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<ul><li>Low inflation in India is attributed to lower <keyword id="102132" type="PERSON" weightage="20" keywordseo="Crude-Oil-Prices">crude oil prices</keyword> which were range bound in the last six months. </li><li>On Monday, the prices of Brent crude jumped a massive 12%, recording its biggest single-day leap in recent times. </li><li>The last time this happened in 2008, India was thrown into a crisis mode </li></ul> India has been enjoying low consumer price inflation which has been falling every month, to 3.15%. Apart from slowdown which has hit consumer sentiment, low inflation is also attributed to lower crude oil prices which has been trading under and around $60 a barrel for the last 6 months. Now, this party is all but over. On Monday (September 16), the prices of Brent crude jumped a massive 12%, recording its biggest single-day leap in recent times. At 7.48 a.m., Brent was trading at $66.90 a barrel, says IANS. This was triggered by a drone attack on the largest oil producing company, Saudi Aramco by the rebels who have taken over neighbouring country, Yemen. The drone attacks claimed by Yemen's Houthi rebels set alight two major oil facilities run by the state-owned company Aramco in Saudi Arabia on Saturday, the Kingdom's Interior Ministry said. According to a note by Reliance Commodities, this could disrupt the global supply by more than 5%. “Prices eased off their peaks after US President Donald Trump said he approved the release of oil from the U.S. Strategic Petroleum Reserve (SPR) if needed in a quantity to be determined due to the attack on Saudi Arabia’s facilities,” the note said. India’s oil crisis However, India’s oil supply might not be heavily disrupted right away. As per a Reuters report, Aramco assured an Indian refiner that its supply won’t be hit. That however is not stopping speculation that oil prices will see an unprecedented rise from now on. A few believe that it could hit $100 per barrel. The last time this happened in 2008, India was thrown into a crisis mode depleting the reserves of oil marketing companies, even as anger over government <a href="https://m.economictimes.com/news/politics-and-nation/left-bjp-to-protest-against-fuel-price-hike-on-friday/articleshow/2784642.cms">led to protests</a> and bundhs. Hedge funds and money managers increased their positions on US futures, as per Reliance note. It means that they are betting on the prices to rise in the near future. This would also impact Indian retail prices immensely and debunk the already flailing auto sales across the country. With inputs from IANS SEE ALSO <a href="https://www.businessinsider.in/rbi-may-cut-rate-again-after-wholesale-inflation-and-consumer-price-data/articleshow/70674656.cms">India's inflation has dropped so low it may trigger another rate cut</a>

India’s low inflation party might be over as the world braces for a crude price spike

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, <keyword id="640469" type="PERSON" weightage="20" keywordseo="global-crude-oil-prices">Global crude oil prices</keyword> are expected to be range bound and between $40-50 a barrel in 2021 as major oil producers have decided on a modest output rise from January that earlier anticipated, analysts have said on the emerging oil pricing scenario. The news of a successful <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> has ignited the oil market again with <keyword id="63698" type="PERSON" weightage="20" keywordseo="crude-price">crude price</keyword> moving up mire than 20 per cent in a month to hover close to $50 a barrel now. However, analysts believe oil prices may not see any big rise even in 2021 as demand conditions continue to remain below the peak levels. The <keyword id="47969" type="COMPANY" weightage="20" keywordseo="Opec">OPEC</keyword> + decision now not to go for any big time increase in oil production in first two quarters of 2021, any major price fall of crude has been averted and crude may be range bound even in 2021. According to a report by ICICI Securities, supply deficit of crude would be in the range of 0.5m b/d in Q1CY21E and 0.2-2.8m b/d in Q2-Q4CY21E as OPEC+ has decided to raise output by just 0.5m b/d in January 2021 and by not more than 0.5m b/d in later months and only after deliberations. This would prevent oversupply of oil and keep oil prices from a big crash as witnessed early this year. OPEC was to prune output cuts from 7.7m b/d to 5.8m b/d from January, 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a> <a href="https://www.businessinsider.in/policy/economy/news/rbi-governor-shaktikanta-das-believes-that-inflation-is-likely-to-remain-elevated-in-the-winter-months/articleshow/79559454.cms">RBI governor believes inflation is likely to remain elevated this winter</a>

