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Oil prices sink to year's low as equity slump adds to supply fear
Tuesday, December 18, 2018, 8:09 PM
Oil sank to another one-year low in New York as a sell-off in equities worsened crude market sentiments already soured by signs of plentiful American supplies. Futures in New York slipped as much as 4.1% after closing below $50 on Monday for the first time since October 2017. The US government expects shale-oil production to surge, potentially swelling already-abundant inventories.
Oil rollercoaster ride: From forecasts of $100 to 20% fall in a month
Friday, November 9, 2018, 10:47 AM
In the space of about a month, oil has gone from riding a rocket toward $100 to slumping into a bear market. Futures fell 1.6% in New-York, extending a decline from its October high to 21%. A further drop would make it the longest-ever streak of losses. Oil's retreat has increased pressure on OPEC and its allies to cut-supply just months after adding barrels.
ONGC's earnings beat is offset by subsidy sharing concerns
Tuesday, November 6, 2018, 12:36 PM
State-run Oil and Natural Gas Corp. Ltd's (ONGC's) net profit of 8,265 crore was nearly 15% ahead of consensus estimates of analysts polled by Bloomberg. But investors were unmoved. The ONGC stock declined by 1.6%, a day when the benchmark Sensex lost 0.2%. What gives? For one, "other income" was higher than analysts expectations. Besides, domestic crude oil production declined by 6% year-on-year.
