After rising for two straight days, gold prices tumbled by Rs 325 to trade at over one-week low of Rs 31,200 per 10 grams at the bullion market today, on fall in domestic demand from jewellers amid weak global cues.
Oil and Natural Gas Corporation will invest Rs 34,012 crore ($5.11 billion) in four years to develop cluster 2 of east coast deep water block, the company said in a tweet on Friday.
Bharat Petroleum has launched a tender seeking three liquefied natural gas (LNG) cargoes in total, trade sources said.
Fuel prices were last revised on September 15, when the price of petrol was hiked by 58 paise per litre while that of diesel was slashed by 31 paise per litre (excluding state levies).
OPEC members had on September 28 agreed a production target of 32.5-33.0 million barrels a day at their meeting in Algiers "to accelerate the ongoing draw-down of the stock overhang and bring...re-balancing forward".
According to estimates, each dollar decrease in gas prices curtails annual revenue of state-run ONGC by Rs 4,200 crore and profit by Rs 2,400 crore.
Rising for the second straight day, gold prices climbed Rs 175 to Rs 31,525 per 10 grams, lapping up positive global cues amid increased buying by jewellers in the domestic spot market.
Spot gold had risen 0.2 percent to $1,322.80 an ounce by 0439 GMT. It has risen 1 percent in September.
The Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday to cut output to 32.5-33.0 million barrels per day (bpd) from around 33.5 million bpd, estimated by Reuters to be the output level in August.
Oil prices rose nearly 3 per cent on Thursday, extending their rally on optimism over the first output cut plan by the Organization of Petroleum Exporting Countries (OPEC) in eight years, despite some analysts' doubts that the reduction would be enough to rebalance a heavily over-supplied market.
India's gold demand is likely to fall to around 750-800 tonnes in 2016, as against 860 tonnes last year, mainly due to A sharp rise in prices and a strike by jewellers' following new regulations, the World Gold Council has said.
Reversing its three-day losing momentum, gold price recovered by Rs 50 to Rs 31,350 per 10 grams, with positive global cues doing the job amid scattered buying by jewellers at the domestic spot market.
An agreement by OPEC members to curb output boosted oil company shares, lifted the currencies of crude-producing countries, and drove yields on low-risk government debt higher.
Goldman kept its end-2016 forecast for U.S. West Texas Intermediate crude (WTI) at $43 per barrel and its 2017 forecast at $53 per barrel.
Global oil prices held onto gains on Thursday after soaring 6 percent in the previous session as the Organization of the Petroleum Exporting Countries agreed on Wednesday to reduce output to a range of 32.5-33.0 million barrels per day.
Despite the government imposing stock-holding limits on sugar mills, prices of the sweetener in the domestic market are likely to remain firm in next 3-4 quarters due to tight stock position, credit rating agency Icra has said in a report.
Gas firm GAIL (India) Ltd has bought three cargoes of liquefied natural gas (LNG) for deliveries in November and December, two trade source said.
Last spring, Statoil ASA announced it had used the same oil well design and components to drill three reservoirs for the price of one.
Six more commodities including diamond, tea and eggs were added to the list of products notified for derivative tradings on the exchanges.
In a boost to commodities trading in India, market regulator has allowed introduction of options in commodity derivatives market.