US West Texas Intermediate was up 63 cents, or about 1.3 per cent, to $50.20.
While many countries in Asia, Africa and Latin America also use microcredit to grease consumption at the bottom of the pyramid, India’s banks and shadow financiers are already reeling under a severe crisis of confidence.
Brent prices crossed the $71-a-barrel mark early Wednesday morning after Iran launched a missile attack, but softened later in the day. Since last year, Brent prices have jumped nearly 15% and were trading around $68 a barrel. Over the past year, the increase in pump prices of diesel and petrol has been around 10%.
Hunger and anger are building in Lagos and other major African cities with little or no social safety net to protect the poor from the economic fallout of the COVID-19 pandemic.
Vacant religious sites. Abandoned pilgrim tents. Lifeless hotels. A stunning emptiness - and fears of economic ruin - haunt the usually bustling city of Mecca after Saudi authorities curtailed the hajj pilgrimage over coronavirus.
Crude oil futures fell by Rs 21 to Rs 4,176 per barrel on Tuesday.
India's benchmark stock indices fell 0.4%, logging their worst weekly performance in a month.
Silver prices, on the other hand, slipped as the precious metal witnessed profit booking.
Coronavirus panic also sent global stock markets and industrial and precious metals prices tumbling, with losses amounting to $5 trillion.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Malaysia's end-February palm oil stocks fell 4.2 per cent from the previous month.
MCX Zinc is likely to trade sideways with resistance at Rs 182.80 – 183.50 and support at Rs 181.30 – 180.50.
Stocks of oil marketing companies HPCL, BPCL and IOC gained up to 8 per cent.
Analysts expect softening crude oil prices to affect corporate earnings positively.
India will suffer much less because it is not that exposed to China on the demand side, it is more exposed to China on the supply side, says JP Morgan’s head of emerging market-economies.
Crude oil futures fell by Rs 18 to Rs 4,188 per barrel on Monday.
OPEC yesterday lowered its 2020 forecast for demand for the group's crude by 200,000 bpd, prompting expectations that OPEC+ will enact the cuts when the group next meets, possibly as early as this month.
Crude oil futures on Wednesday fell by Rs 19 to Rs 4,176 per barrel
Fuel consumption tanked to 16 million tonnes during the month — a steep 18% dive.
"Palm oil prices are following weakness in soybean oil on the Chicago Board of Trade" said Anilkumar Bagani.
"We will be taking two additional cargoes of Arab mix...we have got a mix of Arab light and Arab medium," BPCL's head of refineries R. Ramachandran told Reuters.
At as much as 10% of GDP, the big stimulus package did not appear to leave any major sphere untouched.
Crude oil for February delivery was down Rs 9, or 0.21 per cent.
Crude oil futures on Friday fell by Rs 2 to Rs 4,159 per barrel.
However, UltraTech Cement, ITC, Indian Oil Corp, Sun Pharma and Shree Cements were among the top losers.
Globally, the West Texas Intermediate was trading up 0.05 per cent to $59.64 per barrel.
Buffett has sought to reassure investors as concerns over the spread of the coronavirus.
Producer nations pledged to limit output by an unprecedented 10 per cent of global supply.
Earlier in the session, it touched its lowest since Nov. 4, 2019 at 2,500 ringgit.
RIL is in talks with 10-15 foreign lenders to raise funds for its non-digital units.
Top Congress leaders, led by the Gandhis, released video messages across social media and some of them, along with party workers, have also carried out symbolic cycle rides, attacking the government for adding to the hardship of ordinary people by hiking fuel prices, despite the all-time low international crude price.
The country had consumed 19.5 million tonnes of petroleum products in March 2019. Assuming consumption in two halves of the month was almost the same, as much as 10 million tonnes of fuel was consumed during the first fortnight of March 2019. Restrictions and travel advisories, as well as a slowdown in industrial activity, has led to the fall in demand.
All India Motor Transport Congress is the umbrella body of transporters representing about 95 lakh truckers and entities across the country. There is no respite from the spiralling diesel and petrol prices which is having back-breaking impact on the transport sector as fuel prices are not being reduced and the taxes as well as VAT too are on the higher side.
