"oil-prices"

Forex traders noted that subdued sentiment in the domestic equity markets, along with significant foreign fund outflows over the past three days, hindered any recovery in the rupee. In the interbank foreign exchange market, the local currency opened at 83.96 against the US dollar but was unable to recover from the sharp decline experienced in the previous session.

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.

Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea.

The Israel and Palestinian territories are not oil producers, but the Middle Eastern region accounts for almost a third of global supply.

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.

The rupee appreciated 7 paise to 79.84 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities.

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.

Benchmark U.S. crude rose USD 5.24 per barrel to USD 108.60 in electronic trading on the New York Mercantile Exchange.

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.

Fuel rates are at record highs across the country and petrol has crossed Rs 100 a litre mark in about a dozen states and union territories.

Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the capital.

The OMCs went on a price cut for the first time this year on Wednesday after keeping oil prices steady for the past 24 days.

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.

The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.