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Brent crude oil has averaged $66 per barrel so far in 2025-26, lower than the RBI’s assumptions for the year
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MSCI’s gauge of Asian equities fell for a second day after the S&P 500 dropped 0.8%
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Brent crude futures rose 19 cents, or 0.26%, to $72.88 at 0010 GMT, and U.S. West Texas Intermediate crude futures were up 22 cents, or 0.32%, to $69.37.
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The assassination of Hamas leader, Ismail Haniyeh, in Iran heightened fears of a broader Middle East conflict, and spurred the oil price rally.
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Brent crude futures settled at $82.79 a barrel, down $1.09, or 1.3%. U.S. West Texas Intermediate crude settled at $78.26 a barrel, down $1.00, or 1.3%.
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Brent crude futures edged up 9 cents to $88.11 a barrel at 0420 GMT, after falling 0.5% in the previous session.
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Impact on Indian rupee: Currency experts have warned before that sustained crude price increases may widen the CAD and exert considerable pressure on the Indian rupee, given that inflows have weakened due to rising US interest rates and the strengthening of the dollar.
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The coming week will be crucial for the Indian equity market as any significant escalation in tensions could trigger panic selling and volatility.
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Motilal Oswal expects a negative stock price reaction for OMCs in the near term, given the retail price cut and recent elevated Brent prices
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The Israel-Palestine crisis may lead to a sharp rebound in crude prices and related stocks including ONGC, Oil India, Mahanagar Gas, Reliance Industries, and Castrol India
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Brokerage firm Nomura expects that due to geopolitical events, countries like India and the Philippines, which heavily rely on oil imports, may face challenges if oil prices surge
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While it might be more difficult for oil marketing companies to lower pump prices of petrol and diesel, the economist sees a cut in the excise duty as a viable option, particularly given the timing – coinciding with the festive period and ahead of a busy election schedule
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A round-up of top stories from newspapers compiled to keep you ahead of others.
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Crude oil prices posted their biggest daily rise in a year after a surprise announcement by OPEC+ to cut more production jolted markets. The Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, announced further production target cuts of about 1.16 million barrels per day. As a result, Goldman Sachs raised its Brent price forecasts to $95 and $100 a barrel for 2023 and 2024, respectively. Will the crude hit $100 bbl? Check out the video to know!
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Catch today's commodity live with Manisha Gupta!
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Crude oil prices fell 3 percent in previous week. Oil flows from Russia to Hungary through Druzhba pipeline resume. Catch today's commodity chat with Manisha Gupta!
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Brent crude futures were down 1 cent, or 0.1%, to $98.56 a barrel at 1444 GMT. U.S. West Texas Intermediate crude rose by 4 cents, or 0.04%, to $92.65.
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Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata respectively.
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OMCs did not increase the retail price of petrol and diesel in line with the steep increase in crude oil prices earlier. They typically revise retail petrol and diesel prices daily, based on the rolling average of international benchmark prices over the past 15 days.
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U.S. West Texas Intermediate crude was up $3.08, or 3.6%, at $89.98 after a 0.3% gain in the previous session.
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Global benchmark Brent crude gained $3.41, or 3.5%, to $99.88 a barrel by 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude rose $3.74, or 4.1%, to $94.10.
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Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27.
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The Organization of the Petroleum Exporting Countries (OPEC) said it expects demand to rise by 2.7 million barrels per day (bpd), or 2.7%, in 2023.
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Brent crude futures fell $2.32, or 2.2%, to $104.78 a barrel by 0953 GMT, while U.S. West Texas Intermediate crude was at $101.46 a barrel, down $2.63, or 2.5%.
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Petrol and diesel prices remain steady on July 9, the latest price notification issued by fuel retailers shows, with prices staying unchanged for more than a month after the government on May 21 cut the excise duty on petrol by Rs 8 a litre and on diesel Rs 6 a litre.
