Page 4 - Crude Oil Prices

MCX Crude Oil can fall to Rs 5,900; Natural Gas may soon test Rs 500-mark

The MCX Crude Oil October futures are likely to test major support of 100-WMA around the Rs 5,900-level. Whereas, for the week, Rs 530-level is the key support for Natural Gas futures.

Energy crisis shows gasoline demand declining, renewables on the rise

With prices of natural gas and coal heading to record highs and those for crude oil not far below their 2008 peak, the world seems more hooked on carbon than ever

Global stocks slide for third day on fears of possible global recession

Global stocks fell for a third day Friday after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession. London and Frankfurt opened lower. Shanghai, Hong Kong and Seoul declined. Oil prices fell by more than $1 per barrel. Japanese markets were closed for a holiday. Wall Street futures were lower following rate hikes Thursday by central banks in Britain, Switzerland, Turkey and the Philippines. The Fed hiked its key rate on Wednesday for a fifth time this year and indicated more rises were on the way. Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession, Edward Moya of Oanda said in a report. In early trading, the FTSE 100 in London lost 0.6% to 7,127.70 and the DAX in Frankfurt shed 0.3% to 12,490.55. The CAC 40 in Paris was 0.2% lower at 5,905.20. On Wall Street, futures for the benchmark S&P 500 index and Dow Jones

Oil gives up gains as soaring US dollar offsets Putin's troop mobilisation

Brent futures were 10 cents, or 0.1%, lower at $90.52 a barrel by 10:13 a.m. EDT (1413 GMT), while U.S. West Texas Intermediate (WTI) crude fell 28 cents, or 0.3%, to $83.66.

Oil ministry says windfall profit tax response to dynamic situation

The oil ministry on Tuesday said the levy of windfall profit tax was a response to a dynamic situation and its design provides for recalibration based on market inputs and feedback. "Crude oil prices have witnessed extreme volatility in 2022. This has resulted in very high prices for end consumers at petrol pumps. "Countries around the world have implemented various measures to mitigate the adverse impacts on consumers. 'Windfall tax' is one of the measures which helps in dealing with the situation," the ministry said in a statement. India first imposed windfall profit tax on July 1, joining a growing number of nations that tax super normal profits of energy companies. While duties were slapped on the export of petrol, diesel and jet fuel (ATF), a Special Additional Excise Duty (SAED) was levied on locally produced crude oil. "The extent of its applicability, reference period, amount of cess/ tax/ duty, the incidence of tax liability, a mechanism for review are integral to such a .

Broad-based rally lifts Sensex 578pts, Nifty above 17,800; pharma stks lead

CLOSING BELL: Besides, the Nifty Auto and Private Bank indices advanced 1.7 per cent each

Oil prices fall more than 1.5% on demand fears and strong dollar

Brent crude for November delivery fell $1.49, or 1.6%, to $89.86 a barrel by 1002 GMT. U.S. West Texas Intermediate (WTI) for October dropped $1.57, or 1.8%, to $83.54.

Recession fears hit equities; Sensex sinks 1,093 pts, Nifty gives up 17,550

CLOSING BELL: PSU banks, auto, IT, metal, and realty stocks plunged the most on the bourses. Their respective indices on the National Stock Exchange declined between 2 and 4 per cent

Oil steadies but remains on track for weekly decline on rate hike fear

Brent crude futures were up 25 cents, or 0.3%, at $91.09 a barrel by 0921 GMT but were down 1.9% for the week.

Oil rises 2% on supply concerns, expectations for gas-to-oil switching

Brent crude futures rose by $1.86 a barrel, or 2%, to $95.03 by 11:58 a.m. EDT (1558 GMT). U.S. West Texas Intermediate crude gained $2.06, or 2.4%, to $89.37.

Rupee climbs to 5-week high on dollar inflows, breaches key level

The rupee closed at 79.1475 per US dollar, compared with the previous close of 79.5225, notching up its best session this month

Countering G7 price cap proposal, Russia offers discounted oil to India

The discounts are expected to be substantial and lower than those offered by Iraq in recent months. The third largest oil importer India has been approached by the G7 nations to support the price cap

Indices see best weekly gains in over a month; IT, pvt bank stocks lead

Both indices ended the day off their intraday highs, with the Sensex finishing at 59,793, up 105 points or 0.18 per cent, while the Nifty50 at 17,833, up 35 points or 0.2 per cent

Oil supported by supply threats, but likely to drop on demand fears

Oil rose on Friday supported by real and threatened cuts to supply, although crude was set for a 2nd weekly decline as aggressive interest rate hikes and China's Covid curbs weighed on demand outlook

Bonds, rupee strengthen as crude oil prices fall below $90 a barrel

Hope of global index inclusion drags down bond yields, FPI flows bolster rupee

ICICI, Axis, HDFC Bank lift Sensex 659 pts, Nifty near 17,800; metals dip

CLOSING BELL: Shree Cement, BPCL, Tech M, Axis Bank, M&M, ICICI Bank, Ultratech Cement, Bharti Airtel, Bajaj Finserv, and SBI gained in the range of 2 per cent to 5 per cent

Bias negative for MCX Crude Oil; Natural Gas may slide below Rs 500-mark

The bias for MCX Crude Oil September futures is likely to favour the bears as long as the commodity trades below Rs 7,170; For MCX Natural Gas futures the key support range of Rs 630 - Rs 620.

Opec+ to cut crude oil output by 100k barrels per day from October

In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook.

Brent crude anchored above $100 a barrel, heading for weekly gain

Brent crude futures climbed $1.53, or 1.54%, to $100.87 a barrel by 1051 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.20 cents, or 1.3%, to $93.72.

Oil prices climb $1 a barrel as tight supply moves back into focus

The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg