Closing Bell on September 28, 2023: Tech M, which sank 4 per cent, was the top laggard on the benchmarks after Morgan Stanley downgraded the stock to 'underweight'
Weak demand, global slowdown add to their woes
India has been substituting expensive crude oil with cheaper imports. This has helped keep inflation-related concerns triggered by rising oil prices at bay
CLOSING BELL ON SEPTEMBER 07, 2023: The S&P BSE benchmark index has now gained 1,434 points, and the Nifty 473 points in the last five straight trading sessions.
CLOSING BELL ON SEPTEMBER 06, 2023: The Sensex gained 483 points from the day's low, with HDFC Bank, ITC and Bharti Airtel contributing 217 points to the BSE benchmark on Wednesday.
Brent crude gained 48 cents to $76.15 a barrel by 1:16 p.m. EDT (1316 GMT). U.S. West Texas Intermediate (WTI) crude rose 59 cents to $71.21
The IEA, meanwhile, increased its oil demand growth forecast for this year by 200,000 barrels per day (bpd) to 2.4 million bpd, lifting the projected total to 102.3 million bpd
Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision
Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual
"Oil is finding support on investor optimism that OPEC+ will deliver further cuts in production when they meet," said Ehsan Khoman, analyst at MUFG Bank, in a report
Brent crude rose 37 cents, or 0.4%, to $87.82 by 0915 GMT. U.S. West Texas Intermediate (WTI) crude was up 46 cents, or 0.6%, at $80.50
Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67
Prices also drew support from analyst expectations of possible supply cuts from the Organization of the Petroleum Exporting Countries and allies (OPEC+)
Analysts believe further sell offs in oil markets could see OPEC+ intervene to support prices by collectively reducing their output
Russia, the world's second-largest oil producer and a key OPEC+ member, does not support a production cut at this time and the producer group is likely to decide to keep output steady
Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop
Oil prices rose as much as $1 on signs of improving fuel demand, although further gains were capped as the market awaited clues from the US Federal Reserve chairman
Oil prices edged higher in early trade on Friday, extending a rally into a third day, as investors weighed hopes for strong fuel demand after a larger-than-expected drawdown in US crude stocks.
Oil prices rose, recovering from 6-month lows, as a larger-than-expected drop in US oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by recession prospects.
(Reuters) -Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand.