Oil prices rise ahead of anticipated US-Russian meeting
Brent crude futures rose 28 cents, or 0.43%, to $65.91 a barrel, while US West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.37%, to $62.89.
Both contracts hit two-month lows Wednesday following supply indicators from the US government and the International Energy Agency (IEA).
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Times of Oman
4 hours ago
- Times of Oman
India's current account deficit likely to widen to 1.2% of GDP in FY26: Report
New Delhi: India's current account deficit is expected to nearly double in the Financial Year 2026, rising to 1.2 per cent of GDP from 0.6 per cent in FY25, Union Bank of India said in a report. The estimate carries an upward risk, driven by evolving trade dynamics and global commodity price movements. "We see an upward risk to our estimate for the current account (C/A) deficit for FY26 GDP. We expect higher; almost double versus last year of widening in C/A deficit in FY26 to 1.2 per cent in GDP vis-a-vis an 0.6 per cent in FY25," the report added. The report added that the geopolitical developments, including tariff concerns and potential trade agreements between India and the US or Europe, are expected to play a significant role in shaping trade dynamics. Oil prices remain a key factor, with estimates suggesting that every USD 10 per barrel move in oil prices could impact the annual current account balance by approximately USD 15 billion. Lower oil prices may provide support to the current account balance, given the high sensitivity, the report added. Union Bank of India's report added that despite the expected widening of the deficit, the overall current account position is expected to remain manageable. This is supported by a strong invisible surplus, driven by a robust services trade surplus of USD 188.75 billion in FY25. This compares against an oil import deficit of USD 122.45 billion for the same period. India's merchandise trade deficit widened sharply in Jul'25, reaching USD 27.35 billion in Jul of the current year, vis-a-vis USD 18.78 billion a month ago -- levels last seen in November 2024 -- driven by normalisation in imports post a temporary blip last month, even as the theme of frontloading of exports continued to persist. The pace of import growth, particularly in fossil fuels and capital goods, significantly outpaced export gains, resulting in an imbalance and rising concerns about the sustainability amid shifting global trade dynamics. In terms of sub-segments, trade dynamics in Jul'25 were broadly driven by widening across all three major components. The NONG (Non-Oil, Non-Gold) trade deficit saw the sharpest increase, rising to USD 12.28 billion from USD 7.83 billion in Jun'25. The oil trade deficit also expanded, reaching USD 11.24 billion compared to USD 9.19 billion the previous month. Meanwhile, the gold trade deficit nearly doubled, surging to USD 3.83 billion from USD 1.76 billion in Jun'25. Services trade surplus saw a slight MoM decline, after an upward revision to June's data. The Services trade surplus eased to USD 15.63 billion in Jul'25 vis-a-vis USD 16.21 billion last month, versus an average USD 15.88 billion in Apr-Jul'25, which was USD 13.59 billion in the same period last year.
Times of Oman
6 hours ago
- Times of Oman
US team not coming to India for next round of trade negotiations: Govt sources
New Delhi: The US team is not coming to India for the next round of bilateral trade negotiations, according to government sources. The team was scheduled to arrive on August 25 for the sixth round of negotiations. "US Trade team not coming to India for the next round of trade negotiations. The US team was scheduled to visit India on 25th August for the 6th round of negotiations," government sources told ANI. Five rounds of negotiations have already been held, with the last round taking place from July 14-18, 2025, in Washington DC. India and the US are discussing tariff concessions and market access in key sectors, aiming to finalise an interim deal. The talks cover various areas, including market access, Sanitary and Phytosanitary Measures (SPS), Technical Barriers to Trade (TBT), digital trade, customs, and trade facilitation. Officials from both sides have engaged in in-depth talks, making progress towards crafting a balanced agreement with early wins. On whether the US team is coming for negotiations scheduled in the last week of August, Commerce Secretary Sunil Barthwal said, "Closer to the date, which is the end of the last week of August, we will be able to know how that round will be progressing." Commenting on US BTA negotiations, he said, "Our Bilateral Trade talks negotiations with the United States are going on. We are engaged. Bilateral deliberations are happening at different levels. One is at the negotiating team's level. Another one happens at the minister's level. Third, happens at the diplomatic level, and we also engage with different industries of the US, companies and everybody to look into their issues. So this negotiation is happening across various channels." "These negotiations are happening and we are engaged. The US is a very important partner for us. For the US, India is also an important partner," he added. During Prime Minister Narendra Modi's visit to Washington, DC, a Joint Statement was issued setting the goal to expand bilateral trade to USD 500 billion by 2030, and to pursue a Bilateral Trade Agreement (BTA) toward that end. Both countries aim to conclude the first tranche of the BTA by fall 2025. India and the US have set a target to double their trade to USD 500 billion by 2030. India is seeking improved market access for its goods and services, while the US is pushing