Global oil prices may remain range bound in 2021

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Wikimedia</div></div></div>Brent crude futures are down more than 1% this morning on reports Libya plans to open four oil terminals that had been shuttered over territorial disputes.
200,000 barrels will be released immediately, <a href="http://online.wsj.com/news/articles/SB10001424052702304640104579486771159462250?mod=djem_EnergyJournal&amp;cb=logged0.01881984807550907">the Wall Street Journal's Cassie Werber reports</a>.
The release date on the other two terminals is still under negotiation.
June contracts were down to $105.
Three-quarters of Libya's 1.4 million barrel a day production capacity had been taken out of circulation as the country continues to settle out following the 2011 revolution. Here's the chart:
<div class="KonaFilter image-container display-table"><div><div class="image">UBS</div></div></div>

Brent Crude Prices Are Dropping

Shares of <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> on Wednesday rebounded nearly 6 per cent after plunging over 12 per cent in the previous session.The stock was trading 3.49 per cent up at Rs 1,152.05 on the BSE. In early trading hours the stock gained as much as 5.8 per cent to Rs 1,178.40. On the NSE, it was quoting at Rs 1,151.65, up 3.37 per cent. It touched a high of Rs 1,178.45, higher by 5.77 per cent. More than 1.71 crore shares of Reliance Industries were traded on the NSE, while BSE saw an exchange of 57 lakh shares till noon. The spurt in volume was more than 6.70 times during the day on the BSE. After surging 308 points in highly volatile trade, BSE benchmark Sensex was up 196.45 points, or 0.55 per cent, at 35,831.40, and the NSE Nifty rose 33.60 points, or 0.32 per cent, to 10,485.05. Shares of Reliance Industries on Monday slumped as much as 13 per cent amid a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war. Global oil benchmark Brent crude futures were trading 0.24 per cent higher at USD 37.31 per barrel at 1230 hours. Domestic financial markets were closed on Tuesday for Holi.

Reliance share price rebounds by 6% as crude prices rise

<ul><li>The first three years of the Modi administration had a windfall from the crash in global <keyword id="102132" type="PERSON" weightage="20" keywordseo="Crude-Oil-Prices">crude oil prices</keyword>.</li><li> In 2019, the outlook for oil prices is more uncertain.</li><li> If crude climbs to over $80 per barrel or higher, it would have a dampening impact on investor sentiment.</li></ul> India imports 80% of all the crude oil it needs and a spike in global prices wreck havoc on the South Asian economy. In the first three years of the Modi administration global crude oil prices fell to nearly $30 a barrel at one point. No prime minister in India’s history since liberalization was blessed with such a windfall. Coincidentally, on the day that he got elected for a second time (May 23), the 1,000 point rally that Sensex was partly a cheer for Modi’s historic feat and partly attributed to a sharp 5% fall in crude oil prices that day. However, the blessing in the form of cheap oil is not certain this time and that is something Modi's new cabinet will have an eye on throughout. The Bitter Fruit of Trade War Lower crude oil prices bring good tidings to the Indian economy. But the reason for their fall is a standoff between China and the US over trade talks, which brought on fears of global economic growth. The United States and China appeared at a deadlock over trade negotiations as Washington demanded promises of concrete changes to Chinese law and Beijing said that it would not swallow any ‘bitter fruit’ that harmed its interests,” said a June crude outlook by Reliance Commodities. Yet another surprise came this was an unexpected swell in crude stocks, while analysts were expecting a decrease. The US crude inventories also rose, their highest since September 2017, leading to last week’s fall. All these factors have led analysts put a ‘volatile’ theme on crude outlook. “We are going to see volatility in oil markets but if we do see a big flare up in the Gulf, and I would stress this again that this is not my base case but it is a distinct possibility. That is going to be a very bad news for India and it’s going to be very bad news for investor sentiment in India,” said Alastair Newton, long-time India watcher and political analyst. Dampening effect Today, the crude prices had already started recovering from for their Thursday’ fall. It gained 1% reaching $68 per barrel (<keyword id="56586" type="PERSON" weightage="20" keywordseo="Brent-crude">Brent crude</keyword>). Newton believes that if Brent Crude climbs to over $80 per barrel or higher than that heads towards a $100, it would have a dampening impact on investor sentiment in India. A rise in oil prices increase the import bill, which means India will need more dollars to buy the same amount of oil. This will weaken the rupee, reduce its purchasing power and further exacerbate inflation. Few are even bothering to predict where crude prices will go for the next few months. “I was speaking at a conference recently, and I did an electronic poll of about 500 odd people in the room. I gave them 4 bands for the price of Brent by the end of the year ranging from $45 to $85 and the outcome of the poll was more or less 25% for each band. It’s one of those situations where you guess is, literally, as good as mine,” Newton explained. SEE ALSO: <a href="https://www.businessinsider.in/india-election-results-fii-watch-narendra-modis-new-cabinet-and-policy-decisions/articleshow/69479558.cms" data-type="tilCustomLink" target="_blank">Foreign investors are thrilled about Modi's win but don't know what to expect from him</a>

