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Oil ticks higher as tight supply trumps macroeconomic gloom Oil prices hovered above $90 a barrel on Friday, on track to end the week higher as investors chose to focus on tighter supply, despite broader macroeconomic uncertainty. Both oil benchmarks hit 10-month highs earlier this week after Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. However, both benchmarks ended Thursday slightly lower amid volatile trade on multiple signals warning of weaker demand in t...
Oil ticks higher as tight supply trumps macroeconomic gloom
Oil ticks higher as tight supply trumps macroeconomic gloom
Source: Reuters
8/09/2023 7:35:20 PM
Oil falls on stronger U.S. dollar, China worries; heading for weekly gain Oil extended losses on Friday, further receding from this week's 10-month highs, as fears about the health of China's slowing economy and a stronger U.S. dollar wiped out the gains triggered by supply cuts from major producers Saudi Arabia and Russia. Brent crude futures dropped 51 cents, or 0.6%, to $89.41 a barrel by 0355 GMT, while U.S. West Texas Intermediate crude (WTI) futures declined 58 cents, or 0.7%, to $86.29. Both benchmarks reached 10-month highs earlier this week o...
Oil falls on stronger U.S. dollar, China worries; heading for weekly gain
Oil falls on stronger U.S. dollar, China worries; heading for weekly gain
Source: Reuters
8/09/2023 9:12:58 AM
Rupee weakens against US dollar on Thursday Indian rupee weakened against the US dollar on Thursday amid surging crude oil prices after OPEC+ heavyweights Saudi Arabia and Russia agreed to extend output cut till December this year, and firm American currency also put pressure on the rupee. Meanwhile, strong US services PMI data also fuelled expectations that the US Federal Reserve will keep interest rates higher for longer. Moreover, massive selling of equities by foreign investors also dampened rupee sentiments. Foreign Institutional ...
Rupee weakens against US dollar on Thursday
Rupee weakens against US dollar on Thursday
Source: Accord Fintech
7/09/2023 11:39:58 AM
Oil prices edge up on anticipated US crude stock draw Oil prices edged higher on Thursday, after industry data showed U.S. crude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Official inventory data from the U.S. Energy Information Adm...
Oil prices edge up on anticipated US crude stock draw
Oil prices edge up on anticipated US crude stock draw
Source: Reuters
7/09/2023 9:13:23 AM
Oil jumps above $90 as Saudi Arabia extends production cuts Oil prices jumped dramatically on Tuesday after Saudi Arabia announced that it would extend its production cuts until the end of the year, while Russia said it would extend its export cuts of 3,00,000 barrels per day (bpd) for the same period, Oil Price reported. Russia extended its voluntary decision to curb crude exports by 300,000 bpd until December 2023, acting in concert with Saudi Arabia, with the alleged aim of maintaining stability and balance in the oil markets. ICE Brent price...
Oil jumps above $90 as Saudi Arabia extends production cuts
Oil jumps above $90 as Saudi Arabia extends production cuts
Source: IANS
6/09/2023 11:18:08 AM
Oil gains on supply woes after OPEC+ output cuts Oil prices ticked up in early Asian trade on Wednesday after rising over 1% in the previous session, as markets worried about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. Brent crude futures rose by 14 cents to $90.18 a barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI) futures gained 12 cents at $86.81 a barrel. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-mo...
Oil gains on supply woes after OPEC+ output cuts
Oil gains on supply woes after OPEC+ output cuts
Source: Reuters
6/09/2023 8:53:47 AM
Rupee weakens against US dollar on Tuesday Indian rupee weakened against the US dollar on Tuesday weighed down by firm crude oil prices on expectations of an extension in output cuts by leading Opec+ members Saudi Arabia and Russia. Moreover, foreign fund outflows from capital markets also dampened rupee sentiments. However, growing hopes of more stimulus measures in China and Fed’s pause in its interest rate hikes limited further weakness in rupee. Foreign Institutional Investors were net sellers in the capital markets on Monda...
Rupee weakens against US dollar on Tuesday
Rupee weakens against US dollar on Tuesday
Source: Accord Fintech
5/09/2023 12:15:41 PM
Oil prices mixed on receding support from China`s steps to revive economy Oil prices were mixed on Tuesday as support from China's measures to shore up its economy vanished, offsetting expectations of an extension in supply cuts by two leading OPEC+ members Saudi Arabia and Russia Brent crude futures for November fell 10 cents, or 0.11%, to $88.90 a barrel. U.S. West Texas Intermediate crude (WTI) October futures rose 33 cents, or 0.39%, to $85.88 at 0029 GMT. Saudi Arabia is widely expected to extend voluntary oil cuts into October and Russia will unveil...
