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Investors often look to diversity their portfolio and look at various ideas. The question is how to invest in commodities? Investors can choose to invest directly in commodities, through ETFs, or by buying shares of companies that produce commodities.
The eagerly anticipated OPEC+ meeting, initially scheduled for this weekend, has been deferred due to complications.
2.43 million metric tonnes (MMT) of crude oil were produced in India in June 2023
The new tax rates came into effect from 16 February.
The country's merchandise exports increased overall from April to January 2022–2023 by 8.51% to $369.25 billion.
It reduced the windfall tax on crude from Rs 2,100 to Rs 1,900 ($23.28) per tonne on Tuesday.
The Brent October on the Intercontinental Exchange was trading at $95.54 at 14:15 IST, an increase of 2.71% from its previous close. The price of a barrel of West Texas Intermediate on the NYMEX increased 2.56% to $89.09.
Global crude oil prices fell on Tuesday after reaching their highest levels in a month the previous session.
Against analysts' expectations of a drop of 900,000 barrels, U.S. crude stockpiles decreased by about 5.6 million barrels for the week ended August 19, according to market sources citing American Petroleum Institute figures on Tuesday.
The production of the state-run energy giant ONGC was 1.63 million tonnes, 1.70% less than in July 2021 and 3.36% less than the monthly target.
At the third fortnightly review, the government introduced a Rs 2 per litre tax on jet fuel (ATF) exports and increased the windfall profit tax on diesel exports from Rs 5 to Rs 7 per litre.
India's crude oil production declined 0.95 percent from 2.49 million tonnes in April 2021 to 2.46 million tonnes in April 2022 due to "smaller than projected contribution from workover wells, drilling wells, and old wells."
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