Oil prices jumped after Saudi Energy Minister Khalid al-Falih told a conference in St Petersburg, Russia, that $60 a barrel was too low to encourage investment in the industry. Crude later pared gains.
However, the dollar's weakness against some currencies overseas and a higher opening of the domestic equity markets capped the rupee's losses, a forex dealer said. Fresh dollar demand from banks and importers weighed on the Indian currency, they added.
How has India been preparing for the tightening of US sanctions? What key metrics could be impacted? What are the main concerns, and what role are the ongoing elections likely to play in India’s response?
"While OPEC, and above all Saudi Arabia, appeared in November to be obeying US President Trump's repeated demands to increase oil production, his tweets now are more likely to fall on deaf ears," Commerzbank said in a note.
The deal could inject billions of dollars into the PIF, giving it the firepower to proceed with its plans to create jobs and diversify the largest Arab economy beyond oil exports, including a mega business zone in the northwest of the country.
Zhejiang Wuchan Zhongda, a venture between government fund Zhousan Communications Investment Group and Wuchang Zhongda Group, is the first privately owned trading company to receive a crude import license from the ministry.