Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of production cuts by OPEC and other oil producing countries.
Crude oil prices continued to retreat on Thursday, in spite of Opec announcing the largest supply cut in the cartel's history on Wednesday in its latest effort to stabilise the market.
While consumers have enjoyed lower fuel prices, producers have cut spending and thousands of jobs
'Rising Covid cases and localised lockdowns are being closely monitored.'
Arriving in Oran, Algeria, ahead of an Opec ministerial meeting on Wednesday, Ali Naimi, Saudi Arabia's powerful oil minister, said Opec had so far cut a total of 1.7m barrels a day, with Saudi Arabia accounting for 1.2m b/d.
Top gainers from the Sensex pack are Infosys, Cipla, NTPC, ITC and Lupin
The S&P BSE Sensex ended up 129 points at 26,843 and the Nifty50 ended up 39 points at 8,220.
India is the world's fourth-largest importer of natural gas, accounting for six per cent of the global market.
Noting that the US energy dominance will be declared a strategic economic and foreign policy goal, Trump said America has 1.5 times as much oil as the combined proven resources of all OPEC countries
Sun Pharma stole the show in the Sensex pack, spurting 3.91 per cent, followed by M&M at 2.87 per cent.
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
There is positive correlation between crude oil prices and Indian equities and investors can expect more upside after the recent rally in Brent crude price.
OPEC members are meeting at Vienna on Monday. Jason Feer of Argus Media thinks that the fear as to how far the oil prices could drop would be uppermost on the minds of the ministers meeting in Vienna.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
Top gainers in the Sensex pack included IndusInd Bank, ITC, L&T, M&M, PowerGrid, Asian Paints and SBI, ending up to 3.79 per cent higher.
Govt unlikely to cut excise duties to compensate for higher global prices, say analysts.
Here's a collection of some of the best photos from around the world shot in the last 24 hours
Sun Pharma was the top gainer after SPARC received Sebi nod to raise up to Rs.250 crore through a rights issue
The Union government on Thursday ruled out any hike in the price of petroleum products till June 15.
Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
Contrary to expectations, global oil prices, which have touched a 21-year high, are unlikely to fall substantially even if oil producer cartel OPEC raises production, industry officials said on Thursday.
According to market experts, GST Bill, movement of the rupee and uncertain global cues amid expected rate cut by the US Fed will dictate the movement of the markets.
The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil
While a coordinated aggressive monetary easing from the central banks is most likely to offer some respite in the near-term, it is unlikely to improve the sentiments.
Telecom stocks fell after Mukesh Ambani extended Reliance Jio's free offers till March 2017.
Stocks reeled under huge losses on Thursday as the benchmark Sensex plunged sharply by over 465 points, the biggest single-day fall in three months, after India carried out "surgical strikes" on Wednesday night on terror launch pads across the Line of Control.
Buyers find ways to cope with shipping restrictions.
Oil sank to the lowest level in a month after shedding all of its gains from the US-Iran clash as traders waited to see whether any further hostilities will disrupt exports from the East Asia.
India's macroeconomic situation has benefited from oil prices' decline.
The Venezuela-based company is also in talks with ONGC for exploration of Ayacucho and Boyaca fields.
Market breadth remained strong with 1,581 advances over 1,018 declines on the BSE
'If the RBI now only prints Rs 100 in small denomination notes and the remaining amount is printed in Rs 500 and Rs 2,000 denominations, then by March-end the central bank can completely normalise the cash crunch situation.'
For the week, the battered rupee gained 26 paise against the greenback
US crude is now more than 17 per cent below its opening price at the start of the month and Brent is down more than 16 per cent.
The uptick in prices ranging from steel to wheat could benefit lots of commodity-based companies -- from State-owned SAIL to the agro exporters.
The NSE Nifty, however, ended a shade higher by 6.65 points or 0.06 per cent at 10,442.20
Oil edged up on Tuesday, steadying after a 5 per cent plunge in the previous session that saw prices touch fresh 5-1/2-year lows in an oversupplied market.
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