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Searched Tag: oil prices

India gains as global oil prices decline to 8-month low

August 5, 2024, 04:31 PM - 2 min read

Apart from strengthening the external balance, a decline in oil prices also leads to lower prices of petrol, diesel and LPG in the domestic market, which in turn eases inflation in the country.

India benefits as oil prices fall to eight-month low

August 5, 2024, 03:32 PM - 2 min read

India benefits from an eight-month low in oil prices at $75.8 a barrel, reducing its import bill and current account deficit. Strategic purchases of discounted Russian oil have saved India $7.9 billion in FY2022-23, strengthening the Rupee and easing inflation.

Global oil price drop of over $4 a barrel spells benefits for India

India poised to benefit from falling oil prices

June 5, 2024, 12:57 PM - 2 min read

India is set to benefit from a recent drop in oil prices, which fell over $4 a barrel this week to a four-month low due to OPEC+ increasing production and higher US crude stockpiles.

India saves $7.9 billion in oil import bill, lowers Current account deficit through Russian oil deals

May 2, 2024, 01:58 PM - 2 min read

During April this year, India imported more Russian oil but less from Iraq and Saudi Arabia than it did a month earlier, according to data compiled by trade tracking agencies Kpler and LSEG.

Oil and LNG (Liquefied Natural Gas) prices are likely to shoot

Oil, LNG prices to shoot up amid Iran-Iraq conflict

April 21, 2024, 01:44 PM - 2 min read

India, which is more than 85% dependent on overseas suppliers to meet its crude oil needs, imports oil from Saudi, Iraq and UAE as well as liquefied natural gas (LNG) from Qatar through the Strait of Hormuz.

In early trade on Wednesday, benchmark equity indices Sensex and Nifty faced a downturn, influenced by weak global trends, escalated crude oil prices, and foreign fund outflows.

Equity markets decline amid global weakness and higher oil prices

April 3, 2024, 10:13 AM - 2 min read

Among the Sensex constituents, 22 stocks trended downwards, with Bharti Airtel, Nestle India, Sun Pharma, and IndusInd Bank being the prominent decliners. Conversely, Ultratech Cement, Tech Mahindra, Axis Bank, and Tata Steel managed to sustain positive momentum.