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Army Finds 9 Soldiers Guilty of Killing Two Teens in Firing in Budgam in Jammu and Kashmir In one of its shortest ever inquiries, the army has found nine of its soldiers guilty of killing two teenagers when they opened fire on a car in Jammu and Kashmir's Budgam on November 3.

CAG report says NDA's Rafale deal 2.86% cheaper than UPA's in 2007 Country's top auditor Comptroller and Auditor General (CAG) has said in its report that the Rafale fighter jet deal signed in 2016 was 2.86 per cent cheaper than the UPA's deal in 2007. The much-awaited CAG audit report on Capital Acquisitions in Indian Air Force was tabled in Rajya Sabha that inclu...

No ‘less cash’ two years post note ban Cash in circulation and ATM withdrawals have only increased, RBI data shows

Oil crawls off one-month lows, but supply gloom caps gains© Reuters. A customer prepares to fill up his tank in a gasoline station in Nice
By Amanda Cooper
LONDON (Reuters) - Oil edged up on Thursday, having hit one-month lows the previous day after an unexpected surge in U.S. inventories and the return of more Nigerian crude to an already oversupplied market.
The oil price has slipped below $50 a barrel despite a pledge by the world's largest exporters to extend an existing output cut of 1.8 million barrels per day (bpd) into next year in an effort to reduce bulging global inventories.
Adding to concern about supply outstripping demand, Royal Dutch Shell (L:RDSa) on Wednesday lifted force majeure on exports of Nigeria's Forcados crude, bringing all the country's oil grades fully online for the first time in 16 months.
Brent crude (LCOc1) was up 43 cents by 0900 GMT at $48.49 a barrel, having fallen 4 percent the day before, while U.S. crude futures (CLc1) rose 38 cents to $46.10 a barrel.
The market has also come under pressure from news of rising output from Libya, which together with Nigeria is exempt from the production cut made by the Organization of the Petroleum Exporting Countries and its 11 partners.

India Meteorological Department Raises Monsoon Forecast At 98% From 96%. Negative for agro commodities.

WTI oil prices declined by 0.5 percent on Monday to close at $47.4 per
barrel, while MCX oil prices declined by 0.9 percent to close at Rs.3052
per barrel.

Oil prices are expected to trend lower as international markets are
trading lower by 0.5 percent at $47.20 per barrel.

Latest political tensions between Qatar and other Middle east nations
has dimmed prospects of OPEC output cut. High global and US
inventories remains a cause of concern for oil markets though.

Fundamental factors affecting oil prices
Increasing US production growth, OPEC compliance on output cuts, high oil inventories in the US, lower growth rate in China were factors responsible for lower oil prices in the past month. On the other hand, concerns over rising U.S. shale oil output have been offsetting the impact of production cuts agreed by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC members to curb a global crude oversupply.

Crude stockpiles in the world's top energy consumer have been rising for most of 2017. However, the recent trends have changed a bit. Crude inventories in the US as on 26th May 2017, stood at around 509 million barrels. From the week ending 28th April 2017 to the week ending 26th May, absolute crude inventories have declined by around 17.86 million barrels signaling that inventories are starting to fall,

Oil prices are experiencing the effect of cognitive dissonance. In the field of psychology, cognitive dissonance is the mental discomfort (psychological stress) experienced by a person who simultaneously holds two or more contradictory beliefs, ideas, or values. For investors in oil markets, they also remain in two beliefs that the whether the OPEC/Non-OPEC compliance on output cut would be effective in stabilizing the oil prices or the global supply overhand which has resulted in high inventories would be drag on prices.