Tag: crude oil price

The Indian benchmark indices swung to the positive zone in the afternoon trade today(28 March 2022) as cyclical counters such as public sector banks, auto, and metals marched ahead. Besides, a fall in crude oil prices and stability in global markets in hopes of a fresh round of talks between Russia and Ukraine supported the sentiment. The S&P BSE Sensex leaped from a low of 56,825 to settle at 57,593.5, up 231 points or 0.4 percent relative to the previous close. The NSE Nifty, on the other hand, bounced back from a low of 17,004 and shut shop at 17,222, up 69 points or 0.4 percent. Bharti Airtel, up 4 percent, was the top gainer on the Nifty50 index, followed by Coal India, Axis Bank, Eicher Motors, ITC, SBI, ICICI Bank, HUL, IndusInd Bank, and Power Grid. On the downside, UPl, Dr. Reddy's Labs, Nestle, HDFC, SBI Life, HDFC Life, HCL Tech, and Adani Ports were the top laggards, falling up to 2 percent. Read more

Dalal street started the day (1st Nov.2021) with a positive note driven by Supportive global cues, marginal ease in crude oil prices, and the ongoing earnings season. Besides, low-level buying after last week's profit-booking resulted in a bounce-back rally. In early deals, the BSE Sensex was at 59,821 levels, up 514 points or 0.87 percent, led by Bharti Airtel (up 3 percent), Axis Bank, Titan, Tech M, and Tata Steel. The Nifty50, on the other hand, was at 17,815 levels, up 144 points. In the broader markets, meanwhile, the BSE MidCap and SmallCap indices were up 0.89 percent and 0.92 percent, respectively. Sectorally, the Nifty Realty index was up 3 percent, followed by the Nifty Metal index (up 1.4 percent). On the downside, the Nifty Auto index was down 0.5 percent. Read more

Oil prices fell today, reversing the previous session's surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies. Brent crude, which on Tuesday rose to its highest level since a price plunge began in March, slipped 47 cents, or 1.1 percent, to $42.16 a barrel by 0814 GMT. The benchmark crude has climbed from below $16 in April but remains a third lower than its level at the end of 2019. US West Texas Intermediate (WTI) crude fell 59 cents, or 1.5 percent, to $39.78 a barrel. Further pressure on prices came from a bigger-than-expected rise in US crude inventories, according to industry group the American Petroleum Institute (API). However, US gasoline and distillate inventories fell, suggesting consumption was picking up as lockdowns were eased.

Oil prices rose today(5th June 2020) after OPEC decided to move up discussions on whether to extend record production cuts to 6th June (Saturday), indicating that some laggard countries may have agreed to align themselves with the deal. Brent crude futures were up 95 cents, or 2.4 percent, at $40.94 a barrel as of 0920 GMT, after rising over $1 to $41.18. US West Texas Intermediate (WTI) crude futures rose 64 cents, or 1.7 percent, to $38.05 a barrel. Brent has risen 16 percent since Friday to reach a three-month high, settling in a range more comfortable for producers like Russia. The contract has more than doubled since it crashed to as little as $15.98 a barrel on April 22nd. Read more

A standoff between Saudi Arabia and Russia over crude oil supply cuts saw international prices record one of their worst single-day dips in about three decades. Though this could help the Indian economy, the fall could accentuate global distress. At one point, Brent crude price was seen at a session low of $31 a barrel, down about 30 percent, though it recovered later in the day to $35.60. Indian consumers could gain from lower petroleum product prices, though a lot depends on whether the government makes use of the window to shore up its revenues and increases excise duty. Any duty hike would prevent the full benefit from accruing to consumers.