Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.(Bloomberg file photo)
Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.(Bloomberg file photo)

Oil prices extend gains on Covid-19 vaccine hopes, Mideast tensions

Oil prices rose 1% on Monday, extending gains as traders eyed a recovery in crude demand due to successful coronavirus vaccine trials, and concerns over tensions in the Middle East.
By Reuters | Posted by Niyati Singh | Singapore
UPDATED ON NOV 23, 2020 02:17 PM IST

Oil prices rose 1% on Monday, extending gains as traders eyed a recovery in crude demand due to successful coronavirus vaccine trials, and concerns over tensions in the Middle East.

Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will continue to restrain production.

Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.

“Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by 3-6 months,” said Stephen Innes, Chief Global Markets Strategist at axi, a financial services firm.

British drugmaker AstraZeneca said on Monday its vaccine for the novel coronavirus, developed along with the University of Oxford, could be around 90% effective under one dosing regimen.

U.S. healthcare workers and others recommended that the nation’s first Covid-19 inoculations could start getting shots within a day or two of regulatory consent next month, a top official of the government’s vaccine development effort said on Sunday.

OPEC+, which meets on Nov. 30 and Dec. 1, is looking at options to delay by at least three months from January the tapering of their 7.7 million barrel per day (bpd) cuts by around 2 million bpd.

But smaller Russian oil companies are still planning to pump more crude this year despite a global deal to cut production as they have little leeway in managing the output of start-up fields, a group representing the producers said on Friday.

Yemen’s Iran-aligned Houthi group on Monday said it fired a missile that struck a distribution station operated by the Saudi Aramco oil company in Saudi Arabia’s Red Sea city of Jeddah.

There was no immediate Saudi confirmation of the claim made by the group’s military spokesman. Aramco’s oil production and export facilities are mostly in Saudi’s Eastern Province, more than 1,000 km across the country from Jeddah.

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Gopinath, in response to a question on the new farm laws, said: “These particular farm laws were in the area of marketing."(File photo)
Gopinath, in response to a question on the new farm laws, said: “These particular farm laws were in the area of marketing."(File photo)

India’s new agri laws have potential to raise farm income: IMF's Gita Gopinath

PTI, Washington
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There are multiple areas where the reforms are needed, including infrastructure, the Chief Economist of the Washington-based global financial institution said on Tuesday.
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A total of 56.01 per cent children were found to have no access to smartphones, the study said.(Unsplash)
A total of 56.01 per cent children were found to have no access to smartphones, the study said.(Unsplash)

Chinese smartphone brands expanded India market share in 2020: Report

Reuters
PUBLISHED ON JAN 27, 2021 08:25 PM IST
Chinese brands commanded 75% of India's smartphone market last year, up from 71% in 2019 and the highest since at least 2014.
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Goyal said that the strong growth of startups could transform India from a screwdriver economy to technology-driven economy.(PTI File Photo)
Goyal said that the strong growth of startups could transform India from a screwdriver economy to technology-driven economy.(PTI File Photo)

Business should dedicate portion of their wealth to fund startups: Goyal

PTI
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FDI is a major driver of economic growth and an important source of non-debt finance for the economic development of India.(Reuters)
FDI is a major driver of economic growth and an important source of non-debt finance for the economic development of India.(Reuters)

FDI into India up 37 percent to USD 43.85 billion during April-November 2020

PTI, New Delhi
PUBLISHED ON JAN 27, 2021 06:32 PM IST
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In the four straight sessions, the benchmark has fallen by 2,382.19 points or 4.78 per cent.(PTI)
In the four straight sessions, the benchmark has fallen by 2,382.19 points or 4.78 per cent.(PTI)

Investors' wealth plunge over 8 lakh crore in 4 days

PTI, New Delhi
PUBLISHED ON JAN 27, 2021 06:25 PM IST
In the broader market, the smallcap and midcap indices fell up to 1.38 per cent.
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“CBDT issues refunds of over Rs. 1,81,336 crore to more than 1.74 crore taxpayers between 1st April, 2020 to 25th January, 2021,” the department tweeted. (Representative Image)(Mint Photo)

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Indigo Paints is the fifth-largest company in the paint industry in terms of the revenue from operations for fiscal year 2020.(iStock)
Indigo Paints is the fifth-largest company in the paint industry in terms of the revenue from operations for fiscal year 2020.(iStock)