Here is how SMC Global expects commodities to fare today.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slipped 19 ringgit, or 0.85 per cent, to 2,227 ringgit ($515.75) per tonne.
The Dow Jones Industrial Average rose 779.71 points, or 3.44%, to 23,433.57.
Angshu Mallick, chief operating officer of Adani Wilmar that sells edible oils under the Fortune brand name said “We have to come out with new ideas for supply chain management.
Dubai's benchmark index was down almost 9 per cent, Abu Dhabi index was down 7 per cent.
Palm oil has ended lower for the past three sessions, and has lost 5% so far this week.
Brent futures rose by 77 cents, or 1.4 per cent, to $56.05 a barrel by 0735 GMT.
The coronavirus does not care a hang about the interest rate or fiscal deficit.
While one is talking of a hit of 20% or so, for a big market like China, a 14-15 million barrels per day oil market, a 10-20% drop in demand can be huge, says the S&P Global Platts analyst.
The Shanghai Composite index closed 0.2 per cent lower at 2,838.50.
In the past 2 weeks, crude palm oil prices have fallen 6% and are expected to slip further.
On one hand, the Centre announced a Rs 20-lakh crore package to uplift the economy, while on the other, it "robbed" people who travel by motorbikes, scooters and other vehicles, he said.
Crude oil was down 0.71 per cent to Rs 3,779, while gold gained 0.5 per cent.
Crude oil for February delivery was up by Rs 172, or 3.96 per cent, at Rs 4,514 per barrel.
Tensions in West Asia supported oil with crude oil witnessing a gapup opening on Monday.
The success of the OPEC summit, which has been called three months ahead of the next scheduled meeting, will above all hang on the alliance between Russia and Saudi Arabia, the world's second and third-biggest producers and the most important players in the OPEC and OPEC+ groupings respectively.
As per the provisional data released by the Solvent Extractors Association of India (SEA), there was a 90 per cent fall in import of RBD palmolein at 30,850 tonne in March this year, as compared to 3,12,673 tonne in the year-ago period.
When you invested in a mutual fund scheme, you would have earmarked each of your mutual fund schemes to specific financial goals. For example, a retirement that is twenty years away or a higher education fund for a child that is eight years away.
The hike, which ranges from 27 per cent to 66 per cent depending on the petroleum product, was announced Friday night.It drew nationwide condemnation from people on social media Saturday. The move comes two weeks after Islamabad said its GDP in the outgoing fiscal year ending on June 30 will shrink by 0.4 per cent, instead of an initially projected 2.4 per cent growth.
A word on the street is that OPEC will continue the same policy or try to tighten it a little bit more to arrest the declines, says the CIO of Probis Securities
Proceeds from divestment including offers for sale, equity traded funds and buybacks, stood at Rs 35,537.32 crore as of March 12, officials said, adding that an additional Rs 15,000 crore is expected from NTPC’s buyout of NeepCo and THDC and the sale of Kamarajar Port Ltd. to Chennai Port Trust.
Crude oil for February delivery was up by Rs 142, or 3.16 per cent, at Rs 4,636 per barrel.
US crude inventories rose by a much bigger than expected 1.7 million barrels last week
Crude oil futures on Monday fell by Rs 12 to Rs 4,157 per barrel.
Global oil prices, which were believed to never go below $50-55, have crashed to $30.
If you take the pain of catching a falling knife over a period of time, you will make a lot of money from there, says Kotak AMC MD.
When the all-clear finally sounds from the new coronavirus lockdown, people will emerge into the light like moles from their burrows.
Southern Iraq is home to most of Iraq’s oil industry and the protests have reached Basra.
Saudi Arabia is offering its flagship Arab Light crude into Rotterdam for roughly $25 a barrel.
West Texas Intermediate crude oil was trading 0.22 per cent higher at $59.17 per barrel.
Crude oil for May delivery was up by Rs 22, or 1.1 per cent, to Rs 2,023 per barrel with an open interest of 437 lots.
Indian buyers have resumed purchases of Malaysian palm oil amid improving ties between the two nations.