for greater market access in key sectors. Addressing concerns over the impact of US tariffs on Indian exports earlier, a senior government official said that the government is closely monitoring the sectors most exposed to the US market and is working with key stakeholders to assess vulnerabilities. "We are in touch with the stakeholders. We understand which sectors are more exposed to us, and our commodity divisions are in discussions with various EPCs. The Minister has also taken meetings with the EPCs, particularly with those sectors which are labour-intensive. I have also taken a meeting with our officials, who are talking to the EPCs, trying to understand their exposure to the US," the official said. Highlighting the varying levels of export dependence, the official explained, "There are other companies which are more diversified, which are not only exporting to the US, but also exporting to the EU, exporting to the UK, exporting to other countries. Now, companies are also involved in standardising their exports; they may face some challenges that they are identifying, but they are also looking at other possibilities for diversification. And therefore, you know, our focus on this diversification and this export promotion mission is very, very important." US President Donald Trump has said there will be no trade negotiations with India until a dispute over tariffs is resolved, following his administration's decision to double tariffs on Indian imports. When pressed by ANI at the Oval Office, whether he expected talks to resume in light of the new 50 per cent tariff. "No, not until we get it resolved," he replied. The White House on Wednesday issued an Executive Order imposing an additional 25 percentage points in tariffs on Indian goods, raising the total levy to 50 per cent. The administration cited national security and foreign policy concerns, pointing specifically to India's ongoing imports of Russian oil. The order claims that these imports, whether direct or via intermediaries, present an "unusual and extraordinary threat" to the United States and justify emergency economic measures. In early August, the US imposed a 25 per cent tariff on most Indian goods, effective August 7, with exemptions for pharmaceuticals, electronics, semiconductors, and energy products. But US President Donald Trump further imposed an additional 25 per cent tariff on India, making the total imposition at 50 per cent. According to US officials, the initial 25% tariff came into effect on 7 August. The additional levy will take effect in 21 days and apply to all Indian goods entering US ports -- with exceptions for items already in transit and certain exempt categories. The order also provides flexibility for the president to modify the measures, depending on changing geopolitical circumstances or retaliatory actions by India or other nations. Prime Minister Narendra Modi responded defiantly during a speech at the MS Swaminathan Centenary International Conference in New Delhi, signalling that New Delhi would not back down in the face of economic pressure. "For us, the interest of our farmers is our top priority," PM Modi said. "India will never compromise on the interests of farmers, fishermen and dairy farmers. I know we will have to pay a heavy price for it, and I am ready for it. India is ready for it."
Times of Oman
2 days ago
- Times of Oman
4th meeting of India-Singapore Joint Working Group discussed bilateral trade, investment ties
New Delhi: The 4th meeting of the India-Singapore joint working group on Trade & Investment (JWGTI) took place at Vanijya Bhawan in New Delhi on Thursday, bringing the two nations together to strengthen economic cooperation and chart future areas of partnership. The meeting was held a day after the 3rd India-Singapore Ministerial Roundtable, underscoring a week of intensive bilateral engagement. According to a Ministry of Commerce & Industry press release, the discussions centred on expanding trade and investment links, identifying priority sectors for alignment, improving logistics and supply chain efficiency, simplifying regulations, and enhancing cross-border trade facilitation. During the meeting, both sides reviewed progress in existing collaborations, including work in the semiconductor sector and the digitalisation of trade processes. They also explored new opportunities in skills development, capacity building, and other emerging industries. The talks were co-chaired by Rajesh Agrawal, Special Secretary, Department of Commerce, Ministry of Commerce and Industry, and Beh Swan Gin, Permanent Secretary, Ministry of Trade and Industry, Singapore. Agrawal noted that the India-Singapore relationship has moved beyond traditional trade frameworks, with ample opportunities for further cooperation still ahead. This year marks significant milestones: the 60th anniversary of diplomatic ties between the two countries and the 20th anniversary of the comprehensive economic cooperation agreement (CECA). Signed in 2005, CECA was India's first comprehensive trade agreement with any country and Singapore's first such pact with a South Asian nation. Singapore remains a key economic partner for India. It is India's largest trading partner within ASEAN, with bilateral trade touching USD 34.26 billion in 2024-25. The island nation is also India's second-largest source of Foreign Direct Investment, contributing USD 163.85 billion (about Rs. 11,24,509.65 crore) in equity inflows between April 2000 and July 2024, accounting for roughly 24 per cent of cumulative FDI inflows. The gathering reaffirmed the shared intent to strengthen economic ties, while setting the stage for further technical discussions and follow-up actions in the coming months.
