Crude Oil Prices

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.

Others, too, believe that $100 a barrel could become a reality

Blended marketing margins rose to a 10-month high of about Rs 2.5 per litre in December, multiple analysts said

Uncertainty about how much India pays is part of the murkiness around Russian oil flows more generally, as the trade shifts from the Atlantic basin to Asia and from large traders to smaller entities

Oil giant Saudi Aramco said Sunday it earned a USD 161 billion profit last year. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that higher crude oil prices propelled its profits. It made the announcement on Riyadh's Tadawul stock exchange. In 2021, Aramco declared profits of USD 110 billion, as compared to USD 49 billion in 2020 when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions and oil prices briefly going negative. Benchmark Brent crude oil now trades around USD 82 a barrel, though prices had reached over USD 120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, announced a record USD 42.4 billion profit in the third quarter of 2022 off the back of that price spike. Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the Gulf Arab states amid tensions with Iran. Before the midterm elections in November, t

The anticipated trading band for the MCX Crude Oil futures has got narrower to Rs 6,180 - Rs 6,660. Broader trend for Natural Gas remains weak as the commodity trades below 200-WMA.

The Bollinger Bands suggest a likely trading range of Rs 6,070 - Rs 6,650 for the MCX Crude Oil futures; whereas, Natural Gas futures need to sustain above Rs 231 for the pullback to continue.

Meanwhile, the MCX Natural Gas futures need to conquer the key resistances at Rs 224 and Rs 232 for a meaningful pullback rally to emerge.

The MCX Natural Gas futures need to sustain above Rs 209-level, break and sustained trade above Rs 224 can trigger a rally towards Rs 255.

Natural Gas futures have tumbled over 74 per cent their record highs. The commodity is now seen trading below major monthly moving averages after two years.

Higher rates could slow the global economy and weaken oil demand

On the upside, the Rs 6,700-odd level remains a major hurdle for Crude Oil futures; whereas, interim support for Natural Gas is placed at Rs 240.

The rupee appreciated 18 paise to close at 81.18 (provisional) against the US dollar on Friday on broad dollar weakness. However, weak domestic equities and a surge in crude oil prices capped sharp gains for the local currency, forex traders said. At the interbank foreign exchange market, the local unit opened strong at 81.24, and settled for the day at 81.18 (provisional), registering a rise of 18 paise over its previous close. During the trading session, the local unit witnessed an intra-day high of 81.09 and a low of 81.28 against the American currency. On Thursday, the rupee closed at 81.36 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.21 per cent to 102.26. Global oil benchmark Brent crude futures rose 0.48 per cent to USD 86.57 per barrel. According to Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, the Indian rupee appreciated on Friday on soft US dollar and FII inflows on ...

Freeing the industry from administrative pricing could be the best way forward

In case Rs 285 holds, Natural Gas futures can potentially rally to Rs 344.

Given the concerns around biz, though, a full turnaround is unlikely anytime soon

In case, the MCX Crude Oil futures fail to hold the support, the commodity could revisit its December lows of Rs 5,850 level.

The rupee appreciated 9 paise to 82.73 against the US dollar in early trade on Thursday, supported by easing crude oil prices and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.75 against the dollar, then gained ground to touch 82.73, registering a rise of 9 paise over its previous close. On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 104.21. Brent crude futures, the global oil benchmark, rose 0.99 per cent to USD 78.61 per barrel. Despite the greenback's weakness elsewhere, the rupee did not strengthen on dollar persistent bids throughout the session. The local unit has been extremely range bound of late, IFA Global Research Acade

The Fed raised interest rates by 50 basis points (bps) in December after four consecutive increases of 75 bps each

Sizeable discounts on Urals grade have helped evade new sanctions by western powers; fate of Russian supplies in Q1 of calendar 2023 rests on oil price movement