

Freeing the industry from administrative pricing could be the best way forward

Uptrend in Crude oil capped at Rs 6,760; Pivot for Natural Gas at Rs 285

In case Rs 285 holds, Natural Gas futures can potentially rally to Rs 344.

OMCs likely to see a short-term bounce-back on improved Q3 showing

Given the concerns around biz, though, a full turnaround is unlikely anytime soon

Near support for MCX Crude Oil seen at Rs 6,030; Natural Gas to test Rs 285

In case, the MCX Crude Oil futures fail to hold the support, the commodity could revisit its December lows of Rs 5,850 level.

Rupee gains 9 paise to 82.73 against US dollar as crude prices ease

The rupee appreciated 9 paise to 82.73 against the US dollar in early trade on Thursday, supported by easing crude oil prices and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.75 against the dollar, then gained ground to touch 82.73, registering a rise of 9 paise over its previous close. On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 104.21. Brent crude futures, the global oil benchmark, rose 0.99 per cent to USD 78.61 per barrel. Despite the greenback's weakness elsewhere, the rupee did not strengthen on dollar persistent bids throughout the session. The local unit has been extremely range bound of late, IFA Global Research Acade

Oil prices steady after last session's slump as Fed minutes awaited

The Fed raised interest rates by 50 basis points (bps) in December after four consecutive increases of 75 bps each

Russia's domination over Indian crude market will continue in 2023: Experts

Sizeable discounts on Urals grade have helped evade new sanctions by western powers; fate of Russian supplies in Q1 of calendar 2023 rests on oil price movement

Sensex, Nifty set to gain for seventh straight year; smallcaps underperform

The underperformance of the small-caps, according to analysts, was mostly due to rising raw material prices and the hike in rates by central banks, which in turn impacted their financial performance

Immediate hurdle for Crude Oil seen at Rs 6,725; Natural Gas to test Rs 380

On the downside, key support for MCX Crude Oil stands at Rs 6,350, below which a steeper fall to Rs 4,800 seems possible. Rs 413 - 418 is the resistance zone for Natural Gas on Wednesday.

Russia issues decree to ban oil sales to nations adhering price cap: Report

The decree also said that the ban may be lifted in individual cases on the basis of "special decision" from Russian President Vladimir Putin, as per reports

Rupee falls 9 paise to 82.74 against US dollar as crude prices rise

The rupee declined 9 paise to 82.74 against the US dollar in early trade on Tuesday as rising crude prices weighed on investor sentiment. Besides, foreign fund outflows put pressure on the domestic unit, forex dealers said. At the interbank foreign exchange, the domestic unit opened weak at 82.71 against the dollar, then slipped further to 82.74, registering a fall of 9 paise over its previous close. In the previous session on Monday, the rupee appreciated 17 paise to close at 82.65 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.19 per cent to 104.11. Brent crude futures, the global oil benchmark, advanced 0.45 per cent to USD 84.30 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 61.14 points or 0.10 per cent higher at 60,627.56. The broader NSE Nifty rose 17.90 points or 0.1 per cent to 18,032.50. Foreign Institutional Investors (FIIs) were net sellers in capital