Crude Oi

OPEC also raised its demand forecasts for the medium term to2027, saying the figure is up by almost 2 million bpd by the endof the period from last year

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

US sanctions on Russia for its February invasion of Ukraine prohibit imports to the United States of Russian-origin energy products including crude oil, refined fuels, distillates, coal and gas

China's import of seaborne Russian crude oil is likely to end July below India's, although definitive Chinese numbers are not available

The strategy, raised among Group of Seven leaders last month, is to limit the revenue Moscow earns from oil exports without driving Russian cargoes off the global market

Quite low in the pecking order of inbound consignments at one point, the fossil fuel today accounts for a third of the value of crude entering the country

However, the earnings impact for RIL is likely to be less material given offsets from marking-to-market for current GRM strength, says a brokerage

U.S West Texas Intermediate (WTI) was down $2.10, or 1.8%, at $112.82 a barrel

The rupee slumped by 34 paise to close at 76.18 against the US dollar on Monday as rising crude oil prices and a lacklustre trend in domestic equities weighed on investor sentiment. Expectations of aggressive rate hikes by the US Federal Reserve to control inflation also weighed on the local unit. At the interbank foreign exchange market, the rupee opened lower at 76.08 against the American currency, later lost further ground to settle at 76.18, down 34 paise from the previous close. On Thursday, the rupee spurted by 37 paise to close at 75.84 against the US dollar. The forex market was closed on Friday on account of Holi. "The dollar is in rally mode as markets expect an even more hawkish Federal Reserve moving forward. Weakness in domestic equities and higher crude oil prices also weighed on the local unit," said Dilip Parmar, Research Analyst, HDFC Securities. Crude oil prices jumped 3.47 per cent to USD 111.68 per barrel after reports that European countries would also conside

Key commodities such as crude oil, ammonia, urea, potash, and phosphates could move higher over the next few weeks.

Urals crude was last imported by IOC at its Paradip port in April 2020, Refinitiv's trade flows data showed

On the other hand, the share of African oil plunged to a 16-month low of around 9.7%, or about 419,000 bpd, the data showed.

India's crude oil production fell 2.15% in October as state-owned firms produced less but, natural gas output rose by a quarter on the back of output from KG-D6 fields of Reliance-BP

Gadkari''s suggestion came at a time when the retail prices of petrol and diesel have skyrocketed in the country following the rise in the rates of crude oil in the international market.

First Petrol price hike since mid-July, selling at Rs 101.39 a litre in national capital; diesel retailed at Rs 89.57

Share of Asian Paints and Berger Paints recorded new all-time highs in trade on Thursday

The drone attack on Saudi Aramco's Abqaiq oil processing facilities on Saturday almost destroyed the plants