Oil prices mixed on receding support from China`s steps to revive economy
Oil prices mixed on receding support from China`s steps to revive economy
Source: Reuters
5/09/2023 9:04:49 AM
Gold prices climb towards 1-month peak on Fed pause bets Gold prices climbed on Monday towards a one-month peak scaled in the previous session, supported by a slight pullback in the dollar and prospects that the U.S. Federal Reserve would take a pause from interest rate hikes this year. Spot gold gained 0.3% to $1,945.40 per ounce by 0334 GMT, after climbing to as high as $1,952.79 on Friday. U.S. gold futures added 0.2% to $1,971.70. "Gold is hovering under resistance at the $1,951 level in thin trading conditions given the U.S. holiday...
Gold prices climb towards 1-month peak on Fed pause bets
Gold prices climb towards 1-month peak on Fed pause bets
Source: Reuters
4/09/2023 9:46:18 AM
Chandrayaan-3: Nation gearing up for Rs 600 crore mission`s `19 minutes of terror` Suspense and excitement are building up across the nation as India will be attempting to soft land its lander on the moon on Wednesday evening. The Rs 600 crore Chandrayaan-3 mission is all set to provide the 19 minutes of terror, suspense and excitement for the officials of Indian space agency and others as the lander that was carried by Chandrayaan-3 spacecraft will start its descent towards the lunar soil. It may be recalled that the Vikram lander that was part of the Chandrayaan-2 m...
Chandrayaan-3: Nation gearing up for Rs 600 crore mission`s `19 minutes of terror`
Chandrayaan-3: Nation gearing up for Rs 600 crore mission`s `19 minutes of terror`
Source: IANS
22/08/2023 5:04:30 PM
India`s July Russian oil imports dip; Saudi import down to 2-1/2-yr low -trade India's July crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2 years following OPEC+ cuts, tanker data from trade and industry sources showed. Both China and India, the world's biggest and third-biggest oil importers, cut imports from Russia and Saudi Arabia in July after prices rose and as the two oil producers reduced output and crude oil shipments. Saudi Arabia volunteered to cut ...
India`s July Russian oil imports dip; Saudi import down to 2-1/2-yr low -trade
India`s July Russian oil imports dip; Saudi import down to 2-1/2-yr low -trade
Source: Reuters
22/08/2023 12:08:18 PM
India considers wheat imports from Russia at discount to calm prices India is in talks with Russia to import wheat at a discount to surging global prices in a rare move to boost supplies and curb food inflation ahead of state and national elections next year, according to four sources. The imports would allow New Delhi to intervene more effectively in the market to drive down wheat prices that stoked inflation to a 15-month high in July. "The government is exploring the possibility of imports through private trade and government-to-government deals....
India considers wheat imports from Russia at discount to calm prices
India considers wheat imports from Russia at discount to calm prices
Source: Reuters
17/08/2023 12:51:57 PM
Oil eases on stronger dollar, China demand concerns Oil prices eased on Monday after seven straight weeks of gains supported by tightening supply on OPEC+ output cuts, as concerns about China's faltering economic recovery and a stronger dollar weighed. Brent crude futures fell 29 cents, or 0.3%, to $86.52 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $82.95 a barrel, down 24 cents, or 0.3%. Prices slipped as the U.S. dollar index extended gains on Monday after a slightly bigger increase in U.S. producer prices ...
Oil eases on stronger dollar, China demand concerns
Oil eases on stronger dollar, China demand concerns
Source: Reuters
14/08/2023 9:02:55 AM
Oil prices fall as China woes offset boost from high US fuel demand Oil prices fell in early Asian trade on Thursday after reaching fresh highs in the previous session as concerns about the Chinese economy offset the positive impact of steep drawdowns in U.S. fuel stockpiles and Saudi and Russian output cuts. Brent crude fell 20 cents, or 0.2%, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session. West Texas Intermediate crude (WTI) fell 23 cents, or 0.3%, to $84.17, after settling at its highest since Nove...
