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Crude Oil Prices: "Asset markets reacted positively to the Fed yesterday and I think oil has followed that by moving a bit higher," said Callum Macpherson, head of commodities at Investec.
International Energy Agency: This growth is anchored by robust demand from China, which is responsible for 77% of the increase, followed by India and Brazil.
Fuel Prices In India: With the kaleidoscope of celebrations between August and November, consumers have their eyes set on petrol and diesel rates, which have remained steady, and high, for two years now.
International Energy Agency: In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous forecast of 1 million bpd, based on broader economic concerns and a faster adoption of electric vehicles among other energy efficiency measures.
High crude oil prices will weaken the profitability of the country's three state-owned oil marketing companies -- Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) -- as they have limited flexibility to pass on higher raw material costs to consumers due to the forthcoming Lok Sabha elections in May 2024, according to a report by Moody's.