Moody oil prices will keep Modi on the edge as the second term rolls on

<ul><li><keyword id="528994" type="PERSON" weightage="60" keywordseo="oil-futures">Oil futures</keyword> gained to their highest since September 1 on Monday after <a href="https://markets.businessinsider.com/stocks/azn-stock">AstraZeneca</a> announced its coronavirus vaccine <a href="https://www.businessinsider.com/covid-19-vaccine-astrazeneca-oxford-say-70-percent-effective-2020-11">was 70% effective</a> at protecting against COVID-19.</li><li>The shot — developed in partnership with the University of Oxford — showed 90% and 62% effectiveness across two different dosing regimens. It joins <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna</a> and <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> and <a href="https://markets.businessinsider.com/stocks/bntx-stock">BioNTech's</a> promising candidates.</li><li>The news spurred new optimism for a swift economic recovery and stronger oil demand. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> futures gained as much as 2.2%, to $43.36 per barrel. </li><li><a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, oil's international benchmark, rose 2.5%, to $46.07 per barrel, at intraday highs.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch oil futures trade live here</a>.</li></ul><keyword id="45185" type="ORGANIZATION" weightage="60" keywordseo="Crude-oil">Crude oil</keyword> climbed to its highest price since September 1 on Monday after <a href="https://markets.businessinsider.com/stocks/azn-stock">AstraZeneca</a> announced an encouraging update to the development of its coronavirus vaccine. The pharmaceutical giant said its shot — made in collaboration with the University of Oxford — <a href="https://www.businessinsider.com/covid-19-vaccine-astrazeneca-oxford-say-70-percent-effective-2020-11">was 70% effective</a> at preventing COVID-19 in a trial of more than 20,000 volunteers. The success rate combines data from two dosing regimens that showed 90% effectiveness and 62% effectiveness. The company now plans to submit data for regulatory approval around the world, according to a <a href="https://www.astrazeneca.com/media-centre/press-releases/2020/azd1222hlr.html">press release</a>.The news lifted oil prices as traders grew more optimistic toward a near-term demand rebound. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> futures gained as much as 2.2% on the news, to $43.36 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, oil's international benchmark, rose 2.5%, to $46.07 per barrel, at intraday highs. Read more: <a href="https://www.businessinsider.com/warren-buffett-pandemic-hurricane-praises-federal-reserve-congress-small-business-2020-11">Warren Buffett has kept quiet for months. The famed investor compared the pandemic to a 'hurricane,' praised the initial federal response, and called for more small-business aid at a recent private event</a>AstraZeneca's vaccine progress marks the third positive announcement from companies rushing to bring a viable drug to market. <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna</a> and <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> and <a href="https://markets.businessinsider.com/stocks/bntx-stock">BioNTech</a> revealed in recent weeks that their own candidates were 95% effective at protecting against COVID-19. Pfizer applied for emergency-use authorization from the US Food and Drug Administration on Friday, teeing its shot up for distribution in early 2021.The updates have lifted crude prices throughout the month as investors bet on the vaccines to spur a bounce-back in travel activity. The commodity makes up part of the so-called reopening trade, in which airlines, cruises, hotels, and other industries hit hardest by lockdowns gain on new hopes for a complete economic recovery.Still, prospects for a vaccine-fueled rebound continue to butt heads with the third wave of coronavirus infections. The US recorded 150,098 new COVID-19 cases on Sunday, according to <a href="https://covidtracking.com/data">The COVID Tracking Project</a>. Deaths neared 250,000, and hospitalizations rose to 83,870.Read more: <a href="https://www.businessinsider.com/stock-picks-for-2021-wall-street-outperformance-oppenheimer-2020-11">Buy these 33 stocks expected to outperform and crush Wall Street's expectations in 2021, Oppenheimer &amp; Co says</a>The uptick in cases and dwindling supply of hospital beds threaten to disrupt the nation's recovery before vaccines win regulatory approval. Several states have reintroduced restrictions to slow the virus's spread, leading some economists to lower growth estimates.Goldman Sachs cut its fourth-quarter GDP projection to 3.5% from 4.5% on Monday, citing the "rapid and broad-based resurgence of the coronavirus" for its gloomier outlook. The bank's economists also lowered their first-quarter estimate to 1% growth from 3.5%.<keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> traded at $42.89 as of 8:25 a.m. ET, down 30% year-to-date.Brent crude traded at $45.58, down 35% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/economic-outlook-kshaped-recovery-low-income-industries-unemployment-crisis-recession-2020-11">The K-shaped economic recovery dividing America also applies to companies. Here are 4 implications of that trend, according to a Wall Street chief strategist.</a><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-target-lifted-bofa-semiconductor-demand-earnings-outlook-2020-11-1029825956">Nvidia will rip 24% higher as it dominates thriving semiconductor markets through 2021, Bank of America says</a><a href="https://www.businessinsider.com/stock-picks-hedge-funds-most-loved-hated-stocks-goldman-sachs-2020-11">Goldman Sachs analyzed 814 hedge funds. These are 15 stocks portfolio managers love and hate the most right now.</a><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti"><div type="image" title="WTI" height="1098" width="1454" msid="79372231" hostid="261"></div></a>

Oil jumps to highest since early September on latest sign of vaccine progress

Crude is rallying again.
After falling as much as 9% on Wednesday, the price of West Texas Intermediate crude oil was up as much as 5% on Thursday morning to move back above $51 a barrel after touching $48 a barrel yesterday. 
Crude prices have been extremely volatile in recent days, rallying more than 20% from Thursday to Tuesday before a huge sell off on Wednesday.
In a note to clients earlier this week, analysts at Morgan Stanley <a href="http://www.businessinsider.com/why-oil-rallies-wont-last-2015-2">outlined four reasons</a> why any rally in oil prices will likely not last, as the firm sees prices going lower in the first half of this year. 
In January, Business Insider's <a href="http://www.businessinsider.com/stocks-zig-zag-when-bubbles-peak-2015-1">Sam Ro wrote</a> about how market tops don't just cleanly come and go but are violent and chaotic processes.
And the same can be said about market bottoms, which it seems crude is currently trying to find.
Here's the rally in crude on Thursday. We'll see how long it lasts.
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>

Crude oil prices rally 5%

With <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> falling to a 4-month low in the international market, the Indian economy is expected to get a shot in the arm. The country's <keyword id="183320" type="General" weightage="20" keywordseo="current-account-deficit" source="Orion">current account deficit</keyword> had started to spiral out of control due to the huge oil import bill and the rupee had been weakening due to the higher demand for dollars to buy expensive oil. The price of the global benchmark Brent crude fell by 4.63 per cent to close at $77.42 per barrel on Thursday, while the US's West Texas Intermediate crude oil futures fell 4.9 per cent to settle at $72.90 per barrel. An increase in US crude oil inventories, a rebound in <keyword id="105472" type="General" weightage="80" keywordseo="us-treasury" source="Orion">US Treasury</keyword> yields, and the easing of oil demand due to the global economic slowdown have contributed to the decline in crude prices. Prices have in fact been gradually declining over the last four weeks. India's merchandise trade deficit rose to a record high in October and the decline in oil prices would bring respite in November. The country imports over 80 per cent of its crude oil requirement and any increase in prices leads to a sharp increase in the current account deficit. Higher oil prices also fuel inflation and cause the government's subsidy bill on LPG, CNG and fertilisers to go up which leads to a higher fiscal deficit.

