Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.
The rise came after China moved to exempt some US anti-cancer drugs and other goods from tariffs, while President Donald Trump announced a delay to scheduled tariff hikes on billions of dollars' worth of Chinese goods.
Festival demand has not picked up yet in the physical market due to higher gold prices. The rupee appreciated 14 paise to 71.58 against the US dollar in early trade on Monday as China's easing move and rate cut hopes by the US Fed enthused investors.
The minister was hopeful that the power demand growth would further rise as the government is in the process of taking steps to boost demand, which includes bringing new tariff policy and second version of UDAY scheme for revival of debt-laden power distribution company.
For the year starting December, price of ethanol derived from C heavy molasses has been increased from Rs 43.46 a litre to Rs 43.75 per litre, and for B heavy molasses to Rs 54.27 per litre from Rs 52.43 earlier.
Increased offtake by industrial units and coin makers and robust global trend pushed the silver price higher, traders said. The association’s vice president Surendra Jain was quoted by PTI as saying that strong overseas trend led to the increase in silver price.
The Federal Reserve cut interest rates on Wednesday, but against expectations the head of the US central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against risks including global economic weakness.
Brent crude futures were up 23 cents, or 0.4%, at $63.23 a barrel by 0054 GMT. Prices rose 1.6% last week. US West Texas Intermediate crude was down by 12 cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week.