Crude oil was on an upward trend since the start of 2018 and was up about 30 percent from January to October, hitting a four-year high of $86/bbl on increasing fear of market tightness.
After a long six-week hammering, the rupee came out relieved of the pressure from the greenback during the festive season. The relief came from multiple quarters, the foremost being a fall in Brent crude prices to $70 and WTI to $60.
OPEC and its allies gathered for a meeting in Abu Dhabi amid signs that they’ll consider cutting production next year. A technical committee representing the coalition projected on Saturday a global oil surplus will resurface in 2019
Petrol and diesel rates were further reduced on Saturday amid a reduction in global crude oil prices. Oil marketing companies (OMCs) have cut the fuel rates for the third straight day as the prices hit record levels in the past.
Large caps have kept the benchmark indices higher and midcaps have been struggling in the past few weeks. In spite of the recent trend, Nifty(P/E) is still at about 18.5 percent premium to historical averages, Suhas Harinarayanan, Head-Institutional Equity Research,
State-run Hindustan Petroleum Corp. Ltd. is expecting a hit on its inventory due to the sharp movement in crude oil prices.
A combination of elevated crude oil price and weak rupee, if sustained for more than a quarter, will have an adverse impact on India’s current account position, inflation, monetary policy stance and fiscal balance, India Ratings and Research (Ind-Ra) said in a report.
Oil prices fall, extending a steep decline in the previous session, as the market eyes an increase in output from the world’s three top crude producers, Russia, US and Saudi Arabia
Shares of state-owned oil refiners rose 1-5% as prices of crude oil in the global markets fell on Monday. The prices fell after latest data showed that crude oil output in the US is expected to rise this year.
High Crude Price: India’s Oil Import Bill Balloons 35% To $10.34 Billion In Dec, Fuel Prices At An All-time High
The global rally of crude oil prices may have brought cheer to members of Organization of Petroleum Exporting Countries (OPEC) but for India, which imports over 82 per cent of its crude requirement.