Crude Oil  

The affluent Al Nahyan royal family of Dubai, headed by UAE President Mohammed bin Zayed Al Nahyan, renowned for its wealth. The family possesses 6 percent of the global crude oil reserves and also owns Manchester City Football Club.

With a view to giving more impetus to 'Make in India' push to oil and gas explorers, cess on domestic crude oil may be halved to encourage exploration 
 

India saved over Rs 5,000 crore when the country in April-May used two-decade low international oil prices to fill up its three strategic underground crude oil storages, Petroleum Minister Dharmendra Pradhan said
 

The Indian rupee appreciated by 9 paise to 70.81 against the US dollar in early trade. However, rising crude oil prices capped the gains for the domestic unit.

The rupee traded lower by 5 paise at 70.93 against the US dollar in early trade. It had closed at 70.88 on Thursday on foreign fund inflows. Crude oil prices eased after a quick recovery in Saudi Arabia's production.

The US and Saudi Arabia have blamed Iran for providing artillery to Yemen's Houthi rebels who had claimed responsibility for the drone attacks on Saudi oil facilities that hit nearly 50% of the kingdom's global crude oil supply, despite repeated denial by Tehran.

The drone attack on oil plants in Saudi Arabia continued to impact the market as the BSE S&P Sensex closed 642 points down. Sectorally, banking and auto stocks too suffered

The rupee opened 22 paise lower at 71.82 against the US dollar amid elevated crude oil prices. Surging crude oil prices have emerged as major fears for India 

Among stocks, oil processing and marketing firms suffered the most as the United States blamed Iran for the weekend attack on Saudi Arabia's crude oil facilities.

Forex traders said fall in global crude oil prices and fresh foreign fund inflows also enthused investors as the rupee rose 26 paise to 70.88 against the US dollar

On July 3, the rupee had settled at 68.89 against the US dollar. Easing crude oil prices, positive opening in domestic equities supported the rupee
 

America had strongly supported India after the Pulwama terrorist attack and expects a similar cooperation from India in dealing with Iran.

With Prime Minister Narendra Modi's declaration on Tuesday that GST for most goods will be brought in the sub-18% slab, good news keeps pouring in, as RBI governor Shatikanta Das is now working on enhancing liquidity even as the rupee climbed an impressive 110 p against the US dollar on December 18

Crude oil has lost almost a third in value since early October because of an emerging supply glut following a global surge in production, including from the US, Russia, and OPEC