Oil prices plummet amid global demand projections, with Brent crude futures declining $1.29 to $87.69 a barrel. The BSE Sensex and NSE Nifty50 indices have been impacted, with the Sensex falling 187.90 points to 77,966.35.
Indian refiners have sourced nearly six million barrels of crude oil from Nigeria’s SEEPCO, boosting energy security amid global uncertainty. The shipment highlights the importance of diversified supply sources in maintaining stable energy supplies.
India’s oil imports from Russia surged in May, with the country emerging as the second-largest buyer of Russian fossil fuels. Despite evolving geopolitical and sanctions-related pressures, Indian refiners continue to find discounted Russian barrels attractive.
Indian equity benchmarks staged a sharp recovery on Friday, with Sensex rising 1% and Nifty 50 up 1.2%, tracking strong gains across Asian markets and a rebound on Wall Street. The decline in crude prices eased inflation concerns and boosted prospects for oil-sensitive sectors.
India’s fuel market is experiencing a significant surge in petrol and diesel prices, reaching their highest levels since May 2022. The recent hike is linked to global crude oil disruptions caused by geopolitical tensions in West Asia. Stay informed about the fuel market and its impact on the Indian economy.
