US Fed expected to hike interest rate in December, US allows 8 countries including India to import Iranian oil & domestic transport fuel prices drop
03rd Nov – 09th Nov
1. Oil demand from India will revive in 2019 while Chinese economy may slow down
November 08, 2018
Indian oil demand is set for a recovery next year. It will be an increasingly important driver of global demand growth, while China’s economy may slow down during 2019. Indian fuel consumption growth will be around 6%, which is up by 0.50% from 5.5% in 2018.
Source: Financial Express
2. Copper dropped as Fed is anticipated to increase interest rate in December and China trade war
November 09, 2018
The Fed has already raised its key interest rate by 3 times this year and it is widely anticipated that there will be one more hike in the December meeting for this year and the same trend will continue till March 2019. US dollar strengthens after the Fed notes that the unemployment rate has dropped significantly. China trade tensions will keep copper demand lower and this was another reason behind this drop.
Source: Business Line
3. Petrol and Diesel consumers found relief after sharp drop in international crude prices
November 08, 2018
Crude oil prices dropped by 20% since early October and this is the key reason behind a drop in transport fuel prices in India. Oil marketing companies are passing the benefit to the consumers as it is a comfortable situation since international crude prices are finding some relief from the recent highs. Petrol prices in Mumbai are near Rs. 83.57 per litre and diesel prices are near 76.22 per litre.
Source: Financial Express
4. Oil drops after US announced waivers to eight countries
November 05, 2018
Oil prices dipped after US allowed some countries to still import Iranian crude, at least temporarily for 180 days. India and Iran are finalizing the details of a mechanism that will allow India to pay entirely in Indian currency via UCO Bank.
Source: Economic Times
5. Eight countries received sanction waivers from US to import oil from Iran
November 05, 2018
US have allowed India, China and Japan among others to temporarily import crude oil from Iran. These countries have showed significant reduction in oil imports after President Trump re-imposed sanctions on Iran.
Source: Times of India
6. Kerala gold demand to resume during festival after floods in August
November 06, 2018
Gold jewellery business will be back to normal post a flood recovery trend in Kerala. The Dhanteras - Diwali season is likely to mark this phase along with the wedding season. Sales growth may increase by 15% on this Diwali as per local jewelers.
Source: Financial Express
7. Gold prices at multi year high, keeping consumers away during festival season
November 05, 2018
Gold prices remained weak in the international market while domestic gold prices were at multi-year highs due to a depreciation of the Indian rupee against the dollar. As gold jewelry remains expensive or at two year highs, consumers are shying away from buying gold during the festival season of Dhanteras and Deepawali. MCX Gold was quoted near Rs. 31,500 per gram on Dhanteras.
Source: Financial Express
8. Oil supply increases, Russia pumped 11.41 million barrels per day
November 02, 2018
Russia increased oil output which reached at the highest levels in 30 years. Overall production remained at 11.41 million barrels per day in October. In September, Russia produced nearly 11.36 million barrels per day. US, UAE, Russia and Libya are pumping more crude oil to compensate for the oil deficit after US sanctions on Iran.
Source: Reuters