Accordingly oil prices hovered just below 2019 highs early on Tuesday, supported by ongoing supply cuts led by producer club OPEC. Meanwhile US sanctions against oil producers Iran and Venezuela are also boosting crude prices, although traders say the market looks capped by rising American output.
Furthermore US West Texas Intermediate (WTI) futures were at $59.08 per barrel at 0152 GMT, virtually unchanged from their last settlement and close to the 2019 high of $59.23 reached the previous day. Brent crude oil futures were up 2 cents at $67.56 per barrel, within a dollar of this year's high of $68.14 reached late last week. In China, Shanghai crude futures, launched in March last year, bounced 4.5% from their last close to 469.2 yuan ($69.92) per barrel, also near 2019 highs of 475.7 yuan a barrel reached during a brief spike in February.
Moreover the Organization of the Petroleum Exporting Countries (OPEC) on Monday scrapped its planned meeting in April, effectively extending supply cuts that have been in place since January until at least June, when the next meeting is scheduled. Apparently OPEC and a group of non-affiliated producers including Russia, known as OPEC+, started withholding supply to halt a sharp price drop in the second half of 2018, when markets came under pressure from surging output as well as an economic slowdown.
Air Asia India plans to tie up with about 200 companies Seeking long term travel commitment, Tata Group joint venture Air Asia India plans to tie up with about 200 companies in the next few months, offering them a slew of benefits, including flexibility in last minute flight change and onboard meals. The aggressive business pitch is set to help the low cost carrier widen its customer base before launching maiden international flights by year end.
- London-based AdiGro Group to restart Jet Airways' operations by July 1
- Singapore Red Cross website been hacked
- What are the 2 bids received for Jet Airways?
- New tax rates for Under Construction House will come into effect from April 1, 2019
- Do you know Indian Railways luggage carrying rules?
- Know about State Bank of India's online service IMT (Instant Money Transfer)
- TCS was recently in the news for a trade secret theft case file
- Rupee on May 6 fell by 18 paise to close at 69.40 against US dollar
- Why Income Tax e-Filers growth dropped down this fiscal year?
- Shutting down of Jet Airways left 16,000 people, including 1,350 pilots, jobless
- Amazon fighting with Walmart Inc's Flipkart for market share in India
- 30% of 1,100 Yes Bank branches are profitable in India
- Stock Market in tensed state
- SpiceJet, Air India may fly 40 Jet Airways planes from next week
- Employees of TCS disappointed after company gifted them wrist watches on completion of 50 years