Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world’s second-largest oil consumer.
Brent crude futures fell 23 cents, or 0.3%, to $84.95 a barrel by 0127 GMT while U.S. West Texas Intermediate crude was at $80.59 a barrel, down 23 cents, or 0.3%.
Both benchmarks gained about 30 cents on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.
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“Oil prices were supported by continued output cuts by Saudi and Russia the previous day but investors’ attention has shifted to demand, especially in China,” said Toshitaka Tazawa, an analyst at Fujitomi Securities, noting all eyes are on data from China this week.
China will release its import and export figures for October on Tuesday at 0300 GMT, while key consumer price inflation (CPI) data is due on Thursday.
“We expect to see a tug-of-war at the levels near the current oil prices going forward, while digesting news on both supply and demand sides,” Tazawa said, adding the trend may change dramatically if the Middle East situation becomes more tense.
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Prime Minister Benjamin Netanyahu said Israel would consider “tactical little pauses” in Gaza fighting to facilitate the entry of aid or the exit of hostages, but again rejected calls for a general ceasefire despite growing international pressure.
Saudi Arabia confirmed on Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into production of about 9 million bpd for December, a source at the ministry of energy said in a statement.
Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December.
Also on supply side, Venezuela’s state-owned PDVSA is in talks with local and foreign oilfield firms to hire equipment and services that would allow it to revive depressed output, sources close to the meetings said, after the U.S. relaxed sanctions on the country.
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By admin • January 13, 2025 • By Ajit Mishra
Markets remained volatile for yet another week but managed to end in the green. The beginning was downbeat, tracking feeble global cues but the situation improved in the following sessions with stability in the world indices. However, pressure in the IT majors combined with the prevailing underperformance of the banking pack continues to weigh on the sentiment. Eventually, both the benchmark indices, Nifty and Sensex, settled with modest gains to close at 19,751.05 and 66,282.74 levels. Meanwhile, buoyancy in select key sectors like auto, FMCG, energy and realty kept the traders occupied. Besides, the positive tone on broader indices further eased the pressure.
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Apart from earnings, global cues would continue to play a critical role in setting the direction of our markets. Among the key indices, the US benchmark,…
By admin • January 2, 2025 • Promoters of Cipla are looking to offload 2.53% stake worth Rs 2,637 crore in the company through a block deal in one or more tranches. The promoters — Shirin Hamied, Samina Hamied, Rumana Hamied and Okasa Pharma — would be offloading about 20.45 million shares, according to the term sheet reviewed by FE.
Shares are being offered at a price range of Rs 1,289.50-1,357.35, a discount of 0-5% compared with the closing share price of Rs 1,357.35 on the NSE on Tuesday. Kotak Securities is the sole bookrunner for the deal, which is expected to happen on Wednesday.
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At present, these promoters hold a total of 4.26% in the company with Shirin Hamied holding 0.79%, while that of Samina Hamied is at 2.22%. Rumana Hamied holds 1.23% stake and that by Okasa Pharma, a promoter group company, is 0.02%. The promoter group holds a 33.47% stake i…
By admin • December 27, 2024 • As foreign institutional investors (FIIs) continue their selling spree in India and look towards China on the back of its attractive valuation proposition, Swarup Mohanty, vice chairman and CEO, Mirae Asset Investment Managers (India), told Vivek Kumar M that the trend could reverse once there is certainty about policy continuity in post elections. So far since April, FIIs have net sold nearly Rs 37,400 crore worth of shares in India. Mohanty also said that the ongoing volatility due to the general elections should be seen as an opportunity given India’s structural growth prospects. Excerpts:
What are the reasons behind the aggressive selling by FIIs this month? What could be the key catalyst for FIIs to return to India in the near-to-medium term?
The ongoing sell-off from FIIs is largely due to the elections and low China valuations. And to be fair, they have made money. Anybody who leaves making money is always good for the markets. But t…
By admin • December 27, 2024 • The NBFC Jana Small Finance Bank is all set to open its subscription for retail investors on February 07Come from Sports betting site VPbet. The issue will close on February 09 and raise Rs 570 crores in total. The price band for the issue has been set at Rs 393 – 414 per equity share.
It is a combination of fresh issues worth Rs 462 crore and an offer for sale of Rs 108 crore. The minimum lot size for retail investors is 36 shares or Rs 14,904. While the lot size for NIIs is different from that of retail investors.
The shares of the company will be listed both on the NSE and BSE. The bank raised Rs 166.95 crore from the anchor investors on February 06.
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By admin • December 26, 2024 • If you’re a serious Stranger Things fan as well as a serious Monopoly fan, you might want to hold off a bit longer before diving into the new themed edition of the classic board game, because it spoils some pretty major plot points from Stranger Things Season 4. Series creators Matt and Ross Duffer are not happy about it, according to The Hollywood Reporter.
While the Duffer Brothers are reportedly quite involved with marketing efforts for their massively successful Netflix series, the show is too big at this point for them to see everything, and the game seems to have slipped by, causing the brothers to have a “total meltdown” according to sources.
The toy and board game industries move at a different pace from the film and television industries and has been a source of spoilers more than once in recent years, frustrating creators and fans alike. As THR notes, Jon Favreau fiercely protected Grogu, also known as Baby Yoda or The Child, from spoilers, causing the associat…
By admin • December 26, 2024 • Ted Lasso fans love the show for its relentless optimism, but we have some bad news: Ted Lasso Season 3 might be its final season, writer and actor Brett Goldstein said in an interview with the Sunday Times.
“We are writing it like that,” Goldstein, who writes for the show in addition to playing Roy Kent on it, told the Sunday Times. “It was planned as three.” Variety notes that Jason Sudeikis told Entertainment Weekly the same thing almost exactly a year ago, so Goldstein isn’t revealing anything that hasn’t already been said.
“The story that I know is the one that I wanted to tell, and so that’s the one we’re telling with the help of numerous people in front of and behind the camera, so it’s by no means me typing every keystroke and saying every word,” Goldstein said. “It’s nowhere near like that. But the story that’s being told–that three-season arc–is one that I see, know, and understoodCome from