Oil prices

Accordingly, the Brent-indexed crude oil prices crossed $95 per barrel, the highest in several years. Crude oil prices inclined to a multi-year high level as Russian President Vladimir Putin ordered the deployment of troops into two separatist areas within Ukraine. On Monday, Russia recognised the two separatist regions' independence, a move that some fear puts Ukraine and Russia one step closer to a military conflict.

Accordingly, the rupee is expected to seesaw between 74.50 to 75.59 to a greenback. Lately, the Brent-indexed Crude oil's price has hovered over $91 per barrel. The latest official data showed that India's trade deficit widened by 20.23 per cent on a year-on-year basis to $17.42 billion in January 2022 from $14.49 billion in the like period of 2021. It had widened to $15.30 billion in January 2020.

In the national capital, the price of jet fuel was raised to Rs 90,519.79 per kilolitre from Rs 86,038.16 per kilolitre. In the other metro cities of Kolkata, Mumbai and Chennai, the price was increased to Rs 94,888.70, Rs 88,987.20 and Rs 93,371.18 per kilolitre, respectively. The hike is expected to impact aviation companies' finances that are under huge stress amid high debt.

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.

The Stock Limit Order, notified on February 3, empowers the Union Government and all states/UTs to regulate storage and distribution of edible oils and oilseeds. This would also help the government in checking hoarding of edible oils and oilseeds in the country, a statement from the Ministry of Consumer Affairs, Food & Public Distribution said on Wednesday.

At the start of the day's trade, the two indices opened almost flat but rose in the initial minutes to make intra-day high. They fell soon after and made an intraday low post noon.Globally, Asian equity markets were mostly mixed, supported by an Amazon-led bounce in US Futures. However, a rise in oil prices to a seven-year high kept traders on edge over prospects that interest rates will rise to curb global inflationary pressures.

Somnath Mukherjee, Managing Partner & CIO, ASK Wealth Advisors, said that as a result, the positive surprise that was widely expected in the fiscal didn't materialise. Next year's numbers though have been pegged at a fairly modest level. Total budgeted expenditure is up less than 5 per cent (over Revised Estimates for FY22), total revenue receipts are also budgeted at a modest 6 per cent growth.

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.

However, concerns over Covid-19 variant -- Omicron -- will keep the Indian rupee's strength in check. "Last week of December is strong for rupee and Indian equities on a last 10-year track record," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.

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.