Oil has dropped 20% to a four-year low since Trump took office-but that still doesn't make it a bargain
Brent is set to fall 4 per cent this week, adding to an 11 per cent drop in the prior week, while WTI is set to decline 3.8 per cent
On the institutional activity front, FIIs net sold shares worth ₹4,994.24 crore, while DIIs net bought equities of ₹3,097.24 crore, on April 8.
India may run a $36 billion trade surplus with the US but incurs a trade deficit in energy, according to the Indian government data
Russian President Vladimir Putin agreed on Tuesday to stop attacking Ukrainian energy facilities but stopped short of endorsing a full 30-day ceasefire that Trump hoped for
Oil prices, however, pared back some gains after Trump said he had instructed his commerce secretary to add an additional 25 per cent tariff on all steel and aluminum imports from Canada
Brent futures fell $1.61, or 2.25 per cent, to $73.17 a barrel by 10:34 a.m. EST (1534 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.60, or 2.3 per cent, to $69.10
Brent futures were up 13 cents, or 0.2 per cent, at $74.56 barrel by 1103 GMT while US West Texas Intermediate crude futures added 11 cents, or 0.2 per cent, to $70.51
Chevron's plan to cut as much as a fifth of its workforce - about 8,000 people - comes after oil prices traded in the $70-80 per barrel range for most of the past year
Oil price today: Crude oil prices clocked the biggest intraday rally in four months on Monday, driven on the news of 10 per cent tariffs imposed by Whitehouse on Canadian crude oil and products
Trump will include a process for Canada and Mexico to seek specific exemptions for certain imports, adding that new tariffs would become effective on March 1
Investors are also looking ahead to a ministerial meeting by the Organization of the Petroleum Exporting Countries and its allies, together called Opec+, scheduled for Feb 3
Brent crude oil futures were up by 35 cents, or 0.45 per cent, to $77.43 per barrel by 0930 GMT. US West Texas Intermediate crude futures were up 30 cents, or 0.41 per cent, to $73.47
Opec and its allies including Russia have yet to react to Trump's call, with Opec+ delegates pointing to a plan already in place to start raising oil output from April
oil market is expected to be oversupplied this year, after weak economic activity and energy transition efforts weighed heavily on demand in top-consuming nations the United States and China
Brent crude futures fell 6 cents to $74.11 a barrel by 0111 GMT while the more active March contract was at $73.73 a barrel, down 6 cents
However, a stronger US dollar capped oil price gains. The US currency has been boosted by expectations that the incoming Donald Trump administration's policies will boost growth and lift inflation
The Fed is expected to cut interest rates by a quarter of a percentage point at its Dec. 17-18 meeting, which will also provide an updated look at how much further Fed officials think they will reduce
Global oil demand rose at a slower-than-expected rate this month, but has remained resilient, analysts at JPMorgan said in a note on Thursday
In the previous trading session, the benchmark indices ended their five-day winning streak in response to the RBI Monetary Policy Committee's decision to maintain the repo rate at 6.5 per cent