On the upside, MCX Crude Oil November futures can jump to Rs 7,250-level, whereas Natural Gas futures can gain momentum above Rs 510-level.
The rupee appreciated 23 paise to 82.12 against the US dollar in early trade on Monday amid a positive trend in domestic equities and easing crude prices. At the interbank foreign exchange, the domestic unit opened at 82.14 against the dollar, then gained further ground to touch 82.12, registering a rise of 23 paise over its previous close. On Friday, the rupee appreciated by 53 paise to close at 82.35 against the US dollar. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee started the trade with a gap-up trade tracking the overnight weakness of the dollar. However, most of the Asian and emerging market peers weakened against the greenback this Monday morning after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach and could cap appreciation bias of the local unit, Iyer noted. The key triggers for currencies this week will be the US inflation rate data followed by several speeches by Fed ...
Brent crude futures dropped $1.58, or 1.6%, to $96.99 a barrel by 2336 GMT, after hitting as low as $96.50 earlier.
On the downside, the MCX Crude Oil futures have near support at Rs 7,205 and Rs 7,027 levels. Meanwhile, if Natural Gas futures sustain above Rs 492, they can rally past the Rs 535-level.
The average price for Iraqi crude oil in October was 88.31 dollars per barrel, the Ministry said in a statement on Tuesday, citing statistics from the State Organisation for Marketing of Oil.
The NSE Nifty 50 index rose 0.97% to 17,959.30 as of 0402 GMT, and the S&P BSE Sensex was 0.99% higher at 60,555.83.
On the downside, the MCX Crude Oil futures have near support at Rs 7,111 and Rs 7,039 levels. Meanwhile, Natural Gas futures likely to get considerable support around Rs 486.
India imports more than 85% of its crude, half of its gas, and 60% of the cooking fuel, and any uptick in rates reduces the purchasing power of Indian households, something that is called inflation
Oil prices gained around $1 as investor sentiment rose on news that China is considering a cut in the duration of quarantine for inbound visitors
Oil prices opened mixed in early Asian trade on Thursday as investors balanced caution over tightening supply against lower demand projections
Oil prices steadied in early Asian trade as a weaker US dollar lent support
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In August, BofA had revised its Nifty target upwards twice citing reduction in macro uncertainty
The MCX Crude Oil futures are likely to trade in a broad range of Rs 6,900 - Rs 7,770 in the near term. Natural Gas futures can pullback to Rs 580, is support at Rs 520 is sustained.
Oil prices slipped today, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies following OPEC+ cuts
The pullback in MCX Crude Oil futures is aided by cut in oil production by OPEC+ members. The commodity crossed its 50-DMA for the first time since July 2022.
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Despite one of the tightest markets in recorded history, Goldman said the cut could be justified by the 40% decline in prices from their June peak and enabled by the lack of supply elasticity
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Central bank will have to write to government explaining the reasons of its failure to contain inflation up to 6%