Market News
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Citi sees oil prices falling to $60-$65, says wait before buying gold
The investment bank says improving geopolitical conditions and higher oil production could push crude prices lower, while gold and silver may remain under pressure in the near term.
India’s Fuel Consumption Slips Despite Record Crude Oil Imports - Investing.com India
India’s Fuel Consumption Slips Despite Record Crude Oil ImportsInvesting.com India
Rupee Surges 48 Paise Against US Dollar To Close At 94.95 On Easing Oil Supply Concerns
On Monday, the rupee had depreciated 25 paise to close at 95.43 against the US dollar.
Indian state refiners ready for Iran oil if US extends waivers
Indian refiners are exploring Iranian crude purchases if US waivers extend beyond August. They have fully contracted shipments through August, limiting immediate buying options. Refiners may still buy Iranian oil if discounts are significant and competitive. Russia's oil is currently selling at steeper discounts, making Iranian oil less appealing. India's oil imports from Russia have surged to record levels recently.
Gold could benefit from US rate cuts, while oil prices may fall to $60-$65: Ajay Kedia
Gold prices could stay on an upward path as hopes of US interest rate cuts support demand, while crude oil may become cheaper if global supply continues to outpace demand, according to commodity market expert Ajay Kedia.
Stock market today: Sensex, Nifty 50 snap four-day winning streak as oil prices rise
The Sensex dropped 104 points, or 0.13%, to end at 78,180.72, while the Nifty 50 shed 32 points, or 0.13%, to finish at 24,398.70. Nifty Midcap 100 and Smallcap 100 indices dropped 0.30% and 0.55%, respectively.
Deep Industries bags Rs 49-cr ONGC contract for natural gas compression services
Deep Industries announced that it has received a Letter of Award (LoA) from Oil and Natural Gas Corporation (ONGC) for charter hiring services for natural gas compression at GGS Paliyad under the Ahmedabad Asset.
Crude oil outlook: Price war, global market share in focus
The Middle East is now entering a different kind of conflict-one driven not by military confrontation, but by the battle for market share in global oil markets.
How low can oil go | Explained
The competition in the energy market has intensified forcing Saudi Arabia to offer its Asian customers the biggest cut to oil prices in 26 years. Scroll down for the latest estimates for crude oil prices in the coming months.
The likely loser in Gulf's post-war race for oil market share
United Arab Emirates is leading oil producers in a fierce market share battle. Saudi Arabia and other Gulf nations are increasing exports significantly. Exporters are offering steep discounts to attract buyers for their surplus crude. This aggressive push has weakened oil prices and challenged OPEC's authority.
India's MRPL books Iraq crude cargo after Strait of Hormuz reopening
Mangalore Refinery has chartered a vessel to load crude oil from Iraq. This marks the first such move by an Indian state-owned refiner since Hormuz reopened. The Aframax tanker Jasmin Joy will load oil from Basrah on July 19-20. Indian refiners faced difficulties securing ships from west of the Strait of Hormuz. This strategic waterway is crucial for global oil and gas supplies.
INR appreciates on improved market sentiment
The Indian rupee appreciated 15 paise to 95.28 against the US dollar in early trade on Tuesday on improved market sentiment after reports that Saudi Arabia has slashed August crude oil prices for Asia amid easing of geopolitical tensions in the Middle East. Lower Middle East risk premium and higher traffic from the Strait of Hormuz kept the oil prices lower. At the interbank foreign exchange market the rupee opened at 95.33 and later touched 95.28 against the American currency, registering a gain of 15 paise from its previous close. Yesterday, rupee depreciated 20 paise to close at 95.43 against the US dollar, as a strengthening greenback weighed on emerging market currencies. Meanwhile, local markets are extending gains amid strong quarterly updates from banking heavyweights like HDFC Bank, favorable monsoon progress, and steady foreign institutional buying. The BSE Sensex was trading at 78,374.76, up by 89.69 points (0.11%), while the NSE Nifty 50 was up 38.90 points (0.16%) at ..