On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's Chief Executive Office Igor Sechin and discussed raising crude imports from that country
Brent crude oil futures fell 36 cents, or 0.6 per cent, to $64.19 a barrel, after tumbling 6.5 per cent the previous session.
Spike in oil prices will translate into a matching or higher increase in fuel prices in domestic market
While paints and adhesive players too will see some margin pressure, upstream companies like ONGC, OIL India and GAIL are seen as beneficiaries
No supply disruption, says Pradhan; OMCs see margin impact if situation persists
The drone attack on Saudi Aramco's Abqaiq oil processing facilities on Saturday almost destroyed the plants
Crude oil traded at Rs 4,265 a barrel on the MCX
West Texas Intermediate jumped 10.68 per cent to $60.71 and Brent climbed 11.77 per cent to $67.31 in early Asia trading
While in the short-term, the direct physical impact on the market might be limited, analysts say the development has the potential to move the market away from its bearish macroeconomic cycle
On Iran, the US hinted that more measures are coming after imposing new sanctions, while deflecting questions about French diplomatic efforts meant to help the Persian Gulf producer restart oil sales
Declining crude oil prices, improving GRMs, and firm marketing margins make them attractive after sharp correction
Firm marketing margins add to their fortunes, making them attractive post a sharp 30% correction from early-June highs
International benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement
Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.
Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.
If the price rises, the trade balance will worsen, putting the rupee under pressure
According to a Moody's report, prices will settle to around $50-$70 a barrel by 2020, but they would witness volatility
Much depends on how world oil demand shapes up as it gets battered by a stronger dollar and global trade spats
The retail prices are benchmarked to the C&F price of petrol and diesel, which is the cost inclusive of freight if the fuel has to be imported
The minister said that oil prices have started coming down due to some international developments