Oil prices fall as China woes offset boost from high US fuel demand
Oil prices fall as China woes offset boost from high US fuel demand
Source: Reuters
10/08/2023 8:51:33 AM
Government may cut import duty on wheat to curb rising prices The government is likely to slash the import duty on wheat due to rising domestic prices of the staple commodity, official sources said.  Wheat prices have gone up to Rs 2,500 per quintal and with the festival season round the corner, if the government cuts duty now, then it will take imported wheat around 30 to 40 days to reach India, and the landing cost would then be equal to Rs 2,500 per quintal, sources said.  In June, the government had imposed stock limit on wheat to br...
Government may cut import duty on wheat to curb rising prices
Government may cut import duty on wheat to curb rising prices
Source: IANS
5/08/2023 9:00:42 AM
Oil rises marginally as markets weigh inventory data, US ratings downgrade Oil prices rose slightly in early Asian trading on Thursday, as markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch's downgrade of the U.S. government's top credit. Brent crude futures rose 27 cents, or 0.32%, to $83.47 a barrel by 0001 GMT, while U.S. West Texas Intermediate crude climbed 29 cents, or 0.36%, to $79.78 a barrel. Both benchmarks had been trading at near their highest levels since April ...
Oil rises marginally as markets weigh inventory data, US ratings downgrade
Oil rises marginally as markets weigh inventory data, US ratings downgrade
Source: Reuters
3/08/2023 9:22:32 AM
Europe`s economy is growing again The euro area economy is growing again, but may struggle to maintain the momentum for the rest of the year, CNN reported. Gross domestic product across the 20 countries that share the euro currency rose by 0.3 per cent in the second quarter, compared with the previous three months, according to an official estimate published Monday. GDP had fallen by 0.1 per cent in the last three months of 2022, and stagnated in the first quarter of this year, CNN reported. Separately, official data...
Europe`s economy is growing again
Europe`s economy is growing again
Source: IANS
1/08/2023 9:58:18 AM
Oil holds near three-month high on signs supply is tightening Oil price were little changed on Tuesday, trading near a three-month high reached on Monday, on signs of tightening global supply as producers implement output cuts and strong demand in the United States, the world's biggest fuel consumer. Brent crude futures for October were at $85.30 a barrel at 0135 GMT, down 13 cents or 0.15% lower from its close. Front-month Brent settled at its highest since April 13 on Monday. U.S. West Texas Intermediate crude was at $81.69 a barrel, down 0....
Oil holds near three-month high on signs supply is tightening
Oil holds near three-month high on signs supply is tightening
Source: Reuters
1/08/2023 8:48:10 AM
Russian stock market hits 17-month high as oil prices surge Russia’s ruble-based MOEX index exceeded 3,000 points, marking its highest level since February 22, 2023, the day before Moscow launched its military operation in Ukraine, local media reported. The index was 0.7 per cent higher at 3008.61 points on Friday. Since the beginning of 2023, the MOEX has increased by about 40 per cent. The stock market has demonstrated consistent growth since a collapse following the announcement of partial mobilisation in September, 2022. Analysts told ...
Russian stock market hits 17-month high as oil prices surge
Russian stock market hits 17-month high as oil prices surge
Source: IANS
30/07/2023 11:43:37 AM
India's BPCL still in talks for Russian oil deal, discounts narrow Indian refiner Bharat Petroleum Corp is still in talks with Russian oil major Rosneft to buy oil under a term deal, its head of finance said, adding that discounts on Russian oil are narrowing. "Yes, there were discussions happening with Rosneft but not yet concluded," Vetsa Ramakrishna Gupta told an analysts' conference after the company's June quarter earnings report. Reuters last month reported that BPCL is in talks to buy up to 6 million metric tons of Russian oil ...
India's BPCL still in talks for Russian oil deal, discounts narrow
India's BPCL still in talks for Russian oil deal, discounts narrow
Source: Reuters
27/07/2023 2:27:29 PM
Aurobindo Pharma shines on incorporating Wholly Owned Step-down Subsidiary in Russia Aurobindo Pharma is currently trading at Rs. 826.00, up by 37.15 points or 4.71% from its previous closing of Rs. 788.85 on the BSE. The scrip opened at Rs. 798.00 and has touched a high and low of Rs. 829.50 and Rs. 792.10 respectively. So far 27014 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 829.50 on 27-Jul-2023 and a 52 week low of Rs. 397.30 on 03-Feb-2023. Last one week high and low of the scrip stood ...
