Oil Market
War impact on crude, state poll results in focus for fresh cues: Religare Broking
For fresh cues in the coming week, investors would remain focused on the Russia-Ukraine crisis and its impact on crude besides the state elections results of five states that went to polls recently, brokerage house Religare Broking said. On the macroeconomic front, investors would keep an eye on IIP data scheduled to be released on March 11.
Fueling Inflation: Petrol, diesel prices set to rise as Crude to range around $95-125
Hostilities between Russia and Ukraine, along with sustained demand, is expected to keep global crude oil prices in the range of $95-to-$125 per barrel in the short term. Consequently, the geo-political crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by Rs 15-22 per litre.
10-year High: Ukraine crisis pushes crude price close to $120 a barrel
Continuing hostilities between Russia and Ukraine pushed crude oil price to a 10-year high of $119.84 per barrel on Thursday. The global hike in crude oil prices led by the Russia-Ukraine crisis is expected to push India's domestic prices of petrol and diesel by over Rs 22 per litre.
GMDC shares rise 16% taking cues from rising global commodity prices
Shares of the Gujarat Mineral Development Corporation (GMDC) jumped 16 per cent on Thursday in line with rising global commodity prices – crude oil and other industrial metals. Global crude oil prices hit multi-year highs due to the ongoing war between Russia and Ukraine, and any sharp rise in crude prices has a direct bearing across the board.
Supply disruptions of sunflower oil lift crude palm oil prices to all-time high
Possible short supply of sunflower oil amid the ongoing Russia-Ukraine has led the crude palm oil prices going through the roof.
Escalated geo-political worries in the Black Sea region may have significant bearing on sunflower seed and the oil supply from the region. India is the major importer of crude palm oil and the country meets more than two-thirds of its edible oil needs through imports, of which palm oil accounts for more than 60 per cent.
Sanctions against Russia could stall Europe's economic growth
The war in Ukraine and the ensuing sanctions against Russia could harm Europes energy supplies and stall its economic growth, European Commissioner for Economy, Paolo Gentiloni, warned on Wednesday. Speaking at a press conference in Brussels, he said Europe may encounter problems in the supply of energy resources more precisely, the supply of Russian gas and needs to be ready for such an outcome.
Oil India shares surge 10% as global crude prices touch multi-year high
Shares of state-run Oil India jumped nearly 10 per cent on Wednesday due to skyrocketing global crude oil prices. Lower supplies as well as hostilities between Russia and Ukraine pushed Brent crude oil price to nearly an 8-year high at $111 per barrel. In just the last two days, crude prices have risen nearly 15 per cent. At present, Russia is the third largest producer of crude oil in the world and sanctions against Russia may hurt global supply.
Crude at $111: Domestic petrol, diesel prices to sky rocket
The Russia-Ukraine crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by Rs 20-22 per litre. However, an excise duty cut may dampen the impact on petrol and diesel prices to an extent, but not entirely.The crisis as well as fears of lower supplies have pushed Brent crude oil price to nearly an 8-year high on Wednesday.
Oil prices surge as Russia-Ukraine conflict continues
Oil prices jumped to multi-year highs as the Russia-Ukraine conflict continued, prompting fears about energy supply disruptions from key exporter Russia. The West Texas Intermediate (WTI) on Tuesday for April delivery added $7.69, or 8 per cent, to settle at $103.41 a barrel on the New York Mercantile Exchange. It marked the highest settlement for a front-month contract since July 2014, according to Dow Jones Market Data.
IEA member nations to release 60 million barrels of oil
The 31 member countries of the governing board of the International Energy Agency (IEA) on Tuesday agreed to release 60 million barrels of oil from their emergency reserves to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia's invasion of Ukraine.The extraordinary governing board meeting, held at the ministerial level, was chaired by US Secretary of Energy, Jennifer Granholm, in her capacity as the chair of this year's IEA ministerial meeting.
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