While upstream earnings are currently impacted, with the OPEC+ delaying its planned rise in production, analysts at Prabhudas Lilladher expect oil prices to rebound to $75-80 per barrel soon.
The rupee traded in a narrow range on Wednesday and appreciated 2 paise to 83.96 against the American currency, on easing crude oil prices and tracking its Asian peers. Forex traders said foreign institutional inflows, alongside significant corrections in asset classes like the dollar index and crude oil prices, supported the rupee, while the Reserve Bank's active intervention kept the rupee in a tight range. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and was at 83.96 in initial trade, registering a rise of 2 paise over its previous close. On Tuesday, the rupee depreciated 3 paise to close at 83.98 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent to 101.42 points. Brent crude, the international benchmark, was trading higher by 0.48 per cent to USD 69.52 per barrel in futures trade. Forex
On Tuesday, the Organization of the Petroleum Exporting Countries (Opec) in a monthly report said world oil demand will rise by 2.03 million barrels per day (bpd) in 2024
The weaker outlook further underscores the challenge faced by Opec+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia in balancing the market
Oil prices showed marginal recovery on Monday to settle a per cent up at $68.71, following its worst weekly fall since October 2023 as WTI fell 8 per cent and Brent was down 10 per cent.
Share market today: Mixed Asian markets, RIL getting PLI approval for full 10 GWh battery making facility, crude oil falling 1% below $74, and Raymond Lifestyle IPO, are among triggers that will be on
A broader sell-off had seen prices for Brent crude futures tumble as much as 11 per cent, or about $9, in a little over a week, hitting a low of $72.63 on Wednesday
Last week, the group looked set to proceed with a 180,000 barrel per day (bpd) hike in October, but market volatility and a weak demand outlook have raised concern
Oil recorded its first back-to-back monthly decline amid signs of sluggish demand in China and the United States raised concerns about future consumption growth.
News of increased production helped push oil prices lower last week but the scale of the sell-off was overdone, said Phil Flynn, an analyst at Price Futures Group
The government has cut windfall tax on domestically-produced crude oil to Rs 1,850 per tonne, from Rs 2,100 per tonne with effect from Saturday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil'. The new rates are effective from August 31, 2024, an official notification issued late Friday said. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
Indian refiners saved $8-10 billion from April 2022 to June 2024 - enough to cover half the fertiliser subsidy bill
Crude oil trading strategy today, Aug 29: Weakness in the crude crack spread is bearish for oil prices
Brent crude, WTI oil trading strategy today, Aug 27: We expect oil prices to face immediate resistance of $80 and the rally would find it difficult to sustain above it
The gross refining margins or GRMs and gross marketing margins for OMCs are critical
Brent crude futures climbed 79 cents, or 1 per cent, to $79.81 a barrel by 0910 GMT, while US crude futures were at $75.63 a barrel, up 80 cents, or 1.07 per cent
Crude oil outlook today, Aug 20: Oil prices tumbled to two-week lows on Tuesday morning in Asian trade with WTI future trading down 0.4 per cent
US Secretary of State Antony Blinken on Monday said the latest diplomatic push by Washington to achieve a ceasefire deal in Gaza was "probably the best, maybe the last opportunity"
The Indian rupee turned flat at 83.94 against the US dollar in early trade on Friday amid concerns over elevated crude oil prices and the outflow of foreign capital from domestic equity markets. However, a positive sentiment in the domestic as well as global equity markets and a weak American currency supported the rupee, forex traders said. At the interbank foreign exchange, the rupee opened at 83.93 and slipped further to trade at its previous session's closing level of 83.94 against the greenback. On Wednesday, the rupee settled 3 paise higher at 83.94 against the US dollar. The forex markets were closed on Thursday on account of the Independence Day. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.01 per cent at 102.80. Brent crude, the global oil benchmark, declined 0.25 per cent to USD 80.84 per barrel. On the domestic equity market front, Sensex surged 811.34 points, or 1.03 per cent,
Brent crude futures were up 70 cents, or 0.9 per cent, at $80.46 a barrel at 1222 GMT, recovering some of the previous day's losses