Dharmendra Pradhan hints at new gas policy as current pricing formula economically unviable, says low oil prices no answer
Natural gas prices in India have fallen to their lowest in more than a decade, leading to producers like ONGC incurring losses in businesses.
The US Fed's two-day meeting begins on 28 April and interest rate decision will be announced on 29 April 2020.
US oil futures plumb historic lows below zero, Brent plunges on concerns of collapse in demand, storage facility
Describing the drop in US oil futures as short-term and stemming from a “financial squeeze”, US President Donald Trump on Monday said his administration would consider halting Saudi crude oil imports.
Crude claws back into positive territory but historic crash spooks investors; analysts hint at demand destruction
May futures settled at minus $37.63 a barrel on Monday, a 306% daily drop, driven by the rapid filling of the United States’ main storage hub at Cushing, Oklahoma - the delivery point for West Texas crude.
Even with the huge gains on Thursday, prices still slumped nearly 60% this year as oil demand has plummeted due to coronavirus slashing demand even as Saudi Arabia and Russia said they would boost output in April.
Oil jumps 5% to over $28 on Fed steps to support economy; Saudi Arabia plans to boost exports despite low demand
The expected stimulus pushed the US dollar lower against other currencies. A weaker dollar tends to support the price of oil and other dollar-denominated commodities.
The sudden collapse in demand has resulted in a glut of unsold, high quality crude in Nigeria and sent prices at the US Gulf Coast to a discount to benchmark futures, traders said.
US crude hits 18-year low at $24.44 per barrel as lockdowns, travel restrictions spread; demand in April expected to fall
Brent crude was trading down $1.39, or nearly 5 percent, at $27.34 a barrel, after dropping to $27.31, its lowest since early 2016.
India plans to top up strategic tanks with cheap Saudi Arabia, UAE oil; OPEC producers to increase output, cut prices eyeing big buyers
Global oil prices have fallen around 40 percent in March as the impact of the coronavirus pandemic has destroyed demand, while supplies are growing following Moscow’s refusal to back deeper output cuts.
Oil prices jump over $1 as recent sharp falls draw investors; US says it will take advantage of low crude rates to fill strategic reserve
Amid heavy demand loss from the global spread of the virus that causes COVID-19, Saudi Arabia and Russia started a price war after failing to agree to extend their pact to cut output to support the market.
Bloodbath on D-Street: Sensex nosedives over 2,200 points, Nifty below 10,500-mark on global equity rout, sinking oil prices; ONGC plunges over 14%
ONGC was the top laggard in the Sensex pack followed by IndusInd Bank (7.64 percent), RIL (7.35 percent), L&T (6.68 percent), Tata Steel (6.45 percent), PowerGrid (5.32 percent) and SBI (5.25 percent).
Oil rises, US crude trading near two-month high after OPEC agrees to increase output curbs by nearly 50% in early 2020
West Texas Intermediate oil futures were up by 2 cents at $58.45 a barrel. They rose to as high as $59.12 a barrel on Thursday, the highest since the end of September.
US becomes equity investors' favoured destination, impact of drone attacks on Saudi oil facilities; all this and more on Moneycontrol Pro
Oil shocks have almost always been ominous for the global economy – not only because of their links to the economy but also because several US recessions have been preceded by a sharp surge in oil prices.
Rupee gains 39 paise to 68.50 ahead of Budget; lower oil prices, stronger domestic equity markets support domestic currency
At the interbank foreign exchange market, the rupee opened at 68.86 per dollar and advanced to a high of 68.49 during the day.
OPEC set for oil cut extension next week if Iran endorses pact; deal likely to be extended by 9 months
Washington has demanded Riyadh pump more oil to compensate for lower exports from Iran after slapping fresh sanctions on Tehran over its nuclear programme.
Oil prices rise as Middle East tanker attack increases supply concerns amid standoff in Sino-US trade talks
Saudi Arabia said that two Saudi oil tankers were among vessels targeted by a “sabotage attack” off the coast of the UAE, condemning it as an attempt to undermine the security of global crude supplies.
Oil extends losses into second session; Russia, OPEC likely to boost crude output to fight for market share with US
Brent crude oil futures were at $71.08 a barrel, down 10 cents, or 0.1 percent, from their last close. Brent ended down 0.5 percent on Monday.
Oil slips from five-month high as sluggish economic outlook counters tight market, Brent futures at strongest level
Despite the economic concerns, global oil markets are tight, and Brent and WTI crude oil futures have risen by 40% and 30% respectively since the start of the year.
Crude oil hits 2019 high on OPEC cuts, concerns over demand ease; healthy data on US, China bolsters prices
The United States is considering more sanctions against Iran, whose crude oil exports have been halved by existing measures, an official said.
Crude oil rises to $67 on Saudi Arabia's plan for additional output curbs in April, Venezuelan export cut
Crude rallied this year after the OPEC and its allies including Russia, a group known as OPEC+, returned to supply cuts as of 1 January.