Weak oil rattles Indian stocks; Sensex, Nifty trades in red
At the time of reporting, the S&P BSE Sensex was trading at 30,555.67 lower by 1,092 points from the previous close of 31,648.
At the time of reporting, the S&P BSE Sensex was trading at 30,555.67 lower by 1,092 points from the previous close of 31,648.
The current market is oversupplied on shrinking demand, creating a situation of free fall for crude.
U.S. benchmark, West Texas Intermediate (WTI), plunged below the $15 per barrel mark as the lockdown led by the COVID-19 pandemic.
India being world's third-largest oil consumer is planning to spend $ 670 million to buy oil at around the $30 a barrel for its strategic reserves purchased from Saudi Arabia and UAE.
Saudi Arabia’s reaction comes a day after Russian President Vladimir Putin blamed the kingdom for the collapse in global energy prices.
Oil prices sharply fell after the so-called OPEC+ group of countries including Russia failed to agree to production cuts in early March.
The leader, however, firmly blamed OPEC’s de facto leader Saudi Arabia for the collapse in oil prices, reports said.
Ambani's current net worth amounts to $41.8 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank.