India stands to gain as crude oil prices fall to 4-month low

<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Oil</a> continued its climb to past highs on Tuesday amid reports that OPEC+ members are eyeing extensions to record production cuts.</li><li>Major producers including Russia want to keep cuts set to end in June in place for one more month, <a href="https://www.bloomberg.com/news/articles/2020-06-01/oil-holds-above-35-on-demand-hopes-as-opec-mulls-cut-extension?srnd=markets-vp">Bloomberg</a> reported Monday.</li><li>Saudi Arabia, OPEC's de facto leader, is reportedly in favor of a one- to three-month extension.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> futures gained as much as 3%, to $36.51 per barrel, on the news. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword>'s international benchmark, leaped 3.2% to $39.55 at intraday highs. </li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch oil trade live here</a>.</li></ul>Oil surged on Tuesday on reports that OPEC+ members want to extend record production cuts for at least one month.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> futures jumped as much as 3% higher, to $36.51 per barrel, in early trading. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, oil's international benchmark, soared as much as 3.2% to $39.55 at intraday highs.The world's biggest producers are set to meet this week to discuss the battered commodity market and whether additional supply cuts are needed to facilitate recovery. Russia and several other OPEC+ members are eyeing a one-month extension to cuts set to end in June, <a href="https://www.bloomberg.com/news/articles/2020-06-01/oil-holds-above-35-on-demand-hopes-as-opec-mulls-cut-extension?srnd=markets-vp">Bloomberg</a> reported Monday afternoon. Saudi Arabia, OPEC's leading member, is reportedly in favor of extending cuts one to three months longer.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-15-companies-profit-growth-goldman-sachs-2020-6">GOLDMAN SACHS: Buy these 15 stocks for powerful profit growth after a historic rally leaves the market with little room for error</a>The global oil coalition decided on April 12 to slash production <a href="https://markets.businessinsider.com/commodities/news/oil-price-war-opec-russia-historic-agreement-crude-production-cut-2020-4-1029084523?utm_source=markets&amp;utm_medium=ingestgest">by a record 9.7 million barrels per day</a> in May and June. The move brought must-needed relief to the market recently beset with flooded inventory and plummeting prices.Crude prices remain well below the levels they enjoyed before Saudi Arabia and Russia kicked off a price war on March 6. While the two benchmarks have plenty of losses to retrace before a full rebound, both staged strong rallies through May as storage pressures eased and supply stabilized.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/gun-stocks-price-rally-nationwide-protests-looting-demonstrations-coronavirus-reopening-2020-6-1029269947">Gun stocks rally amid nationwide protests and looting</a><a href="https://markets.businessinsider.com/news/stocks/atlanta-fed-model-estimate-gdp-plummet-second-quarter-coronavirus-fallout-2020-6-1029269838">The Atlanta Fed's latest model estimates a 52.8% GDP contraction this quarter as the US grapples with COVID-19</a><a href="https://www.businessinsider.com/stock-picks-to-buy-25-high-upside-recommendations-goldman-sachs-2020-6">GOLDMAN SACHS: Buy these 25 beaten-down stocks all poised to jump more than 18% from current levels</a>Read the original article on <a href="https://www.businessinsider.com/oil-prices-market-opec-extensions-record-production-cuts-crude-russia-2020-6">Business Insider</a>

Oil leaps as major producers look to extend record production cuts through July

The <keyword id="6355302" type="UNKNOWN" weightage="20" keywordseo="Rupee">rupee</keyword> opened on a cautious note and fell 28 paise to 71.88 against the US dollar in early trade on Tuesday amid rising demand for the US dollar vis-a-vis other currencies overseas. Forex traders said the drone attacks on <keyword id="50996" type="LOCATION" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword>'s oil facilities have enthused demand for safe heaven assets like the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.01 per cent to 98.61. The Indian rupee on Monday had plunged by 68 paise to 71.60 against the US dollar amid concerns over soaring <keyword id="148824" type="PERSON" weightage="20" keywordseo="crude-prices">crude prices</keyword> following drone attacks on Saudi Arabia's oil facilities. At the Interbank Foreign Exchange, the rupee opened at 71.83 then fell to 71.88 against the US dollar, showing a decline of 28 paise over its previous closing. The Indian rupee on Monday had closed at 71.60 against the US dollar. Forex traders said weak opening in domestic equities and unabated foreign fund outflows also weighed on the domestic currency. Domestic bourses opened on a negative note on Tuesday with benchmark indices Sensex trading 137.87 points down at 36,985.44 and Nifty lower by 38.85 points at 10,964.65. Foreign institutional investors (FIIs), who were net buyers for the past few sessions, offloaded shares worth Rs 751.26 crore on Monday, according to provisional exchange data. "The recent attack on Saudi Arabia's largest oil processing plant has sent oil prices shooting up. If production is not resumed soon, such a rise could hurt the global economy as consumer costs will also go up. This will definitely affect India, where the economy is already stressed," said Pushkar Mukewar, Co-Founder and Co-CEO of Drip Capital, a US &amp; India based trade finance firm. Mukewar further said that the rupee is likely to remain volatile. Crude oil benchmark, Brent Futures, surged by almost 20 per cent to USD 71.95 per barrel (intra-day) on Monday after twin drone attacks on Saturday wiped out more than half of Saudi Arabia's crude supply. However, Brent Futures on Tuesday saw some moderation and was trading at USD 68.35 per barrel, down 0.97 per cent over the previous close. The 10-year <keyword id="122420" type="PERSON" weightage="20" keywordseo="government-bond">government bond</keyword> yield was at 6.71 per cent in morning trade. Meanwhile on the global front, a Chinese vice finance minister will visit the United States on Wednesday to lay the groundwork for trade talks next month. The official Xinhua news agency said vice finance minister Liao Min will lead a delegation visiting the United States on Wednesday to "pave the way" for the higher level talks. DRR DRR

As crude prices ease, Rupee gains 16 paise against Dollar

<ul><li>Oil contracts sank on Thursday after gloomy commentary from the Federal Reserve and OPEC+ weighed on hopes for a market recovery.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> fell as much as 3.3%, to $41.50 per barrel. International benchmark <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a> dropped 3%, to $44.02 per barrel, at intraday lows.</li><li>Fed officials <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-fears-slowing-economic-rebound-july-fomc-meeting-minutes-2020-8-1029518162">expressed concern</a> about the US economic recovery slowing amid elevated COVID cases, meeting minutes released Wednesday showed.</li><li>Members of OPEC+ raised similar worries, saying in a Wednesday meeting that global oil demand is recovering slower than initially expected.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">Watch WTI crude trade live here</a>.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Watch Brent crude trade live here</a>.</li></ul>Oil futures tumbled on Thursday after commentary from Federal Reserve officials and OPEC+ members reignited concerns of a lengthy market slump.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> contracts for September delivery fell as much as 3.3%, to $41.50 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, oil's international standard, sank 3%, to $44.02 per barrel, at intraday lows. The drop pulls both gauges from five-month highs and keeps the commodity trading within a narrow range. The decline follows the publication of minutes from the Federal Open Market Committee's July meeting. Central bank officials <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-fears-slowing-economic-rebound-july-fomc-meeting-minutes-2020-8-1029518162">raised concerns</a> about the US economic recovery sputtering out as new outbreaks threatened another wave of COVID cases. Stocks sold off in late Wednesday trading on the news.Read more: <a href="https://www.businessinsider.com/stock-picking-strategy-7-part-model-market-legend-william-oneil-2020-8" target="_blank" rel="noopener">Stock market wizard William O'Neil famously turned $5,000 into $200,000 in just a few year's time. Here's the 7-part model he uses to sniff out winning stocks.</a>The gloomy sentiment was backed up abroad by OPEC+ members. The coalition warned in a Wednesday meeting that demand was returning to the market slower than initially expected, and that a resurgence of cases could push a full rebound into 2021. The group also called on Iraq, Nigeria, Angola, and Kazakhstan to deepen production cuts after overproducing in recent months.Oil contracts largely remained above $40 per barrel as investors weigh economic reopenings against fresh hotspots. Though the level represents an improvement from April lows, weakened travel activity has dragged on oil demand throughout the pandemic.Read more: <a href="https://www.businessinsider.com/investing-strategy-how-bond-bull-market-could-end-scenario-jpmorgan-2020-8">JPMorgan pinpoints the triggers for a bond sell-off that can cause unusually large losses in everything from stocks to gold — and lays out how to be ready for it</a>Prices have also been vulnerable to the US dollar. The <a href="https://markets.businessinsider.com/index/us-dollar-index">US Dollar Index</a> gained on Wednesday after <a href="https://markets.businessinsider.com/news/stocks/us-dollar-year-low-coronavirus-struggle-hedge-funds-short-2020-8-1029514034">falling to a two-year low</a> the session prior. A stronger dollar cuts into <keyword id="35149" type="PERSON" weightage="60" keywordseo="commodities">commodities</keyword>' appeal, as fewer are needed to buy futures.<keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> traded at $42.50 per barrel as of 11 a.m. ET Thursday. Brent crude traded at $44.80 per barrel. Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/genz-millennial-day-trading-investing-discord-server-eagle-investors-profile-2020-8">Inside Eagle Investors, the 20,000-member online community run by 2 Indiana University students that's helping spearhead the Gen Z day-trading revolution</a><a href="https://markets.businessinsider.com/news/stocks/gen-z-millennial-traders-taking-stock-market-risks-etrade-survey-2020-8-1029517928">Gen Z and millennial investors are taking more and more risks as trading activity surges, E-Trade says</a><a href="https://www.businessinsider.com/seth-klarman-stock-buy-q2-investor-boosts-healthcare-bets-tech-2020-8">Hedge fund titan Seth Klarman boosted bets on 3 healthcare stocks and dumped tech giants in the 2nd quarter</a>

