The ongoing oil price decline is mainly a result of oversupply in the global market
Subir Raha, the former chairman and managing director of Oil and Natural Gas Corp, has been short-listed for the prestigious "Energy Executive of the Year" award instituted by London-based renowed energy journal 'Petroleum Economist'.
The rupee had shed 9 paise to end at 64.13 on Friday.
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
The policy review observed that the moderation in inflation, excluding food and fuel, that was witnessed in the first quarter of 2017-18 has "by and large, reversed".
'Equities are likely to be range-bound with a downward bias for the remaining part of the year.'
The Indian benchmark remained static in its last closing on May 28, while Brent prices dropped further to $75.71 a barrel. Less Brent crude in Indian basket makes prices sticky.
Economics and politics both have major roles in determining oil prices.
Crude oil futures again flirted with the $60 a barrel mark Friday as prices rose on speculative buying and fears of supply disruptions due to refinery glitches.
Sensex ends belowe 26,800 on domestic concerns.
Apart from this, state refiners are looking at optimising crude oil inventory levels without in any way affecting fuel supplies in the domestic market.
The dollar index eased 0.05 per cent to 98.69.
The rupee edged higher by three paise to 66.46 against the US dollar in early trade on Wednesday.
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
Emissions would still keep rising till 2030, and the path towards global warming would improve to 2.7c.
The 6-member Monetary Policy Committee, headed by Reserve Bank of India Governor Urjit Patel, in its fifth bi-monthly review, kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.
Balance with the United Kingdom shifted from a deficit of $0.5 billion to a surplus of $0.5 billion in March
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
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Rupee ends flat after hitting 9-1/2 month low.
Inflation shed another 0.12 per cent to tick eight months' low of 5.25 per cent for the week ended January 29, despite costlier fruits and vegetables.
An analysis of year-wise movements of average global crude oil prices versus India's GDP reveals no inverse correlation, contrary to wide belief.
Various global and domestic factors had a sizable impact on the performance of the Indian markets
The rupee weakened even as the dollar fell against major global currencies
NSE Nifty, after shuttling between 10,809.60 and 10,725.90, finished 30.95 points, or 0.29 per cent lower at 10,741.10.
The NSE Nifty ended 89.40 points, or 0.83 per cent, lower at 10,710.45.
The S&P BSE Sensex shed 286 points to close at 24,539 and the Nifty50 lost 100 points to end at 7,456.
A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries
The rupee on Friday snapped its two-day gaining streak against the US dollar.
Prices are sustainable and not just driven by speculative gains
Brent hit a session high of $114.69 a barrel, its loftiest since September last year.
The value of oil has dropped by 30 per cent in a week, having peaked at nearly $40 last month. A big wave of extra OPEC oil arriving in the West, replacing supply lost from war-torn Iraq, also helped ease the threat of shortages.\n\n\n\n
Indian refiners, who buy about 7,000 barrels a day of Iraqi crude from the spot market, have made alternative arrangements for supplies if there is a war in Iraq, Oil Minister Ram Naik said on Thursday.
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
India imports about 25 million tonnes of oil from Iraq each year.
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