by admin | May 25, 2021 | Commodities, Commodities News, Commodity Market, Corporate, Corporate Buzz, Investing, World
New York : Oil prices declined as investors became cautious ahead of an OPEC (Organisation of the Petroleum Exporting Countries) meeting next week, a media report said.
OPEC and other key oil producers will meet on November 30 to discuss whether to extend the current price-supporting curbs on crude output, Xinhua news agency reported.
In a bid to end a global oversupply, the group has been restraining output since the start of this year
It is widely expected that the agreement will be extended to cover the next year.
Meanwhile, a strong dollar dented market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was up 0.40 per cent at 94.038 in late trading.
—IANS
by admin | May 25, 2021 | Commodities, Commodities News, Muslim World
New York : Oil prices extended gains with the US crude posting best daily gain in two weeks, after Saudi Arabia said it would cut oil exports in November.
The West Texas Intermediate for November delivery on Tuesday increased $1.34 to settle at $50.92 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose $0.82 to close at $56.61 a barrel on the London ICE Futures Exchange.
According to media reports, Saudi Arabia would cut its November crude oil allocations to customers by 560,000 barrels a day, according to Andrew Lipow, president of Lipow Oil Associates.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other producers have cut production by about 1.8 million barrels per day since the start of 2017.
Lipow said the potential impact of maintenance season on demand for Saudi supplies, but said any drop in exports from OPEC’s biggest producer is bullish to the extent it takes oil off the market.
—IANS
by admin | May 25, 2021 | Corporate, Corporate finance
Bombay Stock Exchange(Photo;Maeeshat)
Mumbai:(IANS) The prevailing logjam in parliament coupled with prospects of a US rate hike and the decline in oil and gas stocks subdued Indian equity markets, leading a barometer index to shed 220 points on Tuesday.
Initially, both the bellwether indices of the Indian equity markets opened on a negative note following their Asian peers.
Besides, prospects of a US rate hike prompted a selling frenzy among foreign investors and continued weakness in rupee’s value depressed investors.
In addition, oil and gas, energy and power companies’ stocks fell after a dip in global crude oil prices.
Weak Chinese macro economic data further dented sentiments and commodity prices.
The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shed 220 points or 0.86 percent during the day’s trade.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed in the red. It closed lower by 63.70 points or 0.82 percent at 7,701.70 points.
The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 25,488.42 points, closed at 25,310.33 points — down 219.78 points or 0.86 percent from the previous day’s close at 25,530.11 points.
The Sensex touched a high of 25,542.47 points and a low of 25,256.79 points during the intra-day trade.
Markets observers said that the investors’ sentiments were subdued due to the logjam in parliament, which has dimmed the prospects of the Goods and Services Tax (GST) bill getting passed during the winter session.
“The parliament’s logjam is a major dampener for the markets as it reduces the chances of the GST bill getting passed this session,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.
“The upcoming US rate hike, continued selling by the foreign investors in the Indian markets and the slump in oil prices which negatively impacted stock prices of oil and gas companies thinned investor participation,” he said.
Vaibhav Agrawal, vice president, research, Angel Broking, told IANS: “Markets ended in the red, led by weak global cues on account of weak Chinese data and lower oil prices, aggravating the slowdown concerns.”
“Metals and upstream (oil) companies continue to drag the benchmark indices led by the commodity weakness.”
The Indian rupee too came in for a beating. It closed weaker by 12 paise at 66.84 to a US dollar during the day’s trade from its previous close of 66.72 to a greenback.
The foreign institutional investors (FIIs) were net sellers during the day’s trade at the stock exchanges, whereas the domestic institutional investors (DIIs) were net buyers.
According to data with stock exchanges, FIIs sold stocks worth Rs.518.46 crore, while DIIs bought scrip worth Rs.590.32 crore.
Sector-wise, heavy selling was observed in metal, capital goods, healthcare, oil and gas and banking sectors.
The metal index plunged by 234.73 points, capital goods index receded by 209.22 points, healthcare index declined by 201.93 points, oil and gas index dwindled by 198.38 points and banking index was lower by 165.41 points.
Major Sensex gainers during Tuesday’s trade were Tata Motors, up 0.74 percent at Rs.401.90; Bajaj Auto, up 0.55 percent at Rs.2,462.45; ITC, up 0.53 percent at Rs.315.20; and Tata Consultancy Services (TCS), up 0.23 percent at Rs.2,329.50.
The major Sensex losers were Gail, down 5.05 percent at Rs.339.50; Vedanta, down 4.60 percent at Rs.87.10; Hindalco Industries, down 4.35 percent at Rs.75.90; Tata Steel, down 3.61 percent at Rs.234.75; and ONGC, down 3.57 percent at Rs.216.10.
by admin | May 25, 2021 | Muslim World
Baghdad, (IINA) – Iraq is returning to international bond markets for the first time since the end of the US occupation as volatile oil prices weigh heavily on the country’s finances, Financial Times reported.
The success of Baghdad’s first issuance, expected as early as this week, is likely to hinge on whether the US Federal Reserve will raise short-term interest rates on Thursday.
Investors said Iraq’s plans to raise up to $6bn via a number of bond issues will bear the brunt of a shift in sentiment away from emerging markets if the Fed raises rates, with both the World Bank and International Monetary Fund (IMF) warning of possible turmoil.
A rate rise will strengthen the dollar, encouraging money to flow back to the US and curbing international investor appetite for riskier assets.
Analysts at UBS have warned that a crisis in emerging markets is approaching, and figures from the Institute of International Finance, an advisory body to financial institutions, suggest change is already under way, with outflows from emerging market equities and bonds reaching around $40bn in the past month.
“I’m steering clear of the Iraq bond,” said one investor who was present at an Iraqi bond roadshow for potential European investors headed by Hoshyar Zebari, Iraq’s finance minister. “The variables are just too high.”
The dollar bond sale, arranged by Citi, Deutsche Bank and JPMorgan, will be Iraq’s first since 2006 when the US helped it to restructure debt accumulated during Saddam Hussein’s regime.
Baghdad hopes to use sales of dollar-denominated debt to fund a budget deficit caused by plummeting oil prices and the cost of military action against militants from Islamic State of Iraq and the Levant, which controls large areas of the north and west of the country.
Iraqi debt is expected to reach 70 per cent of gross domestic product this year, up from just 32 per cent two years ago.