Aurobindo Pharma shines on incorporating Wholly Owned Step-down Subsidiary in Russia
Aurobindo Pharma shines on incorporating Wholly Owned Step-down Subsidiary in Russia
Source: Accord Fintech
27/07/2023 10:05:20 AM
Oil up as supply tightness view offsets concerns from rate hikes Oil prices rose on Thursday as investors focused on expectations of tighter supplies from top oil producers, helping reverse earlier losses that were driven by worries that the hike in interest rates by the U.S. will hurt demand. The promise of economic stimulus in China, the world's second-biggest oil consumer, also lent support to the market. Brent crude futures were up 36 cents, or 0.4%, at $83.28 barrel by 0101 GMT, while U.S. West Texas Intermediate (WTI) crude rose to $79.26, ...
Oil up as supply tightness view offsets concerns from rate hikes
Oil up as supply tightness view offsets concerns from rate hikes
Source: Reuters
27/07/2023 9:10:39 AM
PM Narendra Modi scheduled to attend United Nations General Assembly in September  Prime Minister Narendra Modi is scheduled to attend the high-level annual meeting of the UN General Assembly in September, according to the roster of speakers released by the office of the Assembly president. The tentative roster has him speaking on September 22 between 3 p.m. and 9 p.m. local time (12:30 a.m. and 6:30 a.m. in India on September 23), but it is likely to be changed to a more hospitable time for viewers in India. This will be his second visit to the UN and the US th...
PM Narendra Modi scheduled to attend United Nations General Assembly in September
PM Narendra Modi scheduled to attend United Nations General Assembly in September
Source: IANS
19/07/2023 10:09:02 AM
Oil prices up on China economic support pledge, tighter supply Global oil prices rose on Wednesday, boosted by China's pledge to support economic growth, tighter supply from Russia and on lower weekly U.S. crude oil inventories. Brent futures rose 9 cents, or 0.1%, to $79.72 a barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude was steady at $75.75 per barrel. China's top economic planner pledged on Tuesday that it would roll out policies to "restore and expand" consumption in the world's second-largest economy ...
Oil prices up on China economic support pledge, tighter supply
Oil prices up on China economic support pledge, tighter supply
Source: Reuters
19/07/2023 8:45:06 AM
Government simplifies norms for exporters to avail benefits of advance authorisation scheme In a positive move for exporters, the government has simplified norms for exporters to avail benefits of an advance authorisation scheme under which free imports of input materials are allowed. The Directorate General of Foreign Trade (DGFT) implements this scheme under the Foreign Trade Policy. The eligibility of inputs is determined by sector-specific norms committees based on input-output norms. To make the norms fixation process more efficient, the DGFT said that it has created a user-...
Government simplifies norms for exporters to avail benefits of advance authorisation scheme
Government simplifies norms for exporters to avail benefits of advance authorisation scheme
Source: Accord Fintech
18/07/2023 10:46:52 AM
India central bank to give banks guidance to resolve rupee trade issues India's central bank will release guidance for banks in two to three days to resolve some teething issues on the rupee trade mechanism, a senior trade official told reporters. The issue with rupee trade is that it can only work as a barter currency, the official said. Due to defence trade, Russia has accumulated a lot of rupee reserves, he added. In May, Russia’s Foreign Minister Sergei Lavrov said talks were underway with India to exchange billions of rupe...
India central bank to give banks guidance to resolve rupee trade issues
India central bank to give banks guidance to resolve rupee trade issues
Source: Reuters
14/07/2023 4:23:18 PM
Oil flat after bigger-than-expected build in U.S. crude stockpiles Oil prices were largely unchanged in early Asian trade on Wednesday as hopes for higher demand in the developing world and supply cuts by the world's biggest oil exporters offset fears of an economic downturn driving up U.S. crude stockpiles. Brent futures slipped 4 cents, to $79.36 a barrel by 0015 GMT while U.S. West Texas Intermediate (WTI) crude fell 1 cent to settle at $74.82. Keeping a lid on prices, U.S. crude inventories rose by about 3 million barrels in the week to July 7,...
Oil flat after bigger-than-expected build in U.S. crude stockpiles
Oil flat after bigger-than-expected build in U.S. crude stockpiles
Source: Reuters
12/07/2023 9:14:55 AM
Russia`s budget deficit hits $28 billion Russia's federal budget deficit for the first half of this year stood at 2.59 trillion rubles ($28 billion ), the Ministry of Finance announces. According to preliminary estimates released by the Ministry, revenues of the Russian budget in the first six months of 2023 amounted to 12.38 trillion rubles, down by 12 per cent year on year, reports Xinhua news agency. Government spending in the January-June period was 14.97 trillion rubles, up by 19 per cent on a year-on-year basis. N...
