Demand From Importers And Banks

 On the international energy front, oil prices jumped to a two-year high on Friday as North American markets tightened on the partial closure of the Keystone pipeline connecting Canadian oilfields with the United States.96 per pound and also remained subdued against the euro to settle at 76.Mumbai: Retreating from a three week high, the rupee on Friday depreciated by 12 paise to close at 64.In forward market today, premium for dollar displayed a mixed trend owing to lack of market moving factors.US light crude hit highs not seen since July 1, 2015, on Friday, trading up 1.7328 and for the euro at 76.70, showing a loss of 12 paise, single screw barrel Factoryor 0.58 on Thursday.13.48 a barrel in early Asian trade.54 on sustained dollar unwinding.Suspected RBI intervention to iron out excessive volatility also weighed on trade.38 per cent to USD 58.It touched a low of 64.

However, the recovery momentum short-lived as the local unit succumbed to bouts of volatility and kept on grinding lower following sudden dollar demand.19 per cent.Moreover, surging crude prices ahead of the much awaited OPEC meet also impacted overall currency market mood, a forex dealer commented.A sharp uptick in the US dollar demand from importers and banks amid rising prospect of Fed rate hike by the end of this year largely dominated trading sentiments.Brent crude was trading higher at USD 63.At the Interbank Foreign Exchange (forex) market, the rupee opened virtually flat at 64.51.73 from 76.The domestic currency, however, regained some ground against the Japanese yen to conclude at 58.The dollar index, which measures the greenback39;s value against a basket of six major currencies, was down at 92.meanwhile, fixed the reference rate for the dollar at 64.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.13 from 85.03 per 100 yens from 58.In cross-currency trades, the rupee dropped further against the pound sterling to finish at 86.81 per barrel.7213.On weekly basis, rupee strengthened by a whopping 31 paise against the dollar.Pound Sterling, however, traded little changed despite overnight robust GDP data as sentiment remained shaky due to overall nervousness surrounding the Brexit negotiations.end-ofTags: rupee, dollar, interbank foreign exchange, rbiLocation: India, Delhi, New Delhi.95 in early trade.On weekly basis, the rupee strengthened by a whopping 31 paise against the dollar.Trading activity was expected to be low on Friday due to the US Thanksgiving holiday.Most Asian bourses were mixed against the backdrop of Thursday39;s intense blue-chip selloff in Chinese markets.3 per cent at USD 63.70 a dollar due to renewed  demand for the US currency.7328 and for the euro at 76.

Never Know With OPEC

 Libya and Nigeria, whose exports have been hampered by violence, have also asked to be left out of any deal.Goldman Sachs analysts said in a note that chances of an OPEC cut succeeding have increased, and they China thread screw barrel believe the global oil surplus will shift into a deficit by the middle of next year, which would support prices.49 a barrel, up $1.80.Brent crude futures LCOc1 settled at $48. Such moves protect against any selloff should OPEC fail to reach agreement.04, or 4.90 a barrel, up $2.Brent crude briefly touched $49 a barrel."You never know with OPEC - sometimes they go to the last minute, and there are a lot of false starts," said Phil Flynn, senior market analyst at Price Futures Group in Chicago.Iran wants exemptions to try to recapture market share lost under years of Western sanctions and has been reluctant to limit output.4 per cent.Brent crude futures LCOc1 settled at $48. 

He added that funds were less enthused about holding positions ahead of the meeting."As we get closer to the meeting the threat that they will achieve some agreement has triggered a lot of short covering," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut."Our base case now is that an OPEC production cut will be announced and implemented," they wrote. The London benchmark has risen 11 per cent in a week since Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, started a diplomatic charm offensive to persuade more reluctant members to join its proposed output plan. 15 cut their combined net long position in the three major Brent and WTI futures and options contracts by just 3 million barrels to 422 million barrels.

90 a barrel, up $2.OPEC members last week proposed a deal for Iran to cap, rather than cut, output.4 per cent.In recent days, several OPEC members including Iran, along with non-member Russia, have suggested they were leaning toward a deal to limit output. US West Texas Intermediate (WTI) CLc1 gained 4 per cent to settle at $47.Hedge funds in the week ending Nov.New York: Oil prices surged 4 per cent to a three-week high on Monday, bolstered by growing conviction that major oil producing countries would agree next week to limit output.04, or 4.

Attacks On Oil And Gas Pipelines

 The World Bank slashed its 2016 global growth forecast on Wednesday to 2.42 a barrel by 0108 GMT, after settling up 89 cents on Tuesday.9 per cent estimated in January due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminishing capital flows.S.S.(Representational Image) The market was waiting for China trade China Wood plastic crust foam screw barrel Manufacturers data due later in the day. Nigeria's oil output was between 1.40 a barrel, after closing up 67 cents on Tuesday to settle above $50 for the first time since last July.

NYMEX crude for July delivery CLc1 was up 4 cents at $50. oil demand growth forecast, citing that demand will grow by 220,000 bpd from 140,000 bpd previously.55, the highest since Oct.London Brent crude for August delivery LCOc1 was down 2 cents at $51. Energy Information Administration (EIA) will issue official inventory numbers at 1430 GMT on Wednesday.6 million barrels a day, down from 2.But concerns about global demand weighed on prices.The market was waiting for China trade data due later in the day.S.The market was waiting for China trade data due later in the day. crude inventories and worries about attacks on Nigeria's oil industry.

