Page 2 - Crude Prices

Hardeep Puri urges OPEC to infuse sense of affordability in oil markets

In the interest of global good, the Minister advocated balancing global energy markets by ensuring that crude oil prices do not outstrip the paying ability of the consuming countries

Berger Paints expects margin stability amid rising crude oil prices

Berger Paints India Ltd, the country's second-largest paint manufacturer, does not foresee any significant impact on its profit margins despite the recent surge in crude oil prices, according to a senior company official. Production of paint heavily depends on crude-based derivatives which are used as raw materials. Berger said the current pain is mostly covered with its previous price increases and is not considering any further hikes in the festive season to push sales. However, if crude oil prices continue to remain elevated for a longer duration, the company anticipates a potential dip in profits compared to the first quarter levels. "If the prices remain at this level, which we expect, we see no immediate or significant impact going forward, except that profitability may be lower than in Quarter 1," Berger Paints Managing Director & CEO Abhijit Roy told PTI. Brent crude, a benchmark for India, has at one point of time surged to nearly USD 98 per barrel from USD 75 in July. It

Oil settles higher, trade choppy as tight supply vies with rate hike fear

European Central Bank President Christine Lagarde has cemented expectations for a ninth consecutive rise in euro zone rates in July

Oil prices ease on fears of more interest rate hikes denting fuel demand

Leaders of the world's top central banks reaffirmed on Wednesday they think further policy tightening will be needed to tame stubbornly high inflation

Rupee falls 21 paise to 81.38 against US dollar amid rise in crude prices

The rupee fell 21 paise to close as 81.38 (provisional) against the US dollar on Monday amid rise in crude prices. However, strong sentiment at domestic equities market and a weak dollar restricted the fall of the local currency, forex traders said. At the interbank foreign exchange market, the rupee opened stronger at 80.92 to a dollar against the previous close of 81.17. The local unit moved in a range of 81.47 to 80.93 during the day. On Friday, the rupee had appreciated by 19 paise to close at 81.17 against the US dollar. Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.35 per cent to 101.66 amid concerns over US economic growth. The Brent crude rose 0.26 per cent to USD 87.86 per barrel. On the domestic equity market front, the 30-share BSE Sensex rose by 319.90 points or 0.53 per cent to 60,941.67, while the broader NSE Nifty gained 90.90 points or 0.5 per cent to settle at 18,118.55. Foreign Institutional

Oil price spike brings back subsidies but India wins at crude diplomacy

A wild swing in international oil prices in 2022 brought back indirect fuel subsidies in India in a setback to reforms, but the nation won at crude diplomacy as it refused to succumb to western pressures and continued to buy oil from the cheapest available source. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly USD 140 per barrel in March 2022 after Russia invaded Ukraine, before sliding on weaker demand from top importer China and worries of an economic contraction. But for a nation that is 85 per cent dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) froze petrol and diesel prices for the longest ...

Oil climbs on expected drop in Russian exports, offsets US storm impact

Oil prices rose on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the US could snuff out transport fuel demand

Rs 1 trn m-cap club hits half-century in 2022 despite muted gains in Sensex

It's a sign of gains in equity markets being lopsided, say analysts

OMC marketing margins improve in December after extended period of decline

Lower global crude prices, higher gross refining margins have driven overall marketing margins upwards

As Russia becomes India's premier oil supplier, Saudi is not losing sleep

Despite losing its place to Russia in India, the world's third biggest oil importer, the kingdom is confident it holds the cards for crude supplies in the long term

Higher crude realisations have analysts upbeat on ONGC, Oil India

ONGC reported standalone earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 18,810 crore

Policy transmission disjointed in bond market: RBI deputy governor Patra

The Deputy Governor flagged instances of wild swings in sovereign bond yields in response to factors such as the announcement of the government's borrowing programme and interest rate changes

Vedanta Q2 net profit falls 60% on higher expenses; revenue up 20%

Vedanta's oil and gas business also took a hit due to the windfall tax and lower crude prices in Q2, analysts said

Govt navigated global energy challenges well, says Hardeep Puri

Petroleum Minister Hardeep Puri on Friday said the government has navigated the global energy challenges very well, insulating the developing economy from the rising global crude and gas prices

Indices log best 1-day gains in five weeks, soar 2.3% as bond yields cool

FPIs buy shares worth Rs 1,345 crore

Sensex, Nifty end lower on selloff in metal, banking and financial

After jumping nearly 560 points during the session, the 30-share BSE index ended 37.70 points or 0.07 per cent lower at 57,107.52.

Higher gas prices raise difficult questions for Reliance, Adani Group

The 153% jump in prices of natural gas this year has raised the stakes for the government of India to get its policy right in the sector

Govt holding bilateral talks over Gazprom-GAIL issue, won't seek penalty

The centre may neither pursue arbitration with Gazprom, the world's largest natural gas explorer, nor accept a penalty from the company after it halted supplies to GAIL in May

India likely to offer $2.5 billion lifeline to cost-hit oil companies

The three biggest state-run retailers, which together supply more than 90% of India's petroleum fuels, have suffered the worst quarterly losses in years by absorbing record international crude prices

Govt plans Rs 20,000-cr aid to oil firms hit by soaring costs: Report

The oil ministry has sought a compensation of Rs 28,000 cr, but the finance ministry is agreeing to only about a Rs 20,000-cr cash payout, say sources