‘For the $270-280 bn GDP hit, someone will have to pay the price and asset quality issues will come up in some of the banks.'
Analysts said the fall in oil prices was mostly in tune with a weak trend in global markets.
As of now, India's infection curve has shown no signs of flattening out. The number of confirmed cases stands at 11,933, with 392 dead.
Crude oil for January delivery was quoting lower by Rs 6, or 0.15 per cent.
Hopes that nations might set aside their differences to combat the coronavirus crisis have largely evaporated.
What the key indicators are signalling for the market on Monday
BSE’s top stocks barometer Sensex has eroded 23 per cent value year to date.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 4 ringgit, or 0.2%, to 1,971 ringgit ($457.73) per tonne by 0323 GMT.
The stock quoted a 52-week high of Rs 549.95 and a 52-week low of Rs 128.55.
Rig count is the US increased by 18, first double-digit increase in eight months.
Just after market hours, Maharashtra said it will extend its lockdown until July 31.
West Texas Intermediate crude oil was trading 0.10 per cent up at $57.78 per barrel.
Here is how SMC Global expects commodities to fare today.
Crude oil for February delivery was up by Rs 64, or 1.45 per cent, at Rs 4,560 per barrel.
The government on Tuesday extended the deadline for bidding to buy its entire 52.98 per cent stake in the country's second-biggest oil refiner, Bharat Petroleum Corp Ltd (BPCL), by over a month to June 13.
International gas prices, a variable in the domestic price, have also been falling.
In a letter to the Chief Secretaries of all states and union territories (UTs), National Pharmaceutical Pricing Authority (NPPA) chairperson Shubhra Singh has asked them to ensure unobstructed movement of raw material, packing material, finished products and manpower related toÂ manufacturing and distribution of drugs and medical devices.
“I am grateful, and delighted, to announce that the oil & gas establishment is ready with a contribution of ₹1031.29 crore by the PSUs and other oil JVs for the PM-Cares Fund. Additionally, ₹61 cr. has been contributed by colleagues of PSUs from their salaries for the #PMCARES,” Oil Minister Dharmendra Pradhan said on twitter on Monday.
Crude oil for February delivery was down Rs 38, or 0.84 per cent, at Rs 4,498 per barrel.
Crude oil market players are looking towards next month’s Opec+ meeting for fresh cues.
West Texas Intermediate crude oil was trading 0.41 per cent up at $57 per barrel.
RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune. It all depends how India responds to the situation, he said. Global slowdown could make things difficult for India too, despite some help from falling crude prices, Das said, adding food prices may soften even further on record crop production.
The pan-European STOXX 600 fell 6.1% by 0807 GMT, entering bear market - commonly defined as a 20% drop from all-time highs.
This is not the first time that Saudi Arabia has cast smaller Opec producers to the wolves.
A blistering price rally was shattered last month by a deepening trade spat with India.
The pan-European STOXX 600 rose 1.8 per cent by 0710 GMT.
Analysts said raising of bets by participants kept crude prices higher in futures trade here.
Deliveries have been delayed and some items such as sanitisers have gone off shelves or are unavailable online. Retailers and fast-moving consumer goods (FMCG) companies said there are no shortages and that they will speed up supplies to shops besides seeking to curb hoarding. They said sales are up 15-45% depending on the category.
Here are the key factors that market participants will track keenly in the week ahead.
The government should not issue licenses for import of refined palm oil to companies to protect local refiners and oilseed growers, said edible oil associations and analysts.
Ambani’s strategy has three connected elements: carriage, content and commerce.
The benchmark Nikkei average dropped 1.6% to 19,084.97 after Friday's 3.9% gain.
The analysis by the UN Department of Economic and Social Affairs (DESA) said the COVID-19 pandemic is disrupting global supply chains and international trade. With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt.
The virus has upended trade flows and probably led to a 20 per cent cut to China’s oil demand.
Downbeat sentiments saw USD-INR exchange rate test past 72 to two-month high, while the benchmark equity indices witnessed mayhem on Monday, said a report by Singapore's banking group DBS.
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