Indigo Paints IPO allotment to be announced on January 28

By hindustantimes.com | Edited by Mallika Soni
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The IPO which is worth 1170 crore included fresh issue of shares worth 300 crore and offer-for-sale (OFS) of up to 58.40 lakh equity shares by private equity firm Sequoia Capital and promoter Hemant Jalan.
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The Bombay HC has ruled that private entities such as Facebook, Twitter and Instagram should not carry political ads 48 hours before voting in general elections.(Reuters File /)
The Bombay HC has ruled that private entities such as Facebook, Twitter and Instagram should not carry political ads 48 hours before voting in general elections.(Reuters File /)

Facebook investors shrug off election woes, look for 'social commerce' payday

Reuters
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A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India.(Reuters)
A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India.(Reuters)

Rupee settles 2 paise higher at 72.92 against US dollar

PTI
PUBLISHED ON JAN 27, 2021 04:35 PM IST
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.25 per cent to 90.39.
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The benchmark S&P BSE Sensex gained 0.6% to 49,177.99 by 0353 GMT.(Mint file photo)
The benchmark S&P BSE Sensex gained 0.6% to 49,177.99 by 0353 GMT.(Mint file photo)

Indices close in red: Sensex falls 937 points, Nifty below 14,000

By hindustantimes.com
UPDATED ON JAN 27, 2021 04:22 PM IST
Sensex sheds 937 points; Nifty ends below 14,000 dragged by banks, metal stocks
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Under an adverse economic scenario considered by the IMF, the world’s banks would fall $420 billion below regulatory capital requirements.(Reuters file photo)
Under an adverse economic scenario considered by the IMF, the world’s banks would fall $420 billion below regulatory capital requirements.(Reuters file photo)

IMF favours extension of pandemic support, thrust on infra investment in Budget

PTI
PUBLISHED ON JAN 27, 2021 03:32 PM IST
On Tuesday, the IMF projected an impressive 11.5% growth rate for India in 2021. While this is attributable to the stronger than expected recovery, Gopinath said India still has some distance to go.
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European Union (EU) flags outside the Berlaymont building in Brussels, Belgium.(Bloomberg)
European Union (EU) flags outside the Berlaymont building in Brussels, Belgium.(Bloomberg)

European economy lags behind China and US on pandemic recovery

Bloomberg
PUBLISHED ON JAN 27, 2021 03:23 PM IST
  • That was the upshot of the International Monetary Fund’s forecasts on Tuesday, which downgraded the growth outlook for 2021 across Europe and underscored a generally poorer performance compared with China and the US.
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The European Commission in its 2014 decision said Goldman Sachs, as the parent company, had decisive influence over Prysmian. A lower EU tribunal in 2018 backed its argument.(REUTERS)
The European Commission in its 2014 decision said Goldman Sachs, as the parent company, had decisive influence over Prysmian. A lower EU tribunal in 2018 backed its argument.(REUTERS)

Goldman Sachs loses legal fight against EU cartel fine

Reuters
PUBLISHED ON JAN 27, 2021 03:15 PM IST
Its penalty included a joint fine of 37.3 million euros with Goldman Sachs, which had acquired the Italian company via one of its private equity funds in 2005 but has since sold its holding.
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It is worthwhile to appreciate the full achievement of TCS. In 2000, TCS was not a listed company. It was not even the segment leader in India. By 2010, its market cap had grown to a creditable $25 billion and it had become the segment leader in India(REUTERS)
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TCS third most valued IT services brand globally: Brand Finance

PTI
PUBLISHED ON JAN 27, 2021 03:06 PM IST
TCS has celebrated strong revenue growth as demand grows for its core transformation services and through winning deals - worth over $6.8 billion in the fourth quarter of 2020 alone, it added.
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Oil has jumped almost 50% since the end of October but the rally has faltered recently on concerns about the near-term demand outlook due to Covid-19. China is facing a resurgent outbreak, there are fears about virus variants, while the UK became the first nation in Europe with 100,000 deaths. (Representative Image)(Reuters/ File photo)
Oil has jumped almost 50% since the end of October but the rally has faltered recently on concerns about the near-term demand outlook due to Covid-19. China is facing a resurgent outbreak, there are fears about virus variants, while the UK became the first nation in Europe with 100,000 deaths. (Representative Image)(Reuters/ File photo)

Oil advances after report points to declining US stockpiles

Bloomberg
PUBLISHED ON JAN 27, 2021 02:31 PM IST
Futures climbed 0.7% after slipping on Tuesday. The American Petroleum institute reported inventories fell by 5.27 million barrels last week, according to people familiar.
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