by admin | May 25, 2021 | World
New York : Oil prices have extended losses as US President Donald Trump once again tried to dampen OPEC’s efforts to tackle falling oil prices amid market expectations on further output cut.
“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump said on Twitter on Wednesday, Xinhua news agency reported.
The West Texas Intermediate for January delivery decreased $0.36 to settle at $52.89 a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased $0.52 to close at $61.56 dollars a barrel on the London ICE Futures Exchange.
The remarks came just a day prior to OPEC’s meeting in Vienna, piling pressure on the Saudi-led cartel, Russia and other non-member nations over potential global oil policy-making.
Moscow has shown willingness to cooperate with OPEC to cut oil production. Russia’s oil giant Lukoil said it’s ready to cut production if the upcoming meeting results in a deal to prop up prices, the company’s CEO Vagit Alekperov told reporters, according to TASS news agency.
Yet he said such a reduction could be done “only gradually,” due to the adverse weather conditions in Western Siberia. “The reduction should be smooth, just like last year,” Alekperov was quoted as saying.
—IANS
by admin | May 25, 2021 | Commodities, Commodities News, Muslim World
Doha : Qatar on Monday announced that it intends to withdraw from the Organization of Petroleum Exporting Countries (OPEC) after nearly 60 years of membership in order to focus on its plans to increase natural gas production.
The planned January 1, 2019, withdrawal was announced at a press conference here earlier in the day and confirmed by Qatar Petroleum, the state-owned corporation responsible for oil and gas activities, on Twitter.
“The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production,” tweeted Saad Sherida Al-Kaabi, the country’s Minister of State for Energy Affairs.
He said that OPEC had been informed of the decision, Efe news reported.
Qatar has been a member of OPEC since 1961. It said the organization was aware of its decision to withdraw.
Al-Kaabi said the withdrawal decision reflected Qatar’s aim to increase its natural gas production from 77 million tonnes a year to 110 million tonnes in the coming years.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Global factors such as concerns over trade wars and further developments on tariffs, along with the decision of the Organisation of Petroleum Exporting Countries (OPEC) to marginally increase oil production, would drive the domestic equity market in the week ahead.
According to market analysts, progress in the monsoon rains and the macro-economic data due later in the week would also give the market cues.
“The rise in oil prices after the modest supply increase by OPEC would dampen the sentiment in stocks, bonds and the FX (forex) markets,” Delta Global Partners’ Founder and Principal Partner Devendra Nevgi told IANS.
Global event risks, especially the developments on trade wars between the US and China, would be closely monitored, he said.
Geojit Financial Services’ Head of Research, Vinod Nair said: “Progressing monsoon and positive outlook on rural market is giving boost to the economy, which is already showing signs of improvement.”
However, the risk of downgrade in financial year 2019 earnings followed by weak fourth quarter earnings would test investors sentiment, Nair said.
Besides, cues from economic data like Consumer Price Index, Index of Industrial Production and Wholesale Price Index data to be released later in the week also would be a determining factor in the market movement, he added.
According to Equity99’s Senior Research Analyst, Rahul Sharma: “Stock specific action will remain the flavor of the week in an otherwise dull and direction-less trading market where investors look for global clues.”
Sector-wise, oil marketing companies, IT and pharma stocks would be in focus, Nevgi said, adding that invesment-wise the support to the markets “continue to come from domestic investors, given the selling by foreign investors”.
In the week gone by, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,088.81 crore, while the domestic institutional investors purchased stocks worth Rs 4,720.76 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 4,528.63 crore, or $665.71 million, in the week ended on June 22.
In the coming week, Gaurav Jain, Director of Hem Securities, feels trading could be volatile as traders would roll over positions in the F&O segment from the near month June 2018 series to July 2018 series.
On a technical basis, the key Indian equity indices, Jasani said, are likely to witness “further upside” in the coming week once the immediate resistance level of 10,837 points on the Nifty50 is breached. Crucial supports to watch for resumption of weakness are at 10,710 points , he said.
In the week just ended, both the key Indian equity indices — S&P BSE Sensex and the Nifty 50 on the National Stock Exchange — rose for the fifth consecutive week, although with marginal gains. The indices ended higher on a weekly basis due to value buying, even as the trade was largely volatile and bearish.
The wider Nifty50 closed trade at 10,821.85 points — up 4.15 points or 0.04 per cent — from its previous close.
Similarly, the barometer 30-scrip Sensex rose by 67.46 points or 0.19 per cent to close at 35,689.60 points on a weekly basis.
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
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 | Business, Corporate, Corporate Reports, Large Enterprise
New York : Oil prices rallied for a third straight session as the Organization of the Petroleum Exporting Countries (OPEC) said the oil market showed signs of rebalancing.
The West Texas Intermediate for November delivery on Wednesday increased $0.38 to settle at $51.30 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose $0.33 to close at $56.94 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.
World oil demand growth in 2017 is now expected to increase by 1.5 million barrels per day, representing an upward revision from previous report, mainly reflecting recent data showing an improvement in economic activities, according to the OPEC’s monthly report on Wednesday.
In 2018, world oil demand is anticipated to grow by 1.4 million barrels per day, due to the improving economic outlook in the world economy, particularly China and Russia, the report added.
The OPEC also said the oil market was gradually tightening after years of supply glut.
—IANS