Seoul, March 12 (IANS) The South Korean currency fell against the US dollar on Thursday as global oil prices climbed amid concerns about supply disruptions stemming from heightened tensions in the Middle East.The won opened at 1,480.1 per dollar, down 13.6 won from the previous session, reports Yonhap news agency.The currency had risen over the previous two sessions, rebounding from a 17-year low, after US President Donald Trump hinted that the war in the Middle East could end soon and global oi…
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Seoul, March 12 (IANS) South Korean stocks continued to trade lower late on Thursday morning as investors sat on the sidelines amid lingering oil price swings sparked by the US-Iran war.The benchmark Korea Composite Stock Price Index (KOSPI) fell 43.49 points, or 0.78 percent, to 5,566.46 as of 11:20 a.m.The International Energy Agency announced a plan to release oil reserves to ease woes over supply disruptions at the Strait of Hormuz, though investors remained concerned about potential long-te…
Washington, March 12 (IANS) The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve over the next four months, part of a coordinated international effort by major economies to stabilise energy markets as conflict in the Middle East pushes global prices higher.The announcement came from the US Department of Energy after 32 member nations of the International Energy Agency agreed to release a combined 400 million barrels of oil and refined products from natio…
Washington, March 12, (IANS) President Donald Trump has said that US military action against Iran would help bring down global oil prices, telling supporters in Kentucky that a coordinated release of emergency crude reserves and continued pressure on Tehran would stabilise energy markets.Speaking at an event in Hebron, Kentucky, on Wednesday (local time), Trump defended the ongoing US military campaign against Iran and said Washington would continue operations until its objectives were achieved….
New Delhi, March 11 (IANS) India on Wednesday welcomed the International Energy Agency’s (IEA) decision to release emergency oil stocks amid the prevailing supply disruptions due to the Iran war.The government is closely monitoring the evolving situation in global energy markets, particularly in the Middle East, an official said.India stands ready to take appropriate measures, as necessary, to support global market stability in alignment with the efforts of the IEA, the official added.India is a…
New Delhi, March 11 (IANS) In a significant development amid the ongoing West Asia crisis, the International Energy Agency (IEA) on Wednesday announced the release of 400 million barrels of oil from the emergency reserves of 32 member countries to address disruptions in oil markets.The emergency stocks will be made available to the market over a timeframe that is appropriate to the national circumstances of each member country and will be supplemented by additional emergency measures by some cou…
New Delhi, March 11 (IANS) Gold and silver prices eased on Wednesday as investors booked profits, though a softer US dollar and lingering geopolitical uncertainty capped the decline.MCX gold April futures lost 0.52 per cent to Rs 1,62,452 per 10 grams around 11.15 am on an intraday basis. Meanwhile, MCX silver May futures declined 1.69 per cent to Rs 2,73,150 per kg.The profit booking followed the MCX gold April futures contract rising almost 2 per cent and the silver May futures surging 4 per c…
New Delhi, March 11 (IANS) Crude oil prices further declined on Wednesday after reports surfaced that the International Energy Agency (IEA) proposed the largest release of emergency reserves in its history to cool the price surge fuelled by the US‑Iran war.The proposed release would surpass the 182 million barrels deployed in two tranches in 2022 following Russia’s invasion of Ukraine, according to multiple reports. The Group of Seven (G7) nations have asked the IEA to prepare scenarios for …
New Delhi, March 10 (IANS) India is continuing to supply diesel to Bangladesh via pipeline from the Numaligarh refinery in Assam as part of the long-term agreement that is in place with the neighbouring country.The India-Bangladesh Friendship Pipeline was operationalised in 2017. It has been supplying diesel to Bangladesh on a commercial basis from the Numaligarh Refinery Ltd. This diesel supply is part of regular ongoing energy trade between the two countries, a senior official said.Meanwhile, …
Washington, March 9 (IANS) Wall Street is likely to start the second week of March in the red on Monday (US time). The Dow Jones futures — an early indicator of the US stock markets — traded lower after crude oil prices climbed above $110 per barrel.S&P 500 futures were down about 1 per cent, while Nasdaq 100 futures slipped around 1.1 per cent, reflecting persistent risk aversion in global markets.Dow Jones Futures were trading at 46,964.86, down 536.69 points or 1.13 per cent ahead of Wa…