Oil Prices  

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
 

Hello and welcome to this episode of DePress Room, my name is Amal Chowdhury and today we will be talking about how Asia will handle oil price swings after the warlike situations between Iran and the US. An attack in the Middle East. Oil prices surge as investors fear supply disruptions. Once it becomes clear that those disruptions are not materialising, traders calm down and so do oil prices. Life on the global markets returns to business as usual.

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.

Top gainers in the Sensex pack in early trade included Bajaj Finance, Reliance Industries, SBI, Yes Bank, Axis Bank, Kotak Bank, Tata Steel, Vedanta, Asian Paints, Bharti Airtel, HCL Tech, HDFC and TCS, rising up to 2.10%.
 

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 

Saturday's coordinated drone strikes on key Saudi Arabian oil facilities cut out more than 5% of global oil supply and has caused oil prices to rise over 15%, the highest in four months

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
 

Walking away from OPEC’s production controls could mean Qatar may increase output after leaving the group, undermining efforts to support prices

Petrol prices have been cut by more than Rs 5.49 per litre and diesel by Rs 3.82 in the past one month in Mumbai.

Saudi Energy Minister Khalid al-Falih said on Monday the OPEC countries agreed there was a need to cut oil supply next year by around 1 million barrels per day ( bpd ) from October levels