Mohammed bin Salman said a war between Saudi Arabia and Iran would ruin the global economy, following an attack on its oil facilities two weeks ago which it blames on Tehran.
Brent oil Thursday jumped about 5 per cent, the most since January, and is now trading near USD 65 a barrel. This comes after tensions ran high in the region after US President Donald Trump approved and then later called off military strikes against Tehran following shooting down of an American Navy drone over the strait by Iranian forces.
According to Geojit Financial Services Head of Research, Vinod Nair said: "Ripple effect from a weak global market while premium valuation and slow economy is hurting the market."
The benchmark Brent Crude on Thursday logged a steep jump of nearly 4 per cent over reports of attack on oil tankers in the Gulf of Oman.
Pradhan said he had spoken to Saudi Oil Minister Khalid A Al-Falih and "reminded him of the June commitment of Opec to increase production by 1 million barrels per day" to help cool prices.
In the national capital, petrol was priced at Rs 76.84 on Monday, 11 paise down from the previous price of Rs 76.95 a litre.
The petrol price in New Delhi stood at Rs 75.61 per litre, whereas in Mumbai, Kolkata and Chennai, the prices stod at Rs 83.45 per litre, Rs 78.01 per lire and Rs 78.16 per litre respectively.
United States President Donald Trump's decision to pull out of 'defective' Iran Nuclear Deal has left the world polarised as major European powers expressed regret and concern while Gulf Arab nations were jubilant. Here's everything you should know about the development and reactions on it from across the world.
The basic excise duty on unbranded petrol was slashed by Rs 2 from Rs 6.48 per litre and on branded petrol from Rs 7.66 per litre.
NSE benchmark Nifty shed 102 points on Tuesday to end at a one-week low of 10,350 on widespread profit booking amid fears of rising inflation due to a spurt in oil prices.
The main theme of the meeting, sources said, was to seek investment in exploration and production, processing, transportation and distribution network in oil and gas
Markets reacted to the escalation of the diplomatic row in the Gulf region and sent the price of oil 1.04 per cent higher to $50.47 per barrel, Xinhua news agency reported
Global slump in oil prices has resulted in India’s crude oil import bill dipping to almost half to $64 billion in 2015-16 fiscal.
New York: US stocks suffered big losses as Wall Street digested mixed economic reports amid declining oil prices.The Dow Jones Industrial Average dipped 188.88 points, or 1.14 percent, to 16,431.78 on Tuesday, Xinhua news agency
NEW YORK: U.S. stocks slumped Wednesday as the price of oil suffered its worst one-day drop since September, and the Standard & Poor's 500 index fell to its lowest level in almost two years.Investors are
New York: As OPEC, the international organization of oil exporting countries, refused to cut down production, the prices of oil dropped sharply bringing it down to the lowest level since February 2009.The sharp drop in
New York: Oil prices soared on Tuesday after Turkey shot down a Russian warplane in Syria for alleged airspace violation.Turkey on Tuesday shot down a fighter jet claimed by Russia, signifying the tension in the
New York: Oil prices continued its retreat on Monday as oversupplies weighed on the market.The US benchmark, the West Texas Intermediate for December delivery, moved down 42 cents to settle at $43.87 a barrel on
Washington: The World Bank today lowered its 2015 forecast for crude oil prices from USD 57 per barrel in its July report to USD 52 per barrel, a development that could bring in additional savings
New York: Oil prices bounced back on Monday as data suggested that US crude output is dropping amid low prices.Oil service company Baker Hughes reported on Friday that the oil rigs dropped eight last week,
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