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January 16, 2023 New Delhi, India Government Initiates Strategic Tax Adjustment To bolster the domestic energy sector, the Indian government has decided to reduce the windfall tax on domestically produced crude oil. The tax, previously set at Rs 2,300 per tonne, will now stand at Rs 1,700 per tonne, effective January 16. Understanding the Windfall…
January 13, 2023 New Delhi, India Crude Oil Takes a Step Back Amidst Easing Geopolitical Worries Oil prices experienced a retreat in the latest market sessions, with West Texas Intermediate (WTI) falling below the $73.00 per barrel mark. Here’s a breakdown of the key factors influencing the recent fluctuations. Geopolitical Concerns Trigger Initial Surge The…
October 30, 2023 New Delhi, India Gold Prices Surge Gold prices have soared past the $2,000 mark, driven by increasing demand for safe-haven assets in the face of escalating geopolitical tensions in the Middle East and ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting. This remarkable development coincides with US Treasury yields…
October 10, 2023 New Delhi, India USDINR: Remains Range Bound The Indian Rupee (USDINR) traded in a tight range as the Reserve Bank of India (RBI) maintained its policy repo rate at 6.5% for the fourth consecutive meeting. The Rupee weakened slightly by 0.08% against the US dollar, closing at 83.29 per dollar. Despite escalating…
New Delhi, India September 26, 2023 USDINR : The Indian Rupee may face continued pressure as it weakened by 0.26% against the U.S. dollar in the previous session, quoting at 83.14 per dollar. Elevated U.S. Treasury yields and higher crude oil prices could contribute to further depreciation. The day’s trading range for USDINR included a…
Date- September 7, 2023 Place- New Delhi, India In the constantly evolving realm of the oil market, Western Texas Intermediate (WTI) crude oil is presently maintaining its position at approximately $87 per barrel. Vigilant market participants are closely monitoring several influential factors shaping the trajectory of this essential commodity. Below is an exhaustive review of…
On the upcoming Monday, all eyes will be on Reliance Industries Limited (RIL) as it recently announced its Q1 results for 2023 after the Indian stock market closed last Friday. As a company listed not only on Dalal Street but also on the London Stock Exchange (LSE), RIL has seen its Global Depository Receipts (GDR)…
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….
