OPEC Meeting

Rupee notches up gains as dollar index eases; OPEC meet in focus

OPEC+ meeting: While analysts said the current output cut is insignificant to move the needle on oil prices, they cautioned that more output cuts may push oil prices higher, impacting India

Russia, the world's second-largest oil producer and a key OPEC+ member, does not support a production cut at this time and the producer group is likely to decide to keep output steady

CLOSING BELL: ITC, Sun Pharma, RIL, Tata Steel, NTPC, HCL Tech, L&T, and ICICI bank were the top Sensex gainers, while Hindalco, JSW Steel, Grasim, and Cipla were additional top gainers on the Nifty50

Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day

Oil prices fell about 1% in early trade on Wednesday before paring some losses, ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar

Oil prices gained about $1 in early trade on Friday, lifted by supply concerns and a weaker US dollar as attention turns to what OPEC and allies including Russia agree at a meeting next week

OPEC ministers are due to hold a meeting on Monday to discuss the appointment of a new secretary general, two OPEC sources said

The Midcap and Smallcap indices also surged over a per cent each, and advancing shares outnumbered declining stocks in 2:1 ratio the BSE on Thursday

The Nifty Realty index jumped 5 per cent today while the Nifty Metal index slipped 1.8 per cent

OPEC+ expects the oil market to be in deficit at least until the end of 2021 and stocks to stay relatively low until May 2022, OPEC+ sources said

Oil prices dipped on Monday, the first day of 2021 trading, ahead of an OPEC meeting to discuss output levels for February with fears for first-half demand seeping into the market as pandemic lingers

The main reason OPEC was able to wrest this control in 1973 was that in 1970, crude oil production in Texas started to fall

Brent crude futures were up 10 cents, or 0.2%, at $43 a barrel as of 0049 GMT, and US West Texas Intermediate (WTI) crudefutures rose 14 cents, or 0.4%, to $40.43 a barrel

After July, the cuts are due to taper to 7.7 million bpd until December although a final decision has yet to be taken

Brent crude fell 27 cents to $42.97 a barrel by 0114 GMT while US West Texas Intermediate crude was at $40.27 a barrel, down 28 cents

The OPEC nations have agreed to "a different limit reduction of about 23 per cent", said US President Donald Trump

The alliance is tentatively aiming to hold the virtual gathering on April 9 instead of Monday as it previously intended, a delegate familiar with the matter said.

Investors were also eyeing whether the producer group would agree to deeper cuts