Page 2 - Global Crude Oil Price
India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy
The tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue
 "India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy")
Rupee ends at record low as rebound in crude deepens CAD, inflation worries
Settles at 78.0825 to the dollar as against 77.9800 at 3:30 p.m. on Monday. The previous record closing low for the domestic currency was 78.0700 on June 17
 "Rupee ends at record low as rebound in crude deepens CAD, inflation worries")
No sign of overcapacity yet as global commodity prices come off peaks
The exception is energy, which isn't dictated by liquidity conditions, but by decisions of the Opec-plus cartel, where plenty of other factors come into play
 "No sign of overcapacity yet as global commodity prices come off peaks")
India's 10-yr bond yield hits 7.5%, highest since 2019 ahead of RBI policy
India's benchmark 10-year bond yield rose to its highest levels since March 2019 in early trade on Monday as investors prepared for around a 50-basis-point rate increase later this week
 "India's 10-yr bond yield hits 7.5%, highest since 2019 ahead of RBI policy")
IEA suggestion for easing Russian oil shock: Restrict people's car usage
President Vladimir Putin's invasion of Ukraine has upended global commodity markets, sending prices soaring and prompting a search for alternative sources of energy
 "IEA suggestion for easing Russian oil shock: Restrict people's car usage")
Closely monitoring global energy market, potential supply disruptions: Govt
Minister of state in Petroleum and Natural Gas while replying to Rajya Sabha informed that geopolitical situation between Russia-Ukraine has resulted in a steep rise in global crude oil and gas prices
 "Closely monitoring global energy market, potential supply disruptions: Govt")
Expensive crude oil pushing up raw material prices: Jindal Steel & Power MD
There is a need to control energy prices across the globe as rising crude oil rates, amid the Ukraine crisis, are making raw materials costlier for steel industry, said to a top industry executive
 "Expensive crude oil pushing up raw material prices: Jindal Steel & Power MD")
Oil hits almost decade high of $119 before Iran throttles the rally
Analyst says Iran deal can't replace Russia disruptions; OPEC and its allies have snubbed calls to accelerate output rises
 "Oil hits almost decade high of $119 before Iran throttles the rally")
World stocks slip, oil blasts past $110 as sanctions on Russia bite
In the latest tightening of restrictions on Moscow, the United States banned Russian flights using American airspace, following similar moves by the European Union and Canada
 "World stocks slip, oil blasts past $110 as sanctions on Russia bite")
Biden announces release of 30 mn barrels oil to control global oil prices
Biden announced that his council has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices during Russia Ukraine war
IEA weighing potential oil stocks release after Russia invasion
Crude oil was trading around $104 a barrel on Tuesday as some buyers shunned Russian barrels after Western allies imposed sanctions on Moscow
 "IEA weighing potential oil stocks release after Russia invasion")
Rising oil can burn Rs 1-trillion hole in govt coffers in FY23: SBI report
Based on the existing value-added tax (VAT) structure and taking Brent crude price of $100 - $110 per barrel, SBI believes diesel and petrol prices should have been higher by Rs 9-14 each by now
 "Rising oil can burn Rs 1-trillion hole in govt coffers in FY23: SBI report")
Oil's journey from worthless in the pandemic to $100 a barrel: An analysis
Benchmark Brent crude futures hit $100 a barrel on Wednesday for the first time since 2014 as Russian President Vladimir Putin ordered military operations in Ukraine
 "Oil's journey from worthless in the pandemic to $100 a barrel: An analysis")
Oil price set to test fresh peaks barring Iran breakthrough
Hitting just under $100 a barrel on Tuesday, international crude prices are still a way off the all-time peak of more than $147 hit in July 2008
Oil prices rise as tight market looks to Russian-Western diplomacy
Brent crude futures rose 25 cents, or 0.3%, to $93.79 a barrel at 1000 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.4%, to $91.42 a barrel
 "Oil prices rise as tight market looks to Russian-Western diplomacy")
Oil eases on profit-taking, Russia-Ukraine conflict remains key focus
Brent crude futures were at $95.60 a barrel by 0747 GMT, down 88 cents, or 0.9%, after rising $2.04 on Monday
Investors poorer by Rs 3 trillion; key reasons for today's market fall
The US Federal Reserve has indicated that they will begin hiking interest rates in the near future and that there will be multiple rate hikes this year.
 "Investors poorer by Rs 3 trillion; key reasons for today's market fall")
Oil at highest since 2014 as OPEC panel advises sticking to plan
The market has tightened significantly following the economic recovery from the pandemic and supply disruption in the Gulf of Mexico due to Hurricane Ida
 "Oil at highest since 2014 as OPEC panel advises sticking to plan")
Banks, RIL help lift Sensex 403 pts; Bajaj duo gain up to 8%, Tata Steel 4%
The BSE MidCap and SmallCap indices settled 1.5 per cent and 1.7 per cent higher, respectively
 "Banks, RIL help lift Sensex 403 pts; Bajaj duo gain up to 8%, Tata Steel 4%")
India petrol, diesel prices complete a month without any revision
Petrol and diesel prices in the country remained static for the 30th consecutive day on Monday.
 "India petrol, diesel prices complete a month without any revision")
