Crude Oil

Crude oil imports also fell to a nine-month low in June as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed lockdowns in the previous two months

Green hydrogen, derived from water electrolysis using renewable energy such as solar or wind, will replace carbon-emitting fuels used in the refinery to process crude oil into value-added products, such as petrol and diesel

India also plans to build strategic storage at Chandikhol in Odisha and Padur in Karnataka for around 6.5 million tonnes of crude to provide an additional cover of 12 days of net oil imports

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, reached a compromise on Sunday to increase oil supply from August.

Brent crude oil futures were down 9 cents, or 0.1 per cent, at $74.03 a barrel by 7:10 am. US West Texas Intermediate futures were up 1 cent at $72.95 a barrel.

Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse this week of talks among major producers.

Rupee Vs Dollar Today: At the interbank foreign exchange market, the domestic unit opened at 74.28 against the dollar and hovered in the range of 74.25 to 74.62 in the day.

The 10-year bond, which is likely to be soon replaced as the benchmark paper, was up 6 bps at 6.15%, its highest since April 16.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.

In order to bring relief to consumers and reduce edible oil prices, the Centre has cut the duty on crude palm oil (CPO) by 5 per cent.

Rupee Vs Dollar Today: The rupee closed lower to 74.32 against dollar amid a firm American currency and rising crude oil prices - both of which weighed on investor sentiment

Fuel costs have been ratcheted up to current levels by combined effects of rising Brent prices and numerous tax hikes over the past few years.

Data from Germany showed the largest upward leap in retail conditions since German reunification more than three decades ago, stoking expectations European fuel demand will recover.

Earlier this year New Delhi repeatedly blamed oil output cuts by Saudi Arabia and other major producers for driving up crude prices as its economy tries to recover from the pandemic.

India's crude oil production fell by 5.78 per cent to 2,437.96 thousand metric tonnes in May 2021, against the target of 2,578 thousand metric tonnes.

Crude oil imports also fell to a nine-month low in June as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed lockdowns in the previous two months

Green hydrogen, derived from water electrolysis using renewable energy such as solar or wind, will replace carbon-emitting fuels used in the refinery to process crude oil into value-added products, such as petrol and diesel

India also plans to build strategic storage at Chandikhol in Odisha and Padur in Karnataka for around 6.5 million tonnes of crude to provide an additional cover of 12 days of net oil imports

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, reached a compromise on Sunday to increase oil supply from August.

Brent crude oil futures were down 9 cents, or 0.1 per cent, at $74.03 a barrel by 7:10 am. US West Texas Intermediate futures were up 1 cent at $72.95 a barrel.

Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse this week of talks among major producers.

Rupee Vs Dollar Today: At the interbank foreign exchange market, the domestic unit opened at 74.28 against the dollar and hovered in the range of 74.25 to 74.62 in the day.

The 10-year bond, which is likely to be soon replaced as the benchmark paper, was up 6 bps at 6.15%, its highest since April 16.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.

In order to bring relief to consumers and reduce edible oil prices, the Centre has cut the duty on crude palm oil (CPO) by 5 per cent.

Rupee Vs Dollar Today: The rupee closed lower to 74.32 against dollar amid a firm American currency and rising crude oil prices - both of which weighed on investor sentiment

Fuel costs have been ratcheted up to current levels by combined effects of rising Brent prices and numerous tax hikes over the past few years.

Data from Germany showed the largest upward leap in retail conditions since German reunification more than three decades ago, stoking expectations European fuel demand will recover.

Earlier this year New Delhi repeatedly blamed oil output cuts by Saudi Arabia and other major producers for driving up crude prices as its economy tries to recover from the pandemic.

India's crude oil production fell by 5.78 per cent to 2,437.96 thousand metric tonnes in May 2021, against the target of 2,578 thousand metric tonnes.