{"id":147227,"date":"2024-10-04T05:35:22","date_gmt":"2024-10-04T05:35:22","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/04\/oil-prices-edge-up-amid-middle-east-conflict-rupee-anticipated-to-be-low-times-of-india\/"},"modified":"2024-10-04T05:35:22","modified_gmt":"2024-10-04T05:35:22","slug":"oil-prices-edge-up-amid-middle-east-conflict-rupee-anticipated-to-be-low-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/04\/oil-prices-edge-up-amid-middle-east-conflict-rupee-anticipated-to-be-low-times-of-india\/","title":{"rendered":"Oil prices edge up amid Middle East conflict, rupee anticipated to be low &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"300\" src=\"https:\/\/i1.wp.com\/static.toiimg.com\/thumb\/msid-113924863,imgsize-110626,width-400,resizemode-4\/113924863.jpg?resize=400,300&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Oil prices edge up amid Middle East conflict, rupee anticipated to be low &#8211; Times of India\" title=\"Oil prices edge up amid Middle East conflict, rupee anticipated to be low &#8211; Times of India\" \/><\/div><p> <br \/>\n<\/p>\n<div>\n<div class=\"MwN2O\">\n<div class=\"T22zO\">\n<section class=\"D3Wk1  clearfix id-r-component leadmedia undefined undefined  VtlfQ\" style=\"top:0px\">\n<div class=\"D3Wk1\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"zPaFh\">\n<div class=\"wJnIp\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<p>NEW DELHI: Early Asian trading hours on Friday saw a hike in <!-- -->oil prices<!-- --> holding on to strong weekly gains, as investors anticipate potential disruption in crude oil flows amid the <!-- -->Middle East conflict<!-- --> against an amply-supplied global market.<br \/>Brent crude<!-- --> futures inched up 9 cents, or 0.12 per cent, to $77.71, while <!-- -->US West Texas Intermediate<!-- --> crude futures were up 8 cents, or 0.11 per cent, to $73.79 a barrel.<br \/>Both benchmarks were en route for weekly gains of about 8 per cent.<br \/><span class=\"strong \" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">&#8216;<\/span><span class=\"strong \" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Rupee<\/span><span class=\"strong \" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\"> anticipated to be at lifetime low&#8217;<\/span><br \/>Rupee is anticipated to be at a lifetime low on Friday, as foreign investors withdraw from domestic equities and ongoing Middle East crisis. <br \/>A currency trader said, &#8220;For sure, (the dollar\/rupee pair) would have opened well past 84 looking at oil, the well-bid dollar and the extent of selling.&#8221; &#8220;However, that is unlikely to happen&#8221; he added.<br \/><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">5 per cent rally in oil prices<\/span><br \/>Oil prices rose by 5 per cent after US President Joe Biden\u2019s on Thursday commented about possible retaliation against Tehran\u2019s missile attack on Israel by targeting Iran&#8217;s oil facilities. The comments contributed to a 5 per cent rally in oil prices.<br \/>Anticipations about disruption in Middle East\u2019s oil supply, that accounts for about a third of global supply, has affected the market according to ANZ analyst Daniel Hynes.<br \/>&#8220;The move has been exacerbated by bearish investors unwinding their bets on lower prices. The move could be extended if investors start building bullish positions in oil,&#8221; Hynes told Reuters.<br \/>However, concerns about supply have eased because <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/organisation-of-petroleum-exporting-countries\" styleobj=\"[object Object]\" class=\"\" frmappuse=\"1\">OPEC<\/a> has extra production capacity and the fact that global crude supplies haven\u2019t yet been affected by the unrest.<br \/><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">&#8216;Ending crisis that reduced oil production&#8217;<\/span><br \/>Libya&#8217;s eastern-based government and Tripoli-based National Oil Corp on Thursday announced reopening all oilfields and export terminals after resolving a dispute over leadership of the central bank, ending a crisis that reduced oil production.<br \/>Iran and Libya are both members of OPEC. Currently operating under US sanctions, Iran produced about 4.0 million barrels per day of fuel in 2023, while Libya produced about 1.3 million bpd last year, according to the US Energy Information Administration.<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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