Russia`s budget deficit hits $28 billion
Russia`s budget deficit hits $28 billion
Source: IANS
8/07/2023 11:41:33 AM
Only 14% of the time Nifty has been more expensive than current level  The Nifty rallied 10.5 per cent during the April-June quarter and was the 4th best performing index after Brazil (+15.9 per cent), Japan (14.2 per cent) and Russia (14.1 per cent), foreign brokerage, CLSA said in a report. Nifty outperformed the EM benchmark by 10.6ppts. China (-7.8 per cent) and Hong Kong (-7.3 per cent) were the worst performing markets followed by Thailand (-6.6 per cent). The premium of the Nifty 12-month forward PE is getting close to the extended zone as onl...
Only 14% of the time Nifty has been more expensive than current level
Only 14% of the time Nifty has been more expensive than current level
Source: IANS
6/07/2023 2:31:32 PM
Need to keep our own interests going, says Jaishankar on economic ties with Russia  External Affairs Minister S. Jaishankar on Monday while referring to country's growing trade ties with Russia, said that India is more concerned about protecting its own interests rather than thinking about that country's affairs. Addressing an event in the national capital, Jaishankar said, "Russia's main economic partner was the Western countries, after the Ukraine conflict that way was closed. Russia is turning towards Asia...Our trade before the Ukraine conflict ...
Need to keep our own interests going, says Jaishankar on economic ties with Russia
Need to keep our own interests going, says Jaishankar on economic ties with Russia
Source: IANS
3/07/2023 5:15:44 PM
Exclusive-India refiners start yuan payments for Russian oil imports Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments. Western punishments over Russia's invasion of Ukraine have shifted global trade flows for its top export, with India emerging as the largest buyer of seaborne Russian oil even as it casts about for how to pay for it amid shifting sanctions. Th...
Exclusive-India refiners start yuan payments for Russian oil imports
Exclusive-India refiners start yuan payments for Russian oil imports
Source: Reuters
3/07/2023 3:50:25 PM
Dollar holds firm ahead of U.S. durable goods, housing data The U.S. dollar held its ground against major currencies on Tuesday as tension in Russia simmered and traders looked ahead to U.S. data that may determine the timing of interest rate hikes. Russian President Vladimir Putin said on Monday he let an aborted mutiny go on as long as it did to avoid bloodshed, a crisis that pushed the greenback to a 15-month high against the rouble. The dollar index rose 0.04% to 102.770. The rouble was flat at 84.40 per dollar after hitting its weakest leve...
Dollar holds firm ahead of U.S. durable goods, housing data
Dollar holds firm ahead of U.S. durable goods, housing data
Source: Reuters
27/06/2023 9:29:46 AM
Asian stocks teeter as Russia, rates and China risks weigh Asian stocks wobbled on Tuesday as investors held tight ranges awaiting clues on the interest rate outlook and wary of risks about China's shaky economic recovery and developments in Russia after an aborted mutiny. MSCI's gauge of Asia Pacific stocks outside Japan was up 0.08% at 0126 GMT, after dropping 0.06% an hour earlier. Japan's benchmark Nikkei average fell as much as 1%. "Asian equities are set for a downturn on Tuesday, prompted by Wall Street's risk-aversi...
Asian stocks teeter as Russia, rates and China risks weigh
Asian stocks teeter as Russia, rates and China risks weigh
Source: Reuters
27/06/2023 9:20:16 AM
France agrees IOC will take final call on Russian, Belarus participation in Paris Olympics  The preparations for next year's Olympics and the participation of contingents from Russia and Belarus in Paris 2024 were the main topics of discussion when International Olympic Committee (IOC) Thomas Bach met French President Emmanuel Macron here. While both leaders expressed their full support to the Organising Committee for Paris 2024 Olympic Games, they also reaffirmed that the decision regarding the participation of Russian and Belarus athletes will be left to the IOC, to b...
