Oil Market

The benchmark indices closed at record highs for the fifth consecutive day, with the Nifty reaching 21,778.70, up by 0.57%, and the Sensex ending at 72,410.38, up by 0.52%.

Among the major movers in the sector, HPCL led the way with a remarkable 6.7% increase, followed by IOC gaining 3.6%, GAIL rising by 3%, and Petronet LNG securing a 2.6% uptick.

​​​​​​​Initially implemented in June to counter soaring prices, the reduction saw a decrease in the basic customs duty on crude palm oil, crude sunflower oil, and crude soyoil from 17.5 percent to 12.5 percent until March 2024.

Several freight companies have also suspended their ships after being targeted by Houthi rebels in Yemen.

The move comes as part of India's strategy to diversify its sources of oil imports and secure supplies at competitive prices. The U.S. lifted sanctions on Venezuelan oil in October, prompting Indian refining companies to resume purchases.

One of the notable aspects was the surge in domestic manufacturing, reaching an all-time high market share of 82 percent, a remarkable increase from just 4 percent a year ago.

Cash-rich oil giants are taking advantage of high prices and surging profits to snap up assets and boost returns for shareholders even as pressure builds for them to invest more in renewable energy.

Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share valued at $171 apeice.

The windfall tax on petroleum crude was raised to Rs 12,100 a ton from Rs 10,000 with effect from September 30 as oil prices at the time had soared to $95 a barrel. Oil prices came down but have started heading north again in the wake of the Israel-Hamas conflict.