The price of oil - which drives the Russian economy - has fallen around $15 a barrel since the start of the year. OPEC+ will accelerate oil output hikes, Reuters reported.
Oil prices are nearly 40% lower than they were in June 2022, when fuel prices were effectively frozen; yet, consumers have not benefited from this decrease.
Petrol & diesel prices have barely changed since June 2022, even though oil prices have fallen 28% since then. This has boosted profitability of OMCs and dividend payouts to govt.
Rising oil prices and muted second quarter financial performance of key IT sector companies are other sources of potential volatility for Indian markets.
Brent crude futures & US West Texas Intermediate crude futures both rose 0.6% a barrel. Both benchmarks fell more than 2% Monday as diplomatic efforts in Middle East intensified.
Development leads to hopes that the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies.
Organization of Petroleum Exporting Countries and their allies, including Russia, shook markets by announcing output cuts of about 1.16 million barrels/day on Sunday.
In the latest budget, the FDI limit was increased to 100 percent, but most foreign companies are not buying such large stakes in the Indian insurance sector.
New Delhi: India’s air defence systems intercepted and destroyed 1,000 drones and missiles launched by Pakistan on 9 May during Op Sindoor, Prime Minister...
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