 It earlier touched $51.5 million and 1. commercial crude inventories fell by 3.The EIA on Tuesday raised its 2016 U.Japan's economy grew faster than initially estimated in the first quarter, data showed on Wednesday, as capital spending fell less than was first reported, but worries remain over slow consumer spending and weak exports.S. Worries about global supply disruptions also supported the market, analysts said. 12.2 million barrels at the start of the year.end-of.Nigeria government said it will scale down a military campaign in the oil-producing Niger Delta and talk to a militant group. The southern Delta swamps in Nigeria have been hit by militant attacks on oil and gas pipelines which have brought the African nation's oil output to a 20-year low.7 million barrel draw according to a revised Reuters poll.Oil prices stood steady near their highest level in about eight months, helped by industry data showing a larger-than-expected drawdown in U.U.6 million barrels last week, data from industry group American Petroleum Institute showed on Tuesday after the market settlement, compared with expectations for a 2. The U.4 percent from the 2.

Lowest Demand Corona Effect

 Michael McCarthy, chief market strategist with CMC Markets, said the plunge in WTI "reflects a glut" at the US facility in Cushing, Oklahoma.ANZ added in a note that "crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment".1 percent to $26. (AFP Photo)Singapore: US crude crashed to below $15 a barrel on Monday, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal.78 a barrel.The benchmark has now "decoupled" from Brent "with the spread between the two reaching a decade high", he said in a note.end-ofTags: crude oil market, oil output freeze, global oil markets, crude oil prices, coronavirus impact, covid 19 outbreak, coronavirus crisis, us crudeLocation: Singapore, –, SingaporeRelated StoriesOil drops to 18-year low as market faces lowest demandCorona effect: Record fall in global oil demandOPEC, Russia approve biggest ever oil cut amid coronavirus.The crisis was compounded after Saudi Arabia, kingpin of exporting group OPEC, launched a price war with non-OPEC member Russia.

11.But prices have continued to fall heavily, with analysts saying the cuts will not be enough to make up for massive falls in demand caused by the pandemic.25 million barrels last week, adding to the woes of the oversupplied world market Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand US crude falls below $15 a barrel."Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil," it said, referring to the Organization of the Petroleum Exporting Countries and non-OPEC partners.73 a barrel in early Asian trade, before markets steadied and it clawed back some ground to $15.93 a barrel, before China pvc crust foam board screw barrel rising and stabilising at $28.

Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand for the commodity.West Texas Intermediate (WTI), the US benchmark, fell more than 19 percent to $14.International benchmark Brent dropped 4."The US Energy Information Administration said crude inventories in the world's biggest economy rose by 19.Riyadh and Moscow drew a line under their dispute earlier this month when they and other countries agreed to cut output by almost 10 million barrels a day to boost virus-hit markets."Concern continues to mount that storage facilities in the US will run out of capacity.WTI was hit particularly hard on Monday as analysts said there were concerns that its main storage facilities in the United States were filling up

In Recent Weeks As Lockdowns

 Michael McCarthy, chief market strategist with CMC Markets, said the plunge in WTI "reflects a glut" at the US facility in Cushing, Oklahoma.ANZ added in a note that "crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment".1 percent to $26. (AFP Photo)Singapore: US crude crashed to below $15 a barrel on Monday, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal.78 a barrel.The benchmark has now "decoupled" from Brent "with the spread between the two reaching a decade high", he said in a note.end-ofTags: crude oil market, oil output freeze, global oil markets, crude oil prices, coronavirus impact, covid 19 outbreak, coronavirus crisis, us crudeLocation: Singapore, –, SingaporeRelated StoriesOil drops to 18-year low as market faces lowest demandCorona effect: Record fall in global oil demandOPEC, Russia approve biggest ever oil cut amid coronavirus.

The crisis was compounded after Saudi Arabia, kingpin of exporting group OPEC, launched a price war with non-OPEC member Russia.11.But prices have continued to fall heavily, with analysts saying the cuts will not be enough to make up for massive falls in demand caused by the pandemic.25 million barrels last week, adding to the woes of the oversupplied world market.Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand US crude falls below $15 a barrel."Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil," it said, referring to the Organization of the Petroleum Exporting Countries and non-OPEC partners.73 a barrel in early Asian trade, before markets steadied and it clawed back some ground to $15.93 a barrel, before China pvc crust foam board screw barrel rising and stabilising at $28.Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand for the commodity.

West Texas Intermediate (WTI), the US benchmark, fell more than 19 percent to $14.International benchmark Brent dropped 4."The US Energy Information Administration said crude inventories in the world's biggest economy rose by 19.Riyadh and Moscow drew a line under their dispute earlier this month when they and other countries agreed to cut output by almost 10 million barrels a day to boost virus-hit markets."Concern continues to mount that storage facilities in the US will run out of capacity.WTI was hit particularly hard on Monday as analysts said there were concerns that its main storage facilities in the United States were filling up