Market players feel that an end to the war between Russia and Ukraine would help increase crude oil supplies to the global markets. 
| Photo Credit:
istock.com

Crude oil futures traded higher on Thursday morning following continued Ukrainian attacks on Russian oil infrastructure.

At 9.57 am on Thursday, February Brent oil futures were at $62.92, up by 0.40 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $59.26, up by 0.53 per cent. December crude oil futures were trading at ₹5,359 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5356, up by 0.06 per cent, and January futures were trading at ₹5,358 against the previous close of ₹5,346, up by 0.22 per cent.

Quoting a Ukrainian military intelligence source on Wednesday, a Reuters report said Ukraine hit the Druzhba oil pipeline in Russia’s central Tambov region. This is the fifth attack on the pipeline that sends Russian oil to Hungary and Slovakia. The pipeline operator and Hungary’s oil and gas company later said supplies were moving through the pipeline as normal, it said.

Meanwhile, the talks between the US and Russia to end Ukraine war ended without any result. However, US President Donald Trump said the meeting between Russian President Vladimir Putin and US envoys was reasonably good.

Speaking to reporters at the Oval Office, Trump said the US special envoy Steve Witkoff and his son-in-law Jared Kushner briefed him about the talks. Their impression from the meeting was that Putin would like to make a deal. “What happens now, however, is unclear,” Trump said.

Market players feel that an end to the war between Russia and Ukraine would help increase crude oil supplies to the global markets.

The weekly petroleum status report released by the US EIA (Energy Information Administration) showed an increase in crude oil inventories in the US for the week ending November 28.

According to EIA, US commercial crude oil inventories increased by 0.6 million for the week ending November 28. Total motor gasoline inventories increased by 4.5 million barrels from last week, and distillate fuel inventories increased by 2.1 million barrels last week.

Total products supplied in the US over the last four-week period averaged 20.3 million barrels a day, down by 0.5 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 1.2 per cent from the same as the last year period. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 2 per cent from the same period last year. Jet fuel product supplied was down 1.9 per cent compared with the same four-week period last year.

December nickel futures were trading at ₹1,346 on MCX during the initial hour of trading on Thursday against the previous close of ₹1329.60, up by 1.23 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), December jeera contracts were trading at ₹21,705 in the initial hour of trading on Thursday against the previous close of ₹21,600, up by 0.49 per cent.

December dhaniya futures were trading at ₹10,382 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹10530, down by 1.41 per cent.

Published on December 4, 2025

An Indian Oil Aviaton fuel tanker seen with a row of Aircrafts at the IGI domestic terminal
| Photo Credit:
KRISHNAN VV

Nepal is holding discussions with India on supplying aviation fuel through the cross-border petroleum pipeline to Nepal, officials said.   Officials from the two countries are set to hold a meeting next week in New Delhi, said an official at the Ministry of Commerce and Industry.

The Nepal government approved the participation of a Nepali delegation led by Joint Secretary at the Ministry of Industry, Commerce and Supplies, Shivaram Pokhrel, to take part in the fifth meeting of the Nepal-India Joint Working Group on Oil and Gas Cooperation, said Minister for Communication and Information Technology Jagadish Kharel on Tuesday.

  The meeting is scheduled to take place in New Delhi, India, on Monday.

Government-owned Nepal Oil Corporation (NOC) currently imports petrol and diesel from the Indian Oil Corporation through pipeline. The NOC has been transporting diesel via the Motihari-Amlekhgunj petroleum pipeline since 2017, and it has expanded its use to include petrol since March 2025.

Published on December 4, 2025

The Trump administration has ordered increased vetting of applicants for H-1B visas for highly skilled workers, with anyone involved in “censorship” of free speech considered for rejection, according to a State Department cable seen by Reuters.

H-1B visas are crucial for US tech companies which recruit heavily from countries including India and China. Many of those companies’ leaders threw their support behind Trump in the last presidential election. The cable, sent to all US missions on December 2, orders US consular officers to review resumes or LinkedIn profiles of H-1B applicants – and family members who would be traveling with them – to see if they have worked in areas that include activities such as misinformation, disinformation, content moderation, fact-checking, compliance and online safety, among others.

“If you uncover evidence an applicant was responsible for, or complicit in, censorship or attempted censorship of protected expression in the US, you should pursue a finding that the applicant is ineligible,” under a specific article of the Immigration and Nationality Act, the cable said.

The enhanced vetting for H-1B visas, which allow US employers to hire foreign workers in specialty fields, has not been previously reported. The cable said all visa applicants were subject to this policy, but sought a heightened review for the H-1B applicants given they frequently worked in the technology sector “including in social media or financial services companies involved in the suppression of protected expression.”

“You must thoroughly explore their employment histories to ensure no participation in such activities,” the cable said.

The new vetting requirements apply to both new and repeