OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.
Pakistan, which is currently grappling with high external debt and a weak local currency, is desperate to purchase cheap crude at discounted rates from Russia.
Moscow has been supplying the European nations with roughly 40 percent of their gas needs, said Russia's deputy Prime Minister Aleksandr Novak.
Benchmark U.S. crude rose USD 5.24 per barrel to USD 108.60 in electronic trading on the New York Mercantile Exchange. Brent crude, the international price standard, gained USD 5.43 to USD 110.40 per barrel in London.
The Brent-indexed Crude oil prices crossed $96 per barrel, the highest in seven years.
Fuel prices dropped further after international crude oil went into a free fall due major slump in demand following the global outbreak of coronavirus epidemic. The price of petrol was cut by 24-27 paise a litre and that of diesel by 25-26 a litre across all major cities in the country on Monday.
The rupee depreciated by 12 paise to close at 68.92 against the US dollar on Monday tracking heavy losses in the domestic equity market and a spike in crude oil prices following Iran's seizure of a British tanker.
Crude oil prices rose 0.61 per cent to Rs 4,157 per barrel in futures trade on Friday as speculators raised their exposure, tracking a rebound in global markets.
The rupee opened strong at 69.32 at the interbank forex market then gained further ground to touch 69.22 per dollar, displaying gains of 13 paise against the greenback. On Monday, the rupee had settled at 69.35 against the US dollar.
According to Geojit Financial Services Head of Research, Vinod Nair said: "Ripple effect from a weak global market while premium valuation and slow economy is hurting the market."
The domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per-barrel-mark again and the US dollar strengthened overseas.
The rupee on Wednesday rebounded by 9 paise to end at 72.60 against the dollar.
Amid the “crisis situation” created by rising fuel prices, BJP President Amit Shah on Tuesday said that the Centre taking the issue of oil prices seriously, and that it is working out on a formula to reduce the rates.
Trump said the 2015 agreement, which included Germany, France and Britain, was a “horrible one-sided deal that should never ever have been made.” He added that the United States “will be instituting the highest level of economic sanction.”
New Delhi: Criticising the Centre for hiking excise duty on fuel, Kerala Chief Minister Oomen Chandy today said the government should “fully pass on” to the common man the benefit accrued from low global crude
New Delhi: Oil prices remained near five-and-a-half year lows in early Asian trading on Wednesday. Oil prices are down almost 10 per cent this week to hit their lowest since spring 2009.Analysts say a supply
New delhi, Apr 13: Braving slowdown in the U.S. and Europe, India's exports crossed $300 billion in 2011-12, but rising import bill pushed by high crude oil prices and the country's obsession with bullion sent
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