Zelensky's first reaction after ‘all-for-all' shocker at Turkey talks
A day after Ukraine struck Russian bomber bases and Russia retaliated with strikes on Sumy and Zaporizhzhia, the second round of Russia-Ukraine peace talks took place in Istanbul—but ended in an hour. Both sides exchanged proposals but remained far apart. Zelensky, speaking from Vilnius, said Ukraine is still pushing for the release of POWs. With drone strikes and talks happening back-to-back, is a ceasefire still possible?
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Time of India
8 minutes ago
- Time of India
Commodity Radar: Crude Oil caught between war winds and OPEC's supply surge. 3 things charts suggest
Crude oil prices traded steady on Wednesday as concerns over higher output from OPEC+ groups were partially offset by supply pressures caused due to the Canadian wildfires along with economic uncertainties in the wake of global trade tensions. The June crude oil futures on the MCX were trading at Rs 5,473 per Bbl, gaining Rs 18 or 0.33% over the previous closing price. Domestic prices moved in tandem with the international prices. On the COMEX, the US WTI contracts were trading at $63.71 around 4 PM India time, up by $0.30 or 0.47% while the Brent Oil futures were hovering around $65.93, also gaining by $0.30 or 0.46%. Commenting on the current trends, Naveen Mathur, Director - Commodities & Currencies at Anand Rathi Shares and Stock Brokers said that the rebound in crude oil prices has been due to ongoing geopolitical tensions and expectations of strong summer travel demand. 'While the bias remains positive, OPEC's aggressive supply hikes and bearish market sentiment driven by trade war concerns and surplus fears are likely to limit sharp gains,' he said. Crude oil prices rebounded last month from near $55 per barrel levels and are once again caught in a narrow range of $60–$65, as markets continue to reflect a disconnect between sentiment and reality. 'Trader sentiment has turned extremely bearish due to tariff war fears and OPEC's aggressive unwinding of supply cuts, raising expectations that global oil balances may shift into surplus. On a year-to-date basis, crude oil is down approximately 12%,' Mathur said. In his view, the demand for oil remains strong ahead of the travel season even as global inventories remain tighter than usual. So far, the trade war has not shown any major impact on oil demand, he opined. Recently, OPEC+ announced it would increase oil production by 411,000 barrels per day in July, the third consecutive month of sizable supply hikes. This has led to some disappointment in the Street's mood, though the impact has been largely capped as the prices have traded in a range. Mathur said that there are doubts whether the additional oil will actually reach the global market. The geopolitical risks are also supporting prices and the recent escalation in the Russia-Ukraine war despite the ongoing negotiations in Turkey. The Anand Rathi analyst also attributed the stalling of nuclear talks between US and Iran, to be supporting the oil prices. A deal would sanctions against Iran, bringing Iranian oil into the market. Now that appears unlikely, Mathur said. Outlook 'In the short term, oil prices are likely to remain supported. With steady demand, tight inventories, and heightened geopolitical risks, the bias is tilted upward. However, any significant upside remains capped due to OPEC's continued unwinding of supply cuts,' Mathur said. Tech view: Mathur decodes the tech set-up and here's what he said: 1) Moving averages: MCX Crude Oil maintains a bullish bias, holding firmly above its 21-Day Moving Average at 5,262, which serves as a key support level. 2) Key levels: The price action is confined to a consolidation range of 5,250–5,450, with immediate resistance at 5,460. A breakout above the psychological level of 5,500 could pave the way for an upside rally toward 5,685, signalling strength in the bullish momentum. 3) MACD: Technical indicators support this outlook, with the MACD trading above the zero line, reflecting sustained positive momentum. The price structure indicates a bullish bias, with key support near 5,250 and resistance around 5,460. A breakout above 5,500 could signal stronger upward momentum, potentially opening the path toward higher levels like 5685-5945.
India Today
12 minutes ago
- India Today
Despite US objections, 5 reasons why India-Russia partnership will endure
US Commerce Secretary Howard Lutnick said India's military purchases from Russia had "rubbed the United States the wrong way" while speaking at the eighth edition of the US-India Strategic Partnership Forum (USISPF) Leadership Summit."There were certain things that the Indian government did that generally rubbed the US the wrong way... for instance, you generally buy your military gear from Russia. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia," Lutnick commerce secretary's understanding of the India-Russia relationship is limited. India buys Russian weapons because Russia does not attach strings to these sales. It willingly shares technology and co-produces weapons with India and allows technology transfers in areas no country will collaborate with. THE SOVIET UNION SOLD WEAPONS NO ONE ELSE DID When India began its rearmament in the mid-1960s after the defeat in the 1962 war with China, it first turned to the West. It wanted submarines and warships for the Navy and fighter jets for the Air Force. These were not Soviet Union stepped in with sales of frontline Foxtrot class submarines, first-of-its-class missile boats, anti-submarine corvettes and MiG-21 supersonic fighter aircraft. These platforms were used with devastating effect in the 1971 India-Pakistan war. The US, UK and China supported Pakistan in that Soviet Union sent its submarines in pursuit of the USS Enterprise carrier battle group that President Nixon sent into the Indian Ocean to intimidate India. This relationship continued through the 1980s. In 1987, the Soviet Union transferred to India on a three-year lease the K-43, the world's first nuclear-powered attack submarine that could fire anti-ship missiles from CONTINUES THE SOVIET LEGACYThis strategic partnership continued after the dissolution of the Soviet Union. The successor state, Russia, sold to India the BrahMos supersonic cruise missiles in the late 1990s. This weapon now equips