Oil slips from $82 - Reuters

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SINGAPORE (Reuters) - Oil fell to below $82 on Thursday on expectations for OPEC to keep pumping above quotas in the second quarter, pulling prices down from eight-week highs reached a day earlier.

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Falling fuel inventories in the United States and the first few weekly gains in total demand in one-and-a-half years have bolstered the view that the market will absorb ample supplies from OPEC as Chinese imports soar.Ministers from the Organization of the Petroleum Exporting Countries meet in Vienna on March 17 to discuss production policy. Officials from member countries including Algeria, Kuwait, and Angola have said this week they do not expect a change in quotas because prices are within their desired range.

Full Story: Oil slips from $82 - Reuters

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NEW DELHI -- India's government isn't planning to sell a stake in state-run Oil & Natural Gas Corp. and Indian Oil Corp., the federal oil secretary said Wednesday."This is not the correct market time (to sell a stake) anyway. There is no serious consideration at this juncture," S. Sundareshan told reporters on the sidelines of an industry conference.

Full Story: India Not to Divest Stake in ONGC, Indian Oil - Wall Street Journal


Rediff

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Sensex ends in green; realty, oil & gas lead - Economic Times

NDTV Correspondent and Agencies, March 10, 2010 Mumbai) The key equity benchmark indices were trading firm on Wednesday on fresh capital inflows from foreign funds amid firming Asian markets.

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The Bombay Stock Exchange's Sensitive Index, Sensex, moved higher by 0.64 per cent while the wide-based Nifty gained 0.53 per cent at 5128, above the psychologically important 5100 mark. Amongst the sectoral indices, BSE Auto Index was the top gainer up 1.15 per cent, BSE Oil and Gas Index advanced 1.10 per cent and BSE Consumer Durables Index moved 0.80 per cent higher. BSE IT Index (down 0.10 per cent) and BSE Banking Index (0.09 per cent) were trading in the negative zone.

Full Story: Sensex moves higher; auto, oil & gas gain - NDTV.com


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Full Story: ONGC to invest $5.8 bn in FY11: Oil minister - Economic Times

State-owned refiner Indian Oil Corp (IOC) has tendered to buy one or more cargoes of crude oil for loading in May, a tender document showed on Monday.

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The tender, issued on Friday, specified up to 88 crudes or combinations of crudes to be offered into the tender, which will close on March 10 and March 11 with validity until March 12. Traders said they expected news of the award on Friday. Most of the specified crude oil grades were Nigerian or Angolan. In the past IOC has tended to buy large volumes of West African crudes.

Full Story: IOC tenders to buy more crude oil for May - Moneycontrol.com

LONDON (Reuters) - State-owned refiner Indian Oil Corp (IOC) has tendered to buy one or more cargoes of crude oil for loading in May, a tender document showed on Monday.

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The tender, issued on Friday, specified up to 88 crudes or combinations of crudes to be offered into the tender, which will close on March 10 and March 11 with validity until March 12. Traders said they expected news of the award on Friday. Most of the specified crude oil grades were Nigerian or Angolan. In the past IOC has tended to buy large volumes of West African crudes.

Full Story: IOC tenders to buy more crude oil for May - Reuters India

On BSE, 26.39 lakh shares were traded in the counter as against an average daily volume of 10.38 lakh shares in the past two weeks.

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The stock hit a high of Rs 147.55 and a low of Rs 141.60 so far during the day. The stock had hit a 52-week high of Rs 194 on 5 June 2009 and a 52-week low of Rs 60.10 on 6 March 2009. The sale would help expansion plans at Essar, with $15 billion of revenues, controlled by brothers Shashi and Ravi Ruia. Essar has interests in telecoms - including a joint venture with Vodafone of the UK, as well as steel, power, oil refining and outsourcing, in countries from the US to Kenya and parts of Asia.

Full Story: Essar Oil spurts as group plans London listing - BloombergUTV

A pusher tug, a small barge that propels a bigger vessel, drowned in the Hooghly near Prinsep Ghat on Friday night, releasing oil into the river.

Attempts to salvage barge Bhagadutta , owned by the Assam government, might start from Monday, Calcutta Port Trust officials said. “The barge drowned near Prinsep Ghat and the Man o’ War jetty, upstream to Vidyasagar Setu. We have located the exact point of the wreck, which is away from the navigation channel,” said a port trust official.

Full Story: Oil spills as barge drowns - Calcutta Telegraph


Higher oil prices no reason for inflation
Economic Times
Even when oil hit a record $ 148/barrel in July 2008, US inflation (excluding energy and food) was just 2.5%, although fuel oil was up 61% and petrol 37.9%. ...

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Full Story: Higher oil prices no reason for inflation - Economic Times