Fitch Ratings has maintained India’s credit rating unchanged for 12th year in a row. Thomas Rookmaaker, director -sovereign ratings at Fitch Ratings, spoke to CNBC-TV18 about the rating rationale and outlook on the country’s economy.
Fall in international crude oil prices has given a reason to ailing power loom weaving sector to cheer. In the last fortnight, yarn manufacturers have reduced polyester yarn prices by almost Rs15 per kilogram giving a major relief to weaving sector.
While Indian economy apparently reaped huge benefits from a sharp fall in crude oil prices about three years ago, with the GDP growth topping 8% and defying a global slowdown, the oil price fall actually ended up hurting Indian economy
While globally, the US crude oil prices have fallen as much as 18 percent in the past two weeks on the back of a surge in supply and increasing concerns about an economic slowdown, fuel prices in India have fallen about 2 percent in the same time period.
Oil prices struggled for traction on Wednesday after sinking on worries about weakening world demand and oversupply, while global shares sagged with slowing growth concerns overshadowing potential positives such as progress in the Brexit saga.
Anywhere around $70 per barrel for Brent crude oil and around $60 for US West Texas Intermediate (WTI) is a good level to buy for the short-to-medium term perspective, says Navneet Damani, AVP- Commodity Research
Iran sold 700,000 barrels of crude oil to private companies for export on Sunday in a second round of sales aimed at countering US sanctions on the country`s exports, oil ministry news website SHANA reported.
The oil bears are back, and they’re looking at OPEC before making their next move. While money managers slashed bets on rising West Texas Intermediate crude prices for a ninth week in their longest retreat on record,
Crude oil prices may show a weakening bias on Monday as the US allowed waiver to eight jurisdictions from Iran sanctions. Brent crude futures, the global benchmark, were at $72.41 per barrel on Monday, down over 0.50 per cent.
India and Iran have put systems in place to continue their trade in crude oil, with India winning a temporary waiver from the United States after Washington re-imposed sanctions on the Persian Gulf nation over its disputed nuclear programme.