Crude oil stocks in the US witnessed a substantial increase, soaring by 8.52 million barrels, as reported by API’s Weekly Statistical Bulletin. This follows a 674 thousand barrels rise in the previous week. Meanwhile, the US saw a 0.2% month-on-month decline in producer prices for final demand in December 2023, surpassing initial estimates of a 0.1% drop, according to revised figures from the BLS. On the global front, the UK’s inflation rate remained steady at 4.0% in January 2024, slightly below market expectations of 4.2%. Factors such as higher gas and electricity bills contributed to the upward trajectory, offset by declining prices for furniture, food, and non-alcoholic beverages.
On a positive note, India’s services trade surplus achieved a record high of $44.9 billion in the third quarter of FY24, marking a resilient 16% year-on-year growth amid challenging global conditions. Additionally, India experienced a dip in WPI inflation, reaching a three-month low of 0.27% year-on-year in January, primarily attributed to moderating prices of food articles and manufacturing products. Foreign Secretary Vinay Kwatra emphasized the significance of sustaining economic cooperation between India and the UAE, underscoring the continuation of vital projects like the India-Middle East-Europe Economic Corridor (IMEC), despite concerns stemming from the ongoing conflict in Gaza and unrest in the Red Sea.
