When the Organization of the Petroleum Exporting Countries (OPEC) reduced production for the current year, oil stocks generally traded in a mixed manner on Monday. OMCs like HPCL and BPCL suffered a severe blow and saw a 4-5% decline. RIL, a powerhouse, as well as Adani Group’s Adani Total Gas, were under pressure. Top gainers,…
NEW DELHI: Under their most recent agreement to supply Russian oil to India, the country’s leading refiner Indian Oil Corp. and Russia’s largest oil producer Rosneft agreed to utilise the Dubai oil price benchmark, which focuses on Asia.The two state-controlled firms’ move to leave the Brent standard, which is favoured by Europe, is a part…
When OPEC+ abruptly announced crude output cutbacks that threaten to tighten the market, delivering a further inflationary shock to the global economy and irking the White House, oil jumped at the start of the week.At 7:27 a.m., West Texas Intermediate had increased by as much as 8%, the largest intraday movement in almost a year….
Following the largest daily increase in ten months, bulls take a pause as WTI crude oil records slight losses below $73.00. In doing so, the Oil traders find it difficult to celebrate the upside breakout of the 10-DMA and three-week-old descending trend line from the previous day. Yet, the bullish MACD signals and consistent trading…
NEW DELHI As the world transitions to a more sustainable future, India is expected to overtake China as the most significant driver of global growth. This will result in a change in the demand for oil.Together with purchasing patterns, an expanding population that has probably already surpassed China’s will support this rise. While China is…
The current week saw a mixed performance from the Indian market, with the upheaval in the world’s banks primarily coming from the US and Europe. On the week of March 13 to March 17, both the Sensex and the Nifty both fell by around 2%. Sensex is trading below 58,000 at the moment, and the…
Oil prices were little altered on Friday following a meeting between Saudi Arabia and Russia that helped to calm the markets, but crude benchmarks were still on track to drop for a second consecutive week after this week’s sell-off in the global financial markets was started by a banking crisis.By 0133 GMT, Brent crude prices…
November 14, 2024 New Delhi, India USDINR Analysis Rupee (INR) is trading near its all-time low on Thursday despite an uptick in Wholesale Price Index (WPI) inflation. According to official data, India’s WPI-based inflation rose to 2.36% year-on-year (YoY) in October, up from 1.84% in the previous month, surpassing the market consensus of 2.20%. Factors…
November 12, 2024 New Delhi, India USDINR Today Rupee (INR) struggled to stabilize on Tuesday, hovering close to its all-time low of 84.38. The local currency faces ongoing pressure due to significant foreign fund outflows and increasing demand for the US Dollar (USD), particularly from oil companies and foreign banks. Key Factors Influencing INR: Foreign…
November 11, 2024 New Delhi, India USDINR Analysis On Friday, the Indian Rupee (INR) lost momentum against the US Dollar (USD), driven by increased demand from importers related to month-end payments. Additionally, the unwinding of long positions in the currency market contributed to the INR’s softer stance. Despite this downturn, factors such as a decline…
