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India sees fall in fuel rates on trade war fears


NEW DELHI: The ongoing trade battle fears might not be just right for the worldwide expansion outlook however it's resulting in falling crude oil prices. Oil charges fell by means of around 1 consistent with cent on Monday, extending losses of over three consistent with cent from Friday, when crude markets slipped to their largest per 30 days losses in six months amid stalling demand and as US-China trade wars fanned fears of a global financial slowdown.

The tensions grew additional when US President Donald Trump threatened price lists on Mexico, considered one of its major provider of crude oil.


Brent crude futures have been at $61.28 at 12:29 pm. That used to be 71 cents, or 1.1 consistent with cent, below Friday’s shut.

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ONGC, India's most sensible oil and gasoline manufacturer, has toppled Indian Oil Corp (IOC) to regain crown of being the rustic's most profitable public sector company. According to earnings statements of the indexed firms, Oil and Natural Gas Corp (ONGC) reported a 34 consistent with cent bounce its in 2018-19 fiscal web benefit to Rs 26,716 crore.


“The US-China feud remains most crucial to the worldwide expansion outlook, however the addition of trade tensions between the United States and Mexico raised the slower demand picture for the Americas,” said Edward Moya, senior marketplace analyst at OANDA, every other futures brokerage.

Brent crude oil prices have dropped nearly 20 consistent with cent from their 2018-peak in past due April.

Fuel charges in India

Fuel prices in India continued to fall for the 5th instantly day on Monday. In Delhi, petrol worth used to be reduce by means of 20 paise to Rs 71.30 a litre as against Rs 71.50 on Sunday. Diesel changed into less expensive by means of 40 paise to Rs 66.76.

India imports more than 80 consistent with cent of its oil needs. Prices have surged not too long ago after the United States sanctions on Iran, Opec’s (Organization of the Petroleum Exporting Countries') third-largest manufacturer.



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In April, India's crude oil imports jumped to the easiest level in six months, knowledge from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry confirmed.


Crude oil imports into the world’s third-largest consumer rose 14 consistent with cent in April from a yr previous to 19.72 million tonnes, the easiest since October 2018, when imports have been at a seven-year prime of about 21 million tonnes.


(With agency inputs)


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