Crude oil prices experienced a sharp decline after US President Donald Trump announced a temporary halt to military strikes on Iran's energy infrastructure, easing geopolitical tensions and supply disruption fears.
Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
Sensex and Nifty post steepest weekly loss in over a year, falling nearly 3 per cent.
'The next two to three weeks will not be decided in Washington.' 'They will be decided in Tehran, in whatever calculation Iran makes about the costs of continued resistance against the costs of appearing to have yielded.'
India, the world's third largest oil importing and consuming nation, is likely to save as much as Rs 1.8 lakh crore on import of crude oil and LNG if the trend of softening international energy rates continues, Icra said Wednesday. India, which meets over 85 per cent of its crude oil needs through imports, spent $242.4 billion on buying crude from overseas in the fiscal year ended March 31, 2025.
India's purchase of US crude oil has picked up in 2025 and could easily double their previous levels, government officials said on Wednesday. The surge comes in the wake of the then-incoming Donald Trump administration's announcement that it would consider hiking tariffs on a reciprocal basis, and pushed some countries, especially those with large trade surpluses with the US, to buy more of its energy.
As the oil moneybags get lighter, it will be increasingly difficult for Saudi Arabia and other Gulf states to continue to support incendiary radicals. And over time, there will be greater integration of Muslim life and culture into the "mainstream".
Price of international crude oil - the raw material for making petrol and diesel - dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said. Global oil benchmark Brent crude futures fell below $70 per barrel on Tuesday - the first time since December 2021 - but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above $71 a barrel on Thursday while West Texas Intermediate advanced to trade near $68.
As global tensions put pressure on the cost of crude oil, sending petrol prices above 1 a litre across the UK, This is Money investment writer Philip Scott investigates how investors can profit from rising oil prices.
EIA expects the price of West Texas Intermediate crude oil to average about $100 per barrel in 2012.
Oil prices fell after the US Senate rejected a $14bn bail-out plan for the carmakers' sector, a move that weighed heavily on sentiment towards commodities.
Pricey crude hurts in all sorts of fiscal ways -- but it could also spur crucial investment in alternative fuels.
The Multi Commodity Exchange on Wednesday launched India's first ever crude oil futures contract.
The local currency moved in a range of 59.80 and 60.05 per dollar during the morning trade.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
If the war in the Israel-Gaza region escalates into a larger West Asian conflict, it could pose problems.
The rupee had shed 10 paise to close at 66.14.
It moved in a range of 63.54 and 63.81 per dollar during the day.
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
For the current fiscal, the import bill has been pegged at $66 billion at an average import price of $48 per barrel
It has gained by 23 paise or 0.36 per cent in two days
The rupee slumped to 64-level against the American currency, its second straight fall this week.
Strong recovery in the equity market boosted the rupee value against the dollar.
India's top oil and gas producer ONGC on Friday reported a tripling of net profit in the June quarter as it earned record prices before the government slapped a tax on windfall profits arising from a global rally in energy rates. Oil and Natural Gas Corporation's (ONGC) standalone net profit at Rs 15,205.85 crore, or Rs 12.09 per share, in April-June, compared to Rs 4,334.75 crore, or Rs 3.45 a share, in the same period a year back, according to a stock exchange filing by the company. Sequentially, the profit was higher than the Rs 8,859.54 crore net profit of January-March.
IndusInd Bank was the top laggard in the Sensex pack, sinking over 12 per cent, followed by Bajaj Finance, ICICI Bank, Axis Bank, M&M, Tata Steel, ONGC and Maruti. On the other hand, Bharti Airtel, Hero MotoCorp and Nestle India were the gainers. NSE Nifty plummeted 280.40 points, or 3.03 per cent, to 8,981.45.
There was fresh dollar demand from banks and importers.
Rupee is likely to remain under pressure due to domestic concerns.
Increased demand for the American unit from importers weighed on the rupee
The rupee edged higher by three paise to 66.46 against the US dollar in early trade on Wednesday.
The rupee on Friday closed 10 paise higher at 65 against the US dollar on fresh selling of greenback by banks.
The rupee on Friday snapped its two-day gaining streak against the US dollar.
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Rupee rebounds 26 paise against dollar; snaps 2-day losses
Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.
The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.
The rupee has lost 32 paise, or 0.50 per cent, in five trading days
The Consumer Price Index-based inflation rose to 5.11% in January
However, the hefty initial gains of the rupee, which had jumped to 61.05 intra-day, were substantially erased on month-end demand for US dollars from private oil firms and some defence-related purchases, amid fall in domestic stocks.
The rupee weakened even as the dollar fell against major global currencies
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