Oil Market

As global equity indices slid, commodities, including crude oil, surged as geopolitical risks over Ukraine rippled through global markets. The Brent-indexed Crude oil prices crossed $96 per barrel, the highest in seven years.

Investors are advised to wait for a "corrective dip" before creating fresh long positions, it said. For crude oil on the Multi Commodity Exchange of India, prices are seen in a window of Rs 4,700-7,200. "While volatility may continue, general bias still remains positive with expectations of a tighter market," the brokerage said. Demand for crude oil is expected to grow, said the brokerage, adding that, however, challenges still persist in the form of risks from the virus, slower global economic growth and withdrawal of stimulus measures.

Anil Chaudhary was formerly the Chairman and Managing Director of Steel Authority of India Limited (SAIL) and has been the Chairman of International Coal Ventures Ltd. (ICVL) and junction services Ltd. He had also been the President of Steel Research and Technology Mission of India (SRTMI). Currently, he is the Chairman of Minerals and Metals Committee of PHDCCI. He will be the member of the Executive Committee, and will play a key role in driving the investment strategy and growth in the Metals & Mining Vertical, domestically and globally.

According to Ronojoy Dutta, Whole Time Director and Chief Executive Officer, IndiGo, civil aviation provides efficient infrastructure critical for economic growth and employment in the country. "Yet civil aviation pays 21 per cent of its revenues to the government in indirect taxes with very little input credit. It is an unreasonable proposition to expect that the industry should earn a 21 per cent margin just to pay taxes to the government," Dutta said.

The investment will be done in those cities for which it has secured a licence, and 33 per cent of the demand potential, in the recently-concluded 11th round of CGD bidding by the Petroleum and Natural Gas Regulatory Board. Those geographical areas include major districts like Jammu, Pathankot, Sikar, Jalgaon, Guntur (Amravati), Tuticorin, Tirunelveli, Kanyakumari, Madurai, Dharmapuri and Haldia (East Mednipore).

This figure was reached despite the dozens of sanctions the US government has imposed on the South American country, El Aissami said in a Christmas message on Saturday. "Despite the threats of the criminal blockade of the US, here is a people standing with dignity and in the vanguard: the oil working class," Xinhua news agency quoted the Minister as saying.

The West Texas Intermediate for February delivery added $1.64, or 2.3 per cent, to settle at $72.76 a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 1.31 dollars, or 1.8 per cent, to close at 75.29 dollars a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

Essar Exploration and Production is an emerging player in natural gas exploration and production worldwide. It and Ente Nazionale Idrocarburi have a significant investment in Block 114, located in the offshore area of central Vietnam. On Sunday, the Chairman of the National Assembly of Vietnam Vuong Dinh Hue, and Deputy Prime Minister Le Manh Hung met Ravi Ruia and Prashant Ruia, two senior most officials at Essar.

Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. In the financial capital Mumbai, the prices were unchanged at Rs 94.14 and Rs 109.98. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67.

Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. In the financial capital Mumbai, the prices remained unchanged at Rs 94.14 and Rs 109.98 respectively. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67 respectively.