Oil plunges after Fed and OPEC+ sound alarms on long-term demand weakness

<ul><li><keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> prices plummeted to a 21-year low on Sunday evening as uncertainty mounted around storage of excess supply.</li><li>The commodity has continued to fall over the past week, even after OPEC and its allies agreed to a historic production cut intended to backstop prices.</li><li>WTI <keyword id="45185" type="ORGANIZATION" weightage="60" keywordseo="Crude-oil">crude oil</keyword> plunged as much as 21% to $14.47 per barrel, while Brent slid 4.2% to $26.91 per barrel at intra-session lows.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">Watch oil trade live on Markets Insider</a>.</li></ul><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">Oil</a> plunged to a 21-year low on Sunday. The commodity's latest round of sharp selling comes as uncertainty mounts around storage for excess oil. Demand for crude has plummeted since the coronavirus outbreak has frozen activity worldwide.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">WTI crude oil</a> plunged as much as 21% to $14.47 per barrel. It later pared losses and traded roughly 15% lower to $15.60 at 9:40 p.m. in New York. <a href="https://markets.businessinsider.com/commodities/oil-price" target="_blank" rel="noopener">Brent crude</a> losses were muted by comparison, with the commodity sliding 4.2% to $26.91 per barrel at intra-session lows.The price of oil has continued to slide even after OPEC and its allies agreed to the biggest-ever production cut — one intended to backstop prices. Investors remain unconvinced the cuts can offset cratering demand for the commodity as the coronavirus keeps society from operating normally.Concerns around storage come as near-term <keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> prices trade at large discounts to longer-dated contracts. That dynamic is playing out amid worry that a key storage hub in Cushing, Oklahoma is nearing capacity, <a href="https://www.bloomberg.com/news/articles/2020-04-19/oil-drops-to-18-year-low-on-global-demand-crunch-storage-woes?srnd=premium" target="_blank" rel="noopener">according to Bloomberg</a>.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-12-safe-durable-small-caps-bofa-2020-4" target="_blank" rel="noopener">BANK OF AMERICA: Buy these 12 under-the-radar stocks that have balance sheets perfectly built to weather coronavirus turbulence</a>Read the original article on <a href="https://www.businessinsider.com/oil-price-plummets-multi-decade-low-demand-crunch-storage-uncertainty-2020-4">Business Insider</a>

Oil plummets 21% to 21-year low as sinking demand spurs uncertainty around storage

Equity benchmark indices rebounded in early trade on Thursday after falling in the previous two trading days, helped by foreign fund inflows and a largely positive trend in global markets. The 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> climbed 550.73 points to 59,579.64. On similar lines, the broader NSE Nifty went higher by 156.1 points to 17,780.50. All the 30-share Sensex pack of firms were trading in the green in early trade, with Asian Paints, <keyword id="6355596" type="General" weightage="80" keywordseo="ultratech-cement" source="Orion">UltraTech Cement</keyword>, <keyword id="6354287" type="General" weightage="80" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword>, <keyword id="6653" type="General" weightage="80" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword>, Tech Mahindra, Infosys, Mahindra &amp; Mahindra and Bajaj Finance emerging as the biggest gainers. Elsewhere in Asia, markets in Seoul and Tokyo were trading in the green, while Shanghai and Hong Kong quoted lower in mid-session deals. The US markets had ended significantly higher on Wednesday. The 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> benchmark declined 168.08 points or 0.28 per cent to settle at 59,028.91 on Wednesday. The Nifty dipped 31.20 points or 0.18 per cent to 17,624.40. Meanwhile, the international oil benchmark Brent crude climbed 1.05 per cent to USD 88.92 per barrel. Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 758.37 crore on Wednesday, as per exchange data. "After two days of a steady fall, local equity benchmark indices are likely to see a firm opening, mirroring gains in US markets and subsequent upmove in other Asian peers," said Prashanth Tapse - Research Analyst, Senior VP (Research), <keyword id="5457637" type="General" weightage="80" keywordseo="mehta-equities-ltd" source="Orion">Mehta Equities Ltd</keyword> in his pre-market opening comment. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-shares-fall-over-4-as-co-founder-rakesh-gangwal-offloads-2000-cr-worth-stake/articleshow/94065345.cms">IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cyrus-mistry-death-mercedes-sending-cars-electronic-control-module-to-germany-for-analysis-says-official/articleshow/94063831.cms">Cyrus Mistry death: Mercedes sending car's electronic control module to Germany for analysis, says official</a>

