Crude Oil prices rose by about one percent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20 percent since early October.
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Crude Oil Marketing Companies Extend Slide, Plunge Over 20%
Crude Oil Marketing Companies Extend Slide, Plunge Over 20%
Shares of oil retailers extended decline and slumped over 20 percent after the government asked them to cut petrol and diesel prices by Re 1 per litre. The move will lower the gross marketing margins for the OMCs.
RBI Eases Overseas Borrowing Rules For State-Run Oil Marketing Companies – Gold Silver Reports
The Reserve Bank of India (RBI) on Wednesday allowed state-owned oil marketing companies (OMCs) to raise external commercial borrowings (ECBs) from lenders under the automatic route.
US Crude Up 55 cents, Settling at $72.12, as Markets Frets over Iranian supply Gaps
GSR (Gold Silver Reports) — U.S. President Donald Trump last week demanded that OPEC raise production to prevent further price rises ahead of key congressional elections in early November.
Crude Oil Price Rally Hits Asia Where It Hurts
Rising oil prices are pushing up prices for fuels in Asia, and this is coming at a bad time; many Asian currencies are depreciating as economic growth falters.
What Would Happen To USD If Oil Hits $100 A Barrel?
Technical Perspective
The main focus is now on a retest of the year to date high (and 2011 low) around 75.15. Above here and the next technical resistance level will be the 61.8% retracement from 2014 highs around 79.51. To the downside, support is seen along the bullish channel base which, while intact, keeps focus on the further upside.
Gold Futures Slip 0.14% on Weak Global Cues – Gold Silver Reports
In futures trading at Multi Commodity Exchange, gold for delivery in October was down Rs 42, or 0.14 per cent, to Rs 30,800 per 10 gram in a business turnover of 177 lots.