Oil Prices Dip

Brent crude futures dropped by 62 cents, or 0.7%, to $92.24 a barrel by 0110 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 65 cents, or 0.8%, to $84.94 a barrel

International oil prices have hit a six-month low, helping Indian fuel retailers breakeven on petrol but they continue to lose money on diesel - the most used fuel in the country, officials said. The world's best-known crude benchmark, Brent was trading at USD 94.91 per barrel on Thursday after concerns of a global recession led to it slipping to a six-month low of USD 91.51 on the previous day. The current rates are a relief to India, which is 85 per cent dependent on imports for meeting its oil needs. The fall in prices has meant that fuel retailers such as Indian Oil Corporation are now breaking even on petrol but there are some losses on diesel, officials with knowledge of the matter said. State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have not exercised their right to adjust the retail selling price of petrol and diesel in line with the international costs for four and half months now to help the governmen

The rupee, which is set to resume trade after a four-day weekend, is seen opening at 79.25-79.30 per dollar, up from 79.6550 on Friday

Brent crude futures fell $1.21, or 1.3%, to $93.89 a barrel by 0635 GMT. WTI crude futures dipped 84 cents, or 0.9%, to $88.57 a barrel

Indian government bond yields dropped on Friday, with the 10-year yield trading at a three-month low, after global oil prices fell overnight, while market participants awaited a Reserve Bank of India

The US government said while it is pursuing diplomacy to revive a nuclear deal with Iran, it will continue to use sanctions to limit exports of oil from Iran

Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe's biggest economy Germany was speeding up plans to wean itself off Russian oil

CLOSING BELL: Metal stocks including Hindalco, Tata Steel, and JSW Steel were among the worst hit stocks on the bourses as they shed between 3.7 per cent and 5.3 per cent

Oil prices fell on Thursday as talks to revive a nuclear deal with Iran entered their final stages, but losses were capped by heightened tensions between Russia and the West over Ukraine

Brent oil futures fell 25 cents, or 0.3%, to $86.15 a barrel after closing at the highest in seven years on Tuesday.

Brent crude futures for August eased 10 cents, or 0.1%, to $74.80 a barrel by 0110 GMT, while US West Texas Intermediate (WTI) crude for July was at $73.44 a barrel, down 22 cents, or 0.3%

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Oil prices fell about 1% amid investor jitters ahead of an OPEC+ meeting to decide whether the producers' group will extend large output cuts to balance global markets

Industry group American Petroleum Institute (API) reported US crude inventories rose last week by 7.5 million barrels compared with expectations for a draw of 2.1 million

Brent crude fell 13 cents, or 0.3%, at $43.66 a barrel by 0015 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 18 cents, or 0.4%, to $41.02 a barrel

Brent crude futures for July delivery were trading down 11 cents, or 0.3 per cent, at $34.54 per barrel at 0031 GMT

Saudi Arabian Oil Co., as the company is formally known, pledged an annual dividend of $75 billion for the first five years to attract investors to its initial public offering in December last year

Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic.

Foreign outflows could accelerate further if oil prices stay low

Analysts at Jefferies say the risk-reward is now favourable for investors to start buying