Forex traders noted that the recent drop in oil prices, now around USD 77 per barrel, is a major boost for the rupee due to India's high oil import costs. In the interbank foreign exchange market, the rupee opened at 83.93, strengthened to 83.88, marking a 5 paise increase from its previous close.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, the capital market experienced profit booking, particularly in the financial sector, which had an impact on the rupee's performance.
Chennai: Global oil prices are expected to fall to almost $70 per barrel by the end of 2024, said Moody’s Analytics in a recent report on the Asia Pacific (APAC) region. Pointing out the increase in oil prices to $120/barrel in June after Russia’s invasion of Ukraine and its fall to $100/barrel in August Moody’s […]
Crude prices were also pressured by a ramp-up in new coronavirus cases in major consumer China and over concerns about near-term demand expressed by oil exporter group OPEC.
According to Indian Oil Corporation Limited (IOCL), the largest supplier of ATF in the country, on Thursday reported price hiked by 3.6 per cent in the Delhi region.
The proposed price stabilisation fund could be triggered in times like what is prevailing now to check extreme volatility and provide relief to both consumers and oil companies.
“The rise in fuel and cooking gas prices is putting additional financial burden on the people, who are yet to come out of the problems of lockdown,” TPCC chief said
Saudi energy minister Prince Abdulaziz bin Salman at a press conference after the OPEC+ decision on Thursday said New Delhi should take some of the crude out of storage that they had purchased at very cheap rates last year.
