Brent Crude Oil

On Monday, the MCX Crude Oil futures were seen trading above the 100-DMA for the first time in more than six months. Sustained trade above Rs 6,350 can help the trend turn favourable for Crude Oil.

BPCL, HPCL and IOC may rise up to 11 per cent in coming sessions, and if they manage to sustain their upward rally, medium-term bias may strongly shift in bull's favour.

India's interest in ramping up Russian oil products imports comes after the world's third largest crude importer became Moscow's top oil client after China as the West shunned supplies from Moscow

OMC stocks like BPCL, HPCL are better placed on the charts; decisive move over their key hurdles could see next leg of upside

FPI outflows, likely RBI dollar purchases weigh on domestic currency

Brent futures fell $3.70 to $78.40 a barrel, a 2.9 per cent loss. US crude dropped 3.5 per cent, to $73.36 per barrel. Both benchmarks plunged more than 4 per cent

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

Brent crude futures fell 45 cents, or 0.5%, to trade at $82.74 a barrel at 0113 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 51 cents, or 0.7%, to $76.73 a barrel

CLOSING BELL: Over 35 stocks fell on the Nifty50 index, led by Adani Ports, Hindalco, TCS, HDFC, Tech M, Reliance Industries, Hero MotoCorp, Infosys, Grasim, JSW Steel, and Bajaj Finance

Brent crude fell $3.08 to settle at $89.78 a barrel, down 3.3%. U.S. West Texas Intermediate (WTI) crude slid $3.95, or 4.6%, to settle at $81.64 per barrel.

In China, rising Covid-19 cases weighed on sentiment after an easing of virus restrictions this week

CLOSING BELL: The Nifty PSU Bank index sharply outperformed other indices as it gained 4.5 per cent

The MCX Crude Oil futures are likely to trade in a broad range of Rs 6,900 - Rs 7,770 in the near term. Natural Gas futures can pullback to Rs 580, is support at Rs 520 is sustained.

The OPEC+ on Wednesday announced its decision to cut crude oil output by 2 million barrels per day, the new production cap levels will come into force from November 2022.

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

Movement of the rupee and Brent crude oil will also remain in focus this week, added analysts

Crude has dropped substantially after a surge close to its all-time highs in March after Russia's Ukraine invasion added to supply concerns, pressured by the prospects of recession and weaker demand

The government currently owns a 52.98 per cent stake in BPCL. It had sought to sell its entire stake in the disinvestment process

In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook.

The group will reduce production by 100,000 barrels a day next month, taking supplies back to August levels, it said in a statement