Egypt to open new areas in Red Sea for oil, gas exploration

Egyptian Petroleum Minister Tarek el-Mulla said on Thursday that new areas in the Red Sea will be open for bidding for exploration as part of Egypt's effort to expand oil, gas production.

Mulla did not disclose the exact date for the bidding. He told a news conference that the bidding comes after the recent approval of the Egyptian-Saudi maritime border demarcation deal, in w

IEA says OPEC compliance with oil cuts at lowest in six months

LONDON - OPEC's compliance with production cuts fell in June to its lowest levels in six months as several members pumped much more oil than allowed by their supply deal, thus delaying market rebalancing, the International Energy Agency said on Thursday.

OPEC's compliance with cuts slumped to 78 percent last month from 95 percent in May as higher-than-allowed

Nickel futures rise on pickup in demand

Nickel futures were trading higher during the evening trade in the domestic market on Wednesday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market.

At the MCX, nickel futures for July 2017 contract is trading

Sovereign Gold Bonds tranche 2 issue opens on July 10

The second tranche of the Sovereign Gold Bonds (SGB) scheme will open for public subscription on July 10, the government announced on Thursday.

"The government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 - Series II. Applications for the bond will be accepted from July 10, 2017, to July 14, 2017," a Finance Mini

Subdued physical demand bites cardamom futures

Cardamom futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators exited their positions in the agri-commodity amid sluggish physical demand for cardamom in the domestic spot market. Further, sufficient supplies on higher physical arrivals from the major cardamom producing regions, influenced the downward trend in the domestic cardamom pric

CGST rate not applicable on certain unbranded goods

To clear the confusion on the Central GST (CGST) rate on branded products, the Finance Minister on Wednesday said that it would not be applicable on supply of certain goods, such as chena or paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals and pulses, other than bearing a registered brand name. “The CGST rate on supply of certain goods, such as chena or panee

Indian refiners tap spot crude market to feed increased capacity

SINGAPORE/NEW DELHI -Indian companies have stepped up purchases of high-sulphur crude oil from the Middle East and Russia in the spot market to feed demand from expanded refining capacity, trade sources said.

Four refiners in the world's third largest crude importer bought 9 million barrels of Middle East and Russian crude loading in July-August via spot tenders l

Oil rises more than 2 percent as U.S. crude output slows

By Julia Simon

NEW YORK - Oil rose more than 2 percent on Monday, resuming its longest stretch of daily gains in more than five years after data pointed to diminished U.S. output, though analysts said news of rising OPEC production could cap gains.

Brent crude futures  closed up 91 cents, or 1.9 percent, to $49.68 a barrel. The price rose 5.2 percent la

Oil major Total marks return to Iran with gas field deal

PARIS  - French oil major Total said on Monday it had signed a contract with Iran to develop the giant South Pars gas field, marking the first major Western energy investment since sanctions against Tehran were lifted.

Total and the National Iranian Oil Company (NIOC) signed a deal to develop phase of 11 of South Pars, which is the world's largest gas field.<

Aluminium futures surge 0.57% as physical demand ticks up

Aluminium futures were trading higher during morning trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal amid rise in physical demand for aluminium at the domestic spot market. Further, a surge in physical demand for aluminium at the domestic spot market was led by building up of fresh positions by traders in the spot markets, sup

India could raise import taxes on crude, refined vegetable oils - government source

NEW DELHI  - India is likely to raise import duty on refined and crude vegetable oils, like palm and soyoil, as local oilseed prices slumped below the government support levels, a government official told Reuters on Thursday.

Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing d

US output decline buoys crude oil

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity as slide in US oil production underpinned the market that has been under pressure from supply glut.

The US EIA said that the crude stocks grew 1,18,000 barrels last week, while weekly production fell 1,00,000 barr

Iran says OPEC considering deeper output cuts, delegates sceptical

BEIRUT/LONDON  - OPEC members are considering further oil output cuts but should wait until the effect of the current reduced level of production is made clear, Iran said on Wednesday, hinting at possible further OPEC action after oil sank to a seven-month low.