Sensex, Nifty in the green as crude prices soften

<ul><li><keyword id="45185" type="ORGANIZATION" weightage="60" keywordseo="Crude-oil">Crude oil</keyword> futures rose on Monday after <a href="https://markets.businessinsider.com/stocks/aramco-stock">Saudi Aramco</a> issued a bullish forecast for market demand.</li><li>The oil producer's CEO said Sunday he sees Asian demand nearing pre-pandemic highs as economies reopen.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> jumped as much as 1.8%, to $41.96 per barrel, while international standard <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a> gained 1.3% to $44.98.</li><li>Prices were also supported by Iraq slashing production by 400,000 barrels per day. The move helps Iraq comply with production cuts set by OPEC+ earlier in the year.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch oil futures trade live here</a>.</li></ul>Crude oil futures gained on Monday for the first time in three days after <a href="https://markets.businessinsider.com/stocks/aramco-stock">Saudi Aramco</a> hinted at a strong demand recovery in Asia.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> jumped as much as 1.8%, to $41.96 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, oil's international benchmark, climbed 1.3% to $44.98 at intraday highs.Saudi Aramco CEO Amin Nasser said Sunday he sees oil demand returning to pre-pandemic highs in Asia as economies reopen and activity resumes. Market demand has struggled to recover through the summer as new virus hotspots curb travel activity and delay full reopenings.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-steps-from-flipping-homes-to-syndication-2020-8">No money, no education, and no connections: Here's how Brian Burke went from a small-time house flipper to a real-estate investing magnate with over 750 deals and 3,000 units</a>Oil prices were also boosted by supply-side support in Iraq. The country said on Friday it would slash output by 400,000 barrels per day to prop up demand. The cut brings Iraq's production more in line with goals set out by OPEC+ earlier in the year.Still, the coalition is waiting on the sideline to reverse production cuts and revive the battered market. OPEC+ issued record-size output cuts throughout the pandemic as oil prices cratered, and reintroducing supply serves as a major test for whether the market has stabilized.Both <keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> and Brent traded around $40 per barrel over the past few months after tumbling through the start of the pandemic. WTI contracts briefly sank below zero in April as traders feared a lack of storage would create lasting market damage.WTI reached a five-month high on Wednesday after the US Energy Information Administration reported a drop in crude inventories through the end of July. Both WTI and Brent trade just off last week's highs, but more positive signs could drive a strong uptrend through the fall, Craig Erlam, senior market analyst at OANDA Europe, said in a note."The breakout last week didn't gather much momentum but more assessments like this may change that," Erlam said. "Producers are looking to gradually increase production again from this month, something traders are clearly quite comfortable with."Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/q2-earnings-season-takeaways-stock-market-impact-outlook-lori-calvasina-2020-8-1029484586">The 5 biggest takeaways from earnings season, according to a Wall Street chief stock strategist</a><a href="https://markets.businessinsider.com/news/stocks/stock-picker-accuracy-falters-july-market-crowding-active-fund-managers-2020-8-1029483199">Fund managers' stock picking accuracy hits 2-year low in July as prices decouple from data, Bank of America says</a><a href="https://www.businessinsider.com/next-stock-market-crash-new-record-high-risk-historic-trap-2020-8">A Wall Street investment chief warns new stock-market highs could be setting up a 'historic trap' for investors — one that also appeared just before the dot-com crash</a>

You Searched For "crude prices" and got 14 results

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