Oil prices struggled for traction on Wednesday after sinking on worries about weakening demand and oversupply, while global shares sagged with slowing growth concerns overshadowing potential positives such as progress in the Brexit saga.
Oil prices fell more than 1 per cent on Tuesday, with benchmark Brent crude slipping below $70 per barrel and US crude under $60, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market.
European shares bounced back on Monday thanks to strong oil stocks, while tobacco firms were dented by new signs of regulators tightening the screws on menthol cigarettes. The pan-European STOXX 600 gained 0.2 per cent by 0826 GMT, having ended last week in the red with sentiment still shaky.
Oil prices fell by around 1 per cent on Tuesday, with Brent crude sliding below $70 per barrel and WTI below $60, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market.
Brent crude oil prices jumped 2 per cent on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October.
Oil India Limited has reported a Rs. 862.01 crore net profit for the second quarter of the financial year 2018-2019. This is 33 per cent higher than the Rs. 645.97 crore net profit reported by the company in the corresponding period of the last financial year.
State-owned oil and gas explorer Oil and Natural Gas Corporation Ltd (ONGC) has been ordered to pay arrears of Rs. 173.69 crore to Mumbai Port Trust as wharfage compensation for the transportation of crude oil through two pipelines it had laid within the limits of the port.
Oil prices rose by about one per cent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20 per cent since early October.
Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.
Reliance Industries has raised Rs 3,000 crore through a privately placed debenture issue. The unsecured, non-convertible redeemable debentures offered 8.95 per cent return with a 10-year maturity, the company said in a regulatory filing.