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Oil posts biggest monthly gain in a year on tight supply, Ukraine tensions
Oil prices rose to the end of January on Monday, posting their biggest monthly gain in a year on supply shortages and political tensions in Eastern Europe and the Middle East.
The most-active Brent contract for April delivery rose 74 cents, or 0.8%, to settle at $89.26 a barrel. The front-month contract for March delivery, which expires at the close, was up $1.18, or 1.3%, at $91.21.
U.S. West Texas Intermediate crude gained $1.33, or 1.5%, to settle at $88.15 a barrel.
The benchmark index hit its highest level since October 2014 on Friday, at $91.70 and $88.84, its sixth straight weekly gain. They are up about 17% this month, their biggest gain since February 2021.
Market analysts and Reuters sources widely expect OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies led by Russia, to maintain its policy of gradually increasing output when it meets on Wednesday.
OPEC+ producers have boosted output by 400,000 bpd per month since August.
Louise Dickson, senior oil market analyst at Rystad Energy, said: “A 400,000 bpd monthly supply increase is either too inconsequential for the market to appreciate, and more importantly, the group has not fully achieved that. “
“As a result, the only short-term solution to balance the undersupplied oil market will need to come from OPEC+ and be dominated by Saudi Arabia, the producer with the largest spare capacity.”
However, OPEC’s oil output in January again fell short of the planned increase in a deal with allies, a Reuters survey found, underscoring the difficulty some producers have struggled to increase output even at seven-year highs.
Geopolitical tensions involving major oil producers Russia and the United Arab Emirates intensified in January.
Europe needs to diversify its energy supplies, the NATO chief said on Sunday, as Britain warned Russia was “very likely” to try to invade Ukraine.
Markets were also wary of the Middle East after the UAE said it had intercepted a ballistic missile fired by Yemen’s Houthis, as the Gulf state hosted Israeli President Isaac Herzog on the first such visit.
Complete News Source : Business Standard
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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