NEW YORK: Oil prices rose 2.5% on Wednesday as demand worries eased with a slowing of new coronavirus cases in China and supply curtailed by a U.S. move to cut more Venezuelan crude from the market. Brent crude was up $1.47, or 2.6%, at $59.22 a barrel by 12:17 p.m. EST (1716 GMT). U.S. oil was up $1.23 , or 2.4%, at $53.28 a barrel. Official data showed new coronavirus cases in China fell for a second straight day, although the World Health Organization said there was not enough data to know if the epidemic was being contained. "There's more optimism that maybe this disease is peaking," said Phil Flynn, an analyst at Price Futures Group in Chicago. "The market is pricing in the possibility that we can get back to normal quicker, and that's going to be very bullish for oil demand." Actions the Chinese government has taken, and is expected to take, to stimulate its economy and counteract the financial impact of the coronavirus also boosted oil prices, Flynn said. China is expected … [Read more...] about Oil up 2.5% on slowing pace of coronavirus, US move on Venezuela
Oil price rise
OPEC sent out invitations for meetings between the cartel and its allies on March 5 and 6, delegates said, signaling that plans for an emergency gathering have faded away.The 23-nation coalition known as OPEC+ had already scheduled the conference for early March when it last assembled in December. Saudi Arabia has been pushing for weeks for an earlier meeting of the Organization of Exporting Countries and its allies with Energy Minister Abdulaziz bin Salman this week equating the coronavirus’s impact on the market to a house on fire.Russia, the most important ally in the broader alliance -- has resisted the initiative, saying that more time is needed to assess the impact of the disease. The invitations distributed this week confirm that the gathering will take place on the originally scheduled dates.It appeared earlier this month that the move for action was accelerating, as OPEC+ convened an urgent session of technical experts in Vienna, who recommended that the producers deepen … [Read more...] about Opec confirms March meeting date, ending Saudi-Russia tussle
Because food has a 39% share in the overall inflation basket, a spike in food inflation in December also led to overall CPI rising 7.35%, the highest since July 2014. Given the importance of food in our inflation basket, it is important that no wrong conclusions are drawn about the sources of food inflation. As this analysis clearly shows: it’s local. … [Read more...] about Is India’s food inflation imported?
Note: Insider Buy/Sell is as defined by SEBI Insider Trading Regulations, 1992 Bulk Deal is defined as any trade in which quantity transacted is more then 0.5% of the companies equity shares listed on the exchanges. The above mentioned data is not completely Extensive as relatively smaller trades have been excluded. (Edelweiss Alternative Research) … [Read more...] about Stocks in the news: Max Financial, Vodafone Idea, Simplex Infra, Axis Bank and Power Grid