all three services and was used with devastating effect during Operation Sindoor in smashing Pakistani airbases and radar installations. Russia has shared all the technology for this radical missile it developed during the Cold leased a second nuclear submarine, the Chakra-2, in 2012. It is refurbishing a third unit, the Chakra-3, which will be transferred to India on a ten-year lease by the end of this decade. Sure, Russia charges a hefty fee for this refurbishment and lease - over $3 billion - but with the exception of the US-UK partnership, no country has sold or transferred nuclear-powered submarine technology to another country. It has offered India advanced hypersonic weaponry and long-range missile systems and fifth-generation fighter FOR STRATEGIC WEAPONS PROGRAMMESadvertisementNuclear-powered ballistic missile submarines are the third leg of the triad of air, land and sea-based nuclear weapons. They are also the most secure leg of the triad because submarines can hide deep under the ocean beyond the reach of the helped India build its fleet of four Arihant class nuclear-powered ballistic missile submarines. India began constructing these submarines after the Pokharan nuclear tests in 1998. Today, two Arihant-class submarines have been commissioned and two more will be commissioned in the next four are the most complex defence platforms ever built by India. Then Prime Minister Manmohan Singh acknowledged Russia's support for the programme while speaking at the 2009 launch of the INS Arihant in STRINGS ATTACHEDThis is among the most important aspects of the relationship. The US imposed sanctions and embargoed the sale of military equipment to India because of the Pokharan-2 nuclear tests in 1998. President Donald Trump spoke of using trade as a tool to coerce India into negotiating a ceasefire during Operation Sindoor (a fact denied by India).This has led to fears that the sales of US weapons to India could be similarly used in a crisis. Russia has never attached such strings to its weapons sales to India. It has never imposed embargoes or restricted transfers of LIMITED ONLY BY IMAGINATIONThe sky is the limit when it comes to the Russia-India strategic partnership. Russia has provided technical assistance for India's Matsyayan ocean bed expedition that aims to send Indians to the deepest point of the Indian has also provided help for the Gaganyaan expedition, which aims to launch India's first astronauts in an Indian-built space vehicle. The India-Russia relationship is limited only by the imagination of the two partner Watch
Economic Times
20 minutes ago
- Economic Times
Commodity Radar: Crude Oil caught between war winds and OPEC's supply surge. 3 things charts suggest
Crude oil prices traded steady on Wednesday as concerns over higher output from OPEC+ groups were partially offset by supply pressures caused due to the Canadian wildfires along with economic uncertainties in the wake of global trade tensions. ADVERTISEMENT The June crude oil futures on the MCX were trading at Rs 5,473 per Bbl, gaining Rs 18 or 0.33% over the previous closing price. Domestic prices moved in tandem with the international prices. On the COMEX, the US WTI contracts were trading at $63.71 around 4 PM India time, up by $0.30 or 0.47% while the Brent Oil futures were hovering around $65.93, also gaining by $0.30 or 0.46%. Commenting on the current trends, Naveen Mathur, Director - Commodities & Currencies at Anand Rathi Shares and Stock Brokers said that the rebound in crude oil prices has been due to ongoing geopolitical tensions and expectations of strong summer travel demand. 'While the bias remains positive, OPEC's aggressive supply hikes and bearish market sentiment driven by trade war concerns and surplus fears are likely to limit sharp gains,' he oil prices rebounded last month from near $55 per barrel levels and are once again caught in a narrow range of $60–$65, as markets continue to reflect a disconnect between sentiment and reality. ADVERTISEMENT 'Trader sentiment has turned extremely bearish due to tariff war fears and OPEC's aggressive unwinding of supply cuts, raising expectations that global oil balances may shift into surplus. On a year-to-date basis, crude oil is down approximately 12%,' Mathur his view, the demand for oil remains strong ahead of the travel season even as global inventories remain tighter than usual. So far, the trade war has not shown any major impact on oil demand, he opined. ADVERTISEMENT Recently, OPEC+ announced it would increase oil production by 411,000 barrels per day in July, the third consecutive month of sizable supply hikes. This has led to some disappointment in the Street's mood, though the impact has been largely capped as the prices have traded in a range. Mathur said that there are doubts whether the additional oil will actually reach the global market. ADVERTISEMENT The geopolitical risks are also supporting prices and the recent escalation in the Russia-Ukraine war despite the ongoing negotiations in Turkey. The Anand Rathi analyst also attributed the stalling of nuclear talks between US and Iran, to be supporting the oil prices. ADVERTISEMENT A deal would sanctions against Iran, bringing Iranian oil into the market. Now that appears unlikely, Mathur said.'In the short term, oil prices are likely to remain supported. With steady demand, tight inventories, and heightened geopolitical risks, the bias is tilted upward. However, any significant upside remains capped due to OPEC's continued unwinding of supply cuts,' Mathur said. 1) Moving averages: MCX Crude Oil maintains a bullish bias, holding firmly above its 21-Day Moving Average at 5,262, which serves as a key support level. 2) Key levels: The price action is confined to a consolidation range of 5,250–5,450, with immediate resistance at 5,460. A breakout above the psychological level of 5,500 could pave the way for an upside rally toward 5,685, signalling strength in the bullish momentum. 3) MACD: Technical indicators support this outlook, with the MACD trading above the zero line, reflecting sustained positive momentum. The price structure indicates a bullish bias, with key support near 5,250 and resistance around 5,460. A breakout above 5,500 could signal stronger upward momentum, potentially opening the path toward higher levels like 5685-5945. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
