OIL OIL PRICE
Oil prices edge down on worries about Chinese demand
Oil prices declined on Tuesday on worries of a slowing Chinese economy crimping demand and despite a growing consensus the U.S. Federal Reserve could begin cutting its key interest rate as soon as September.
Petroleum Minister Hardeep Puri hails ONGC after share price skyrockets to all-time high
Oil and Natural Gas Corporation (ONGC) made history as its share price surged past Rs 323 with a 5.18 per cent intraday gain, boosting its market capitalisation to Rs 4.06 lakh crore. This remarkable performance underscores ONGC's financial strength and strategic direction, echoing a broader trend of positive gains in the oil and gas sector. The Indian government, under Prime Minister Narendra Modi's leadership, has implemented reforms to bolster the sector, driving growth and profitability for companies like ONGC.
Share price of Indian Oil Corp. rises as Nifty strengthens
A total of 625,452 shares changed hands on the counter till 10:04AM (IST).
Oil prices tick down on worries about Chinese demand
Oil prices decrease slightly due to concerns over China's economic growth and potential U.S. interest rate cuts. Houthi attacks on ships in response to Middle East crisis affect shipping routes. Russian official expects global oil market balance thanks to OPEC+ production agreement.
Shares of Indian Oil Corp. rise as Nifty gains
On the technical charts, the 200-day moving average of the stock stood at Rs 144.24.
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Oil extends losses as dollar strengthens following Trump attack
Oil prices decline due to stronger dollar amid U.S. political uncertainty and Gaza ceasefire talks. China's oil imports decrease, reflecting subdued demand. Middle East conflict impacts oil market. U.S. oil rig count drops to lowest level. OPEC+ supply cuts remain in place.
Stock Radar: HOEC breaks out from inverse Head & Shoulder pattern; likely to hit fresh 52-week high
HOEC broke out from an inverse head and shoulders pattern after nearly four months of consolidation on daily charts. Experts foresee potential for the stock to reach around Rs 270 in the next 1-2 months. The stock hit a 52-week high of Rs 258 on August 11, 2023, but failed to maintain momentum, undergoing a correction for nearly 6 months.
Indian Oil Corp. shares up 0.29% as Sensex rises
A total of 1,559,951 shares changed hands on the counter till 11:06AM (IST)
Oil rises on cooling US inflation, strong summer demand
Oil prices rose Friday amid strong summer demand and easing U.S. inflation. Brent futures rose 0.4% to $85.77, and WTI rose 0.6% to $83.12. U.S. gasoline demand hit 9.4 million bpd for the week of July 5. US refiners drew from stocks. Falling consumer prices boosted sentiment; WTI futures tight. ANZ’s Daniel Hynes noted the weaker dollar.
Affordable fuel, not free market doctrine, is priority: Oil Minister Hardeep Puri
Oil Minister Hardeep Puri defended India's control over pump prices, prioritizing affordable fuel for consumers over free market principles. Speaking at an energy conference, Puri highlighted the government's commitment to ensuring availability and affordability rather than adhering strictly to global market doctrines. He expressed concerns about India's heavy reliance on imported crude and emphasized the role of the exploration and production sector in achieving energy self-sufficiency and economic growth. Puri also announced the formation of a committee to address industry issues collaboratively.
India's vegetable oil imports up 18% in June to 15.5 lakh tonnes
In June, India's vegetable oil imports rose 18% to 15.5 lakh tonnes, led by crude palm and sunflower oils. Edible oil imports hit 15.27 lakh tonnes, non-edible 23,178 tonnes. Year-to-date, total imports fell 2%, refined oils 2%, crude oils 3%. Palm oil imports decreased; soft oil imports fell. India imports from Malaysia, Indonesia, Brazil, and Argentina.
Share price of Indian Oil Corp. jumps as Sensex drops 313.37 points
Promoters held 51.5 per cent stake in the company as of 31-Mar-2024, while FII and DII ownership stood at 8.5 per cent and 2.34 per cent, respectively.
Oil prices tick up as crude, gasoline inventories ease
Oil prices rose as U.S. crude and gasoline stocks fell, with Brent at $85.43 and WTI at $82.47. Influences include U.S. inflation data, Federal Reserve actions, Powell's comments, CPI and PPI reports, OPEC's forecast, Hurricane Beryl impact, economic growth, air travel, rate cut speculation, and interest rates affecting borrowing costs.
Indian Oil Corp. shares drop 0.72% as Sensex falls
A total of 1,937,210 shares changed hands on the counter till 12:12PM (IST)
Oil rebounds as U.S. stockpiles drop, interest rate cut outlook brightens
Oil prices rebounded due to falling U.S. crude stockpiles and rate cut hopes. WTI and Brent futures rose. Investors anticipate economic growth from rate cuts. Powell's comments and limited Texas energy issues post-Hurricane Beryl supported prices. API and EIA foresee higher demand. Crude stocks fell by 1.923 million barrels on July 5. Gasoline inventories also decreased as ports reopened.
Indian Oil Corp. shares gain 1.14% as Sensex rises
On the technical charts, the RSI of the stock stood at 59.27.
Oil prices little changed, concerns about damage from hurricane ease
Hurricane Beryl minimally impacted Texas oil production, lowering prices. Brent fell to $85.71, WTI to $82.28. Texas, producing 40% of U.S. oil, saw Corpus Christi Ship Channel reopen and Port of Houston resuming operations. Gulf Coast refineries reported minimal impact. A potential Middle East ceasefire in Gaza, with U.S. officials in Egypt for talks, influenced the market.
Indian Oil Corp. shares gain 0.49% as Sensex falls
The stock quoted a 52-week high of Rs 196.8 and a 52-week low of Rs 85.51.
Buy Oil And Natural Gas Corporation, target price Rs 325: JM Financial
Oil And Natural Gas Corporation Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 361745.93 Crore) operating in Gas & Petroleum sector.
Share price of Indian Oil Corp. jumps as Sensex drops 280.16 points
Promoters held 51.5 per cent stake in the company as of 31-Mar-2024, while FII and DII ownership stood at 8.5 per cent and 2.34 per cent, respectively.
Oil prices on track for fourth straight week of gains
Oil prices stabilized in Asian trade, set for a fourth week of gains amid strong U.S. summer demand and supply concerns. Brent and WTI prices rose. Russia's Rosneft and Lukoil to cut July exports. Saudi Aramco lowered Asian prices. Sentiment boosted by geopolitical tensions, a 12.2 million barrels draw, potential Fed rate cuts, and the Gaza conflict.
Indian Oil Corp. shares up 0.23% as Sensex rises
A total of 495,073 shares changed hands on the counter till 10:45AM (IST)
Oil prices slip after data points to cooling U.S. economy
Amidst economic fluctuations, rate cuts could enhance demand, endorsed by ANZ Research analysts, impacting the global oil market.
Indian Oil Corp. shares fall 0.02% as Nifty gains
The stock quoted a 52-week high price of Rs 196.8 and a 52-week low of Rs 85.51.
Oil prices inch up on large US crude stock draw
Brent crude oil futures climbed 16 cents, or 0.2%, to $85.60 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $82.95 per barrel.
Indian Oil Corp. shares rise 0.83% as Nifty drops
The stock quoted a 52-week high price of Rs 196.8 and a 52-week low of Rs 85.51.
Shares of Indian Oil Corp. rise as Nifty gains
On the technical charts, the 200-day moving average of the stock stood at Rs 140.38.
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