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Brent crude prices rose 2.56% to nearly $75 a barrel soon after OPEC's announcement, which indicates that the market had discounted a 1 mbpd raise in output and had expected more.
As per the April agreement, Aramco is to supply half of the crude oil required for processing at the refinery that will be commissioned by 2025. ADNOC will now supply some of the crudes
Oil prices rose more than 1 percent on Friday as OPEC tried to agree a deal to increase output to compensate for losses in production at a time of rising global demand.Benchmark Brent crude was up $1
Higher crude oil price, however, does not necessarily imply a weaker INR unless it is accompanied by capital outflows (or weaker BoP).
The market has since tightened significantly, pushing up crude prices and triggering calls by consumers to increase supplies.
ONGC produced 1.84 million tonnes of crude oil in May as compared to 1.93 million tonnes in the same period last year, an official statement said here.
Oil marketing companies HPCL, BPCL and IOC gained 2-3 percent on sharp correction in Brent crude futures.
Oil retailers IOC, HPCL and BPCL were down 0.7-2 percent on rising crude prices in the international markets.
The crude price was also dented by expectations that producer group OPEC and partner Russia will gradually increase output in order to make up for involuntary losses in Venezuela and potential
"There will be an OPEC conference in Vienna on June 22...Whenever we have met OPEC members, we have told them that crude oil prices should be controlled, reasonable, responsible and should meet
Angel Commodities' report on Crude OilMCX CPO closed lower on Friday due to cut in tariff values of all the edible oils. The base import price of crude palm oil and RBD palmolein was cut by $1 4 each
Moneycontrol NewsAviation and oil marketing companies' share prices gained between 2.5 percent and 6 percent after sharp fall in crude oil prices in the international markets.State-run oil retailers
Pressure has been mounting on the government to cut excise duty on petrol and diesel to bring down their prices which have gone up following a spike in crude prices in the international market.
Sumit Bilgaiyan of Equity99 said the key factors such as rupee's movements against the US dollar and fluctuations in crude oil prices as well as developments on monsoon's progress
Benchmark Brent crude oil fell by $1.07 a barrel to a low of $74.87 before recovering to $75.12, down 82 cents, by 1328 GMT. US light crude was 360 cents lower at $66.53.
Oil imports were up 49.46 percent to USD 11.5 billion on back of surge in international crude prices.
Rising crude oil prices, a worsening current account deficit, and a slowdown in foreign investment inflows threaten to upend economic recovery.
According to Angel Commodities, NCDEX Jul Soybean jumps more than 1% on Thursday on anticipation of higher domestic crushing of soybean after government increase customs duty on crude as well
The world's biggest steel maker produced 81.13 million tonnes of crude steel last month, up 5.8 percent from the previous month and 8.9 percent from the same month last year, according
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