France agrees IOC will take final call on Russian, Belarus participation in Paris Olympics
France agrees IOC will take final call on Russian, Belarus participation in Paris Olympics
Source: IANS
9/06/2023 11:51:44 AM
India`s palm oil imports hit 27-month low, buyers pick cheaper soft oils - dealers  India's palm oil imports sank to a 27-month low in May as buyers cancelled expensive cargoes of the edible oil and replaced them with cheaper soyoil and sunflower oil, six dealers told Reuters on Tuesday. Palm oil imports by India fell to 441,000 tonnes last month, down 14% from 510,094 tonnes in April, according to average estimates from the dealers. May imports were the lowest since February 2021, the dealers added. The drop in purchases by the world's biggest importer o...
India`s palm oil imports hit 27-month low, buyers pick cheaper soft oils - dealers
India`s palm oil imports hit 27-month low, buyers pick cheaper soft oils - dealers
Source: Reuters
6/06/2023 10:24:23 AM
Oil prices tick down with OPEC meeting in rear view Oil prices edged lower on Tuesday, giving up most of the prior session's gains that followed an announcement by the world's top exporter, Saudi Arabia, that it would further cut output. Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel at 0020 GMT. The U.S. West Texas Intermediate crude eased 25 cents, or 0.4%, to $71.90 a barrel. Brent had gained as much as $2.6 on Monday and U.S. crude had risen as much as $3.3 in the hours after Saudi Arabia said its output ...
Oil prices tick down with OPEC meeting in rear view
Oil prices tick down with OPEC meeting in rear view
Source: Reuters
6/06/2023 8:50:12 AM
Kremlin: OPEC+ important to global energy market stability OPEC+, the group of leading oil-producing countries, is important for providing stability on global energy markets, Kremlin spokesman Dmitry Peskov said on Monday, a day after the group met. OPEC+ pumps around 40% of the world's crude and has put in place cuts of 3.66 million barrels per day, amounting to 3.6% of global demand. "The Russian Federation is a member of the joint (OPEC+) understanding. The OPEC+ format continues its work, there are common agreements that, of course...
Kremlin: OPEC+ important to global energy market stability
Kremlin: OPEC+ important to global energy market stability
Source: Reuters
5/06/2023 3:28:09 PM
China, India receive record Russian crude oil in May -data Russian crude oil imports by China and India in May hit an all-time high as buyers gorged on discounted supplies, reducing demand for oil from the Middle East and Africa, according to preliminary assessments from ship trackers. The jump in Russian supplies comes ahead of a meeting between the Organization of the Petroleum Exporting Countries and their allies including Russia on June 4. Producers face some pressure to act to support Brent futures which have fallen 5% this week to about $...
China, India receive record Russian crude oil in May -data
China, India receive record Russian crude oil in May -data
Source: Reuters
1/06/2023 5:37:27 PM
India to host SCO summit in virtual format in July  India will host a summit of the Shanghai Cooperation Organisation in a virtual format in July, the external affairs ministry said on Tuesday, adding that heads of state of all members, including Russia, China and Pakistan were invited. The eight-member bloc's defence and foreign ministers attended in-person meetings in India earlier this year. China's defence minister came to India in April for a meeting of the SCO's defence ministers, the first visit of a Chinese defe...
India to host SCO summit in virtual format in July
India to host SCO summit in virtual format in July
Source: Reuters
31/05/2023 9:08:45 AM
Oil rises on U.S. debt deal, but rate hikes, OPEC+ talks curb enthusiasm Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains. Brent crude futures climbed 35 cents, or 0.5%, to $77.42 a barrel by 0145 GMT after gaining 12 cents on Monday. U.S. West Texas Intermediate (WTI) crude rose 53 cents to $73.20 a barrel, up 0.7% from Friday's close. There was no settlement on Monda...
Oil rises on U.S. debt deal, but rate hikes, OPEC+ talks curb enthusiasm
Oil rises on U.S. debt deal, but rate hikes, OPEC+ talks curb enthusiasm
Source: Reuters
30/05/2023 8:58:58 AM
Oil rises after US leaders strike provisional debt deal Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Brent crude futures climbed 66 cents, or 0.9%, to $77.61 a barrel by 0247 GMT, while U.S. West Texas Intermediate crude was at $73.42 a barrel, up 75 cents, or 1%. Trade is expected to be subdued on Monday because of UK and U.S. holidays. U.S. President Joe Bi...
Oil rises after US leaders strike provisional debt deal
Oil rises after US leaders strike provisional debt deal
Source: Reuters
29/05/2023 9:00:34 AM
UN working on facilitation of Russian food and fertiliser exports  The world body continues to push for Russian food and fertiliser exports as a parallel agreement with the Black Sea Grain Initiative, which allows Ukrainian agricultural exports from Black Sea ports, said a UN spokesman. UN Conference on Trade and Development chief Rebeca Grynspan and her team are continuing to "work full steam" ahead to ensure the full implementation of the memorandum of understanding on Russian food and fertiliser exports, said Stephane Dujarric, spokesma...