OPEC and allied outside producers agreed on May 25 to extend an existing supply cut into 2018, but oil

Norway offers record number of blocks for Arctic oil exploration

By Nerijus Adomaitis and Alister Doyle

OSLO  - Norway offered a record number of blocks for oil and gas exploration in the Arctic Barents Sea on Wednesday, brushing off concerns about the risks of drilling in the remote, icy environment.

The oil ministry proposed 102 blocks, comprising 93 in the Barents Sea and nine in the Norwegian Sea, despite calls f

Global Markets: Oil spill sends stocks, bond yields sliding

By Marc Jones and Sujata Rao

LONDON - A renewed slump in oil prices to seven-month lows dragged down world stocks on Wednesday and flattened bond curves as bets that inflation and interest rates will stay lower for even longer began to build again.

Signs of a growing glut of supply sent Brent crude futures skidding back to $45.50 a barrel as European trading

Gold gains as oil's plunge dampens U.S. rate hike expectations

By Peter Hobson

LONDON  - Gold rose on Wednesday from a five-week low in the previous session as a slump in oil prices pushed down stock markets and U.S. bond yields, while the U.S. dollar weakened, making bullion cheaper for holders of other currencies.

Investors were betting that oil's tumble to seven-month lows would reduce inflationary pressures

Interview: France's Total to go ahead with major Iran gas project - CEO

By Ron Bousso and Dmitry Zhdannikov

LONDON  - Total will go ahead with development of a giant Iranian gas field this summer, its CEO told Reuters, in the first major western energy investment in the country since Tehran signed an international nuclear deal.

Chief Executive Patrick Pouyanne said the French group would make an initial $1 billion investmen

India raises rice, cotton buying prices as farmers' protests mount

MUMBAI/NEW DELHI - India raised minimum purchase prices for rice, cotton and other crops by the most since Prime Minister Narendra Modi came to power in 2014, according a government circular seen by Reuters, amid ongoing protests in the country's biggest farming states.

Prices paid to local farmers for common grade paddy rice are to be raised by 5.4 percent to 1,5

Gold recovers after hitting five-week low on dollar rally

By Maytaal Angel

LONDON - Gold prices rose on Tuesday after hitting a five-week low as the dollar steadied after reaching a 3-week peak following hawkish comments from an influential U.S. Federal Reserve official.

New York Fed President William Dudley said on Monday that labour market tightness should help drive up inflation, reinforcing the message that recent weak data is

Gold dips on firmer dollar amid talk of another rate hike

LONDON - Gold dipped on Thursday, weighed down by a stronger dollar as investors began to assess the potential for another U.S. rate hike later in the year.

The losses were modest, however, with bullion underpinned by a myriad of global uncertainties, including reports that U.S. President Donald Trump was under investigation.

"Just like in previous rate

India`s crude steel output up 4.5% in April-May FY18

India produced 16.391 million tonne (MT) of crude steel in the first two months of the current fiscal, up 4.5 per cent year-on-year. It had produced 15.683 MT in the same period of last fiscal. Output in May was 8.163 MT, up 2.2 per cent, from 7.989 MT a year ago, as per the latest Joint Plant Committee (JPC) report. However, on month-on-month basis, it was down 0.8 per cent over April, when th

Nickel futures little changed on overseas cues

Nickel futures were little changed during evening trade in the domestic market on Tuesday as investors and speculators remained on the sidelines in the industrial metal on signs of slowing growth in China and the United States. Besides, weakness in the greenback and in steel markets, too influenced nickel prices at futures trade.

A weaker greenback makes dollar-priced metals cheaper f

Zinc futures in reverse gear on global cues

Zinc futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on signs of slowing growth in China and the United States. Besides, tracking weakness in the steel markets, too influenced zinc prices at futures trade.

US services sector activity slowed last month as new orders tumbled, wh

White metal shines as dollar, equities slip

Silver futures were trading higher during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal on boosting safe-haven appeal of bullion as Asian equities and the greenback weakened ahead of the UK national election and the European Central Bank (ECB) meeting scheduled for Thursday. Besides, James Comey, former Chief of the

Copper futures drop 1.27% on growth concerns

Copper futures slipped over 1 per cent during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on signs of slowing growth in China and the United States.

US services sector activity slowed last month as new orders tumbled, while China's economy likely to remain on a stable footing last month, supported by