China’s threat to impose tariffs on U.S. crude oil, liquefied natural gas (LNG) and coal is possibly the only sign of clear thinking in the increasingly muddled escalating trade dispute with the administration of President Donald Trump.
RBI Monetary Policy: Even as the impact of rising global crude oil prices weigh on India’s trade, India’s central bank RBI noted that a significant decline in imports of gold as well as pearl and precious stones has more than offset the impact of rising crude oil prices.
Citing the rise in global crude oil prices as a risk to consumer inflation, the Reserve Bank of India’s MPC has hiked its inflation projection for FY19.
Crude took a turn lower amid an equity selloff largely pinned to growing apprehension about a potential trade war with China.
There is a reverse trend in international crude prices, as oil prices tumble on Tuesday. In India, the state-owned Oil companies have decided to increase petrol prices by 2 paisa each per litre in various state capitals.
Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market.
A decade ago, any political turmoil in the West Asian region would have an immediate impact on the oil market. Now, despite growing tensions between Saudi Arabia and Qatar, Brent crude, the international benchmark, has fallen to as low as USD 45.62, its lowest level since November.
Oil prices edged up in choppy trade on Tuesday as U.S. crude inventory data that was forecast to show a drawdown faced doubts about OPEC’s ability to reduce a global glut.
U.S. crude stocks rose last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.
Oil prices rose on Monday, but gains were minimal as investors gauged whether an increase in US drilling and record stockpiles would undermine efforts by producers to cut output and bring the market into balance