Seoul, May 19 (IANS) South Korea’s President Lee Jae Myung said Tuesday he and Japanese Prime Minister Sanae Takaichi agreed to further enhance cooperation on supply chains amid the continuing conflict in the Middle East, as well as in securing crude oil and Liquefied Natural Gas (LNG) supplies.Lee made the remarks as he and Takaichi announced the results of their summit held at a hotel in his hometown of Andong, 190 kilometres southeast of Seoul.”We agreed that close bilateral cooperation is …
Latest Crude Oil News & Updates
Mumbai, May 18 (IANS) Rising crude oil prices have emerged as the biggest concern for financial markets, with inflation fears, higher bond yields and foreign fund outflows creating pressure on equities, a market expert said on Monday.Speaking to IANS, Shrikant S. Chouhan, Head, Equity Research at Kotak Securities said crude oil prices continue to remain elevated with no signs of relief, adding that prices increased further by around $2-3 over the weekend.“As long as crude prices remain high, i…
Mumbai, May 17 (IANS) Indian benchmark indices Sensex and Nifty snapped their two-session winning streak on Friday amid profit booking triggered by weak global cues, rising crude oil prices, and continued pressure on the Indian rupee. Investors are now expected to closely track geopolitical developments in the Middle East, oil price movement, ongoing corporate earnings, and currency fluctuations in the coming week.The 30-share Sensex declined 161 points, or 0.21 per cent, to settle at 75,237.99,…
New Delhi, May 14 (IANS) India’s inflation rate based on the wholesale price index (WPI) rose to 8.3 per cent during April, compared to the same month of the previous year, primarily due to an increase in prices of fuels and crude oil amid the Middle East conflict, according to a statement issued by the Ministry of Commerce and Industry on Thursday.The WPI inflation for April was higher than the corresponding figure of 3.88 per cent recorded for March this yearWPI food inflation remained constan…
Mumbai, May 12 (IANS) Indian equity benchmarks extended their losses for a second straight session on Tuesday as escalating tensions in West Asia, surging crude oil prices and concerns over the broader economic fallout triggered a sharp selloff across sectors.The 30-share Sensex plunged 1,456.04 points, or 1.92 per cent, to close at 74,559.24, while the Nifty declined 436.3 points, or 1.83 per cent, to settle at 23,379.55.Commenting on Nifty technical outlook, experts said that 23,300 now acts a…
Vadodara, May 11 (IANS) Prime Minister Narendra Modi on Monday highlighted global instability and its direct impact on India’s economy, particularly in relation to crude oil dependence and disrupted supply chains, while addressing a programme in Vadodara linked to Sardardham initiatives. Referring to the current international situation, he said the world is passing through multiple overlapping crises.“First the COVID-19 crisis, then global economic challenges, and now increasing tensions in …
New Delhi, May 11 (IANS) Prime Minister Narendra Modi’s appeal for a one-year economic adjustment framework makes sense, which is aimed at managing short-term stress and likely recover over the next nine months, a top banker said on Monday.In an interview with IANS, Dr Dharmesh Bhatia, Director–Wealth Management at Dubai-based Emirates Investment Bank, said such temporary disruptions are part of normal economic cycles, and can be offset in the broader recovery phase if policy and macro condi…
New Delhi, May 1 (IANS) The price of a 19-kg commercial LPG cylinder has been increased by Rs 993, starting Friday, and after the revision, a 19-kg cylinder will now cost Rs 3,071.5 in Delhi.However, there has been no change in the price of domestic LPG cylinders for 33 crore users, the Indian Oil Corporation (IOC) said in a statement.This is the third time that the price of a 19-kg commercial LPG cylinder has been increased since February 28, when the US-Israel and Iran war began.It first saw a…
Mumbai, April 30 (IANS) Gold and silver prices rose on Thursday amid surging crude oil prices driven by the West Asia conflict, gaining up to about 2 per cent.On the Multi Commodity Exchange (MCX), gold contracts for June 5 opened at Rs 1,49,499 per 10 grams, up Rs 449 or 0.30 per cent, from the previous close of Rs 1,49,050.At around 1 pm, gold was trading at Rs 1,50,770, up Rs 1,720 or 1.15 per cent. During the session, the yellow metal touched an intra-day high of Rs 1,51,514 (up Rs 2,464 or …
New Delhi, April 28 (IANS) The Centre on Tuesday said there is no proposal at present to increase retail fuel prices, seeking to calm concerns amid rising geopolitical tensions in West Asia that have impacted global energy markets.Speaking at an inter-ministerial briefing, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said petrol and diesel prices will remain unchanged for now, even as the government continues to monitor the evolving situation.“LPG, petroleum and…