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December 27, 2024 New Delhi, India Crude oil prices Crude oil prices displayed resilience, inching towards a weekly gain after positive revisions in China’s GDP forecasts bolstered demand optimism. At the time of writing, Brent crude traded at $73.61 per barrel, while West Texas Intermediate (WTI) stood at $70.03 per barrel, reflecting renewed market sentiment….
December 26, 2024 New Delhi, India Crude oil prices Crude oil prices surged higher on Tuesday, fueled by optimism over China’s proposed economic stimulus and stabilizing market conditions ahead of the Christmas holidays. At the time of writing, WTI crude traded at $69.95, while Brent crude stood at $72.85. Key Drivers Behind the Price Surge:…
December 2, 2024 New Delhi, India Windfall Tax Elimination: A Strategic Move The Union government has taken a significant step by completely removing the windfall tax on domestically produced crude oil and exports of aviation turbine fuel (ATF), petrol, and diesel. This decision comes after a comprehensive review of global oil market conditions and follows…
October 28, 2024 New Delhi, India USDINR Analysis Rupee (INR) traded flat on Monday, despite a stronger US Dollar (USD) and the effects of recent lower crude oil prices, which could bolster the INR given India’s high oil consumption levels. However, the Rupee’s gains appear constrained by sustained foreign outflows from Indian stocks and the…
October 23, 2024 New Delhi, India WTI Crude Oil Price West Texas Intermediate (WTI) US Crude Oil prices held steady on Wednesday, trading around the mid-$71 range during the Asian session. This marks the third consecutive day of gains, driven by optimism about increased demand from China and geopolitical risks arising from ongoing conflicts in…
October 11, 2024 New Delhi, India Crude Oil Price Crude Oil prices stabilized near $75 on Friday after a volatile week. The recovery from lower levels came as Israel signaled its readiness to retaliate against Iran, intensifying geopolitical tensions. This follows a phone call between US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu…
September 26, 2024 New Delhi, India USDINR Price Rupee (INR) weakened during Thursday’s Asian session, losing momentum against the US Dollar (USD). Local sales of the USD by corporations and foreign inflows into Indian stocks and bonds initially supported the INR, along with a stronger Chinese Yuan. However, rising crude oil prices and a risk-averse…
September 19, 2024 New Delhi, India WTI Crude Oil Prices West Texas Intermediate (WTI) crude oil prices surged to a two-week high on Wednesday, nearing the $71 mark. This jump follows a recent pullback but continues the recovery from last week’s low of $64.75, the lowest level since May 2023. The Federal Reserve’s decision to…
August 16, 2024 New Delhi, India Crude Oil Import India’s crude oil imports from Russia have skyrocketed, with July 2024 witnessing a substantial $2.8 billion worth of purchases. This represents nearly 40% of India’s total oil imports, a sharp contrast to pre-war levels when Russian oil comprised less than 1% of the country’s imports. India,…
February 15, 2023 New Delhi, India US Stockpile Surge Pressures WTI Prices West Texas Intermediate (WTI) crude oil prices took a hit, dipping close to $75.0 per barrel, amidst a significant surge in US crude oil stockpiles. The Energy Information Administration reported an unexpected increase, with stocks rising by 12.018 million barrels to reach 439.5…