UN working on facilitation of Russian food and fertiliser exports
UN working on facilitation of Russian food and fertiliser exports
Source: IANS
27/05/2023 10:27:36 AM
Russia-linked new malware can cause electric power disruption globally Cyber-security researchers have spotted a new Russia-linked malware that is designed to cause electric power disruption via attacking critical infrastructure systems and electric grids. Mandiant identified the malware, dubbed as CosmicEnergy, that can cause electric power disruption by interacting with devices such as remote terminal units (RTUs) that are commonly leveraged in electric transmission and distribution operations in Europe, the Middle East, and Asia. "Analysis into the...
Russia-linked new malware can cause electric power disruption globally
Russia-linked new malware can cause electric power disruption globally
Source: IANS
26/05/2023 2:43:39 PM
Oil settles lower as Russia downplays additional OPEC+ cuts Oil prices settled lower on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Brent crude futures settled down $2.10, or 2.7%, to $76.25 a barrel. U.S. West Texas Intermediate crude (WTI) settled down $2.51, or 3.4%, to $71.83. At their session low, both benchmarks were down by more than $3. Oil prices began falling after Novak was quoted saying he did not think additional OPEC+ cuts were like...
Oil settles lower as Russia downplays additional OPEC+ cuts
Oil settles lower as Russia downplays additional OPEC+ cuts
Source: Reuters
26/05/2023 12:13:48 PM
CBDT notifies 21 countries from where investment in unlisted Indian startups to be exempt from angel tax The Finance Ministry has notified 21 countries, including the US, UK and France, from where non-resident investment in unlisted Indian startups will not attract angel tax. However, the list excludes investment from countries like Singapore, Netherlands and Mauritius. The government had in the Budget brought overseas investment in unlisted closely held companies, except DPIIT recognised startups, under the Angel Tax net. Following that, the startup and venture capital industry sought exemption...
CBDT notifies 21 countries from where investment in unlisted Indian startups to be exempt from angel tax
CBDT notifies 21 countries from where investment in unlisted Indian startups to be exempt from angel tax
Source: Accord Fintech
26/05/2023 9:53:33 AM
Russia says trade with China expected to hit record $200 bn in 2023 Trade between Russia and China is expected to hit a new record level of $200 billion this year, according to Russian Prime Minister Mikhail Mishustin during his trip to China, as Moscow faces growing isolation from the West, local media reported. Russia has been hit by unprecedented Western sanctions since it unleashed a devastating war against Ukraine and has been shut out of much of the global economy, CNN reported. But China, which has declared "no limits" to its friendship...
Russia says trade with China expected to hit record $200 bn in 2023
Russia says trade with China expected to hit record $200 bn in 2023
Source: IANS
24/05/2023 6:24:59 PM
India`s exports of engineering goods to Russia jump 11 times in April 2023: EEPC The engineering export promotion council (EEPC) has said that India’s exports of engineering goods to Russia jumped 11 times in April 2023 to $133.6 million as compared to year-ago month while the US and China markets continued to soften. Engineering exports to the CIS country were $11.7 million in April 2022. The value of engineering exports to the US was $1.4 billion in April 2023, down 24.9 per cent compared to $1.86 billion in the year-ago month. Shipments to China too continued ...
India`s exports of engineering goods to Russia jump 11 times in April 2023: EEPC
India`s exports of engineering goods to Russia jump 11 times in April 2023: EEPC
Source: Accord Fintech
22/05/2023 12:01:57 PM
Share of Russia's grain exports settled in rubles expected to reach 30%: Official  The share of Russia's grain export settled in rubles, the Russian currency, may increase to 30 per cent in the medium term, Agriculture Minister Dmitry Patrushev said. At the Russian Grain Forum in Sochi, Patrushev on Friday added that the Agriculture Department is studying the transition of grain exports to domestic currency settlement, and the share of such settlements is expected to reach 30 per cent in the medium term, according to the press service of the department. He s...
Share of Russia's grain exports settled in rubles expected to reach 30%: Official
Share of Russia's grain exports settled in rubles expected to reach 30%: Official
Source: IANS
20/05/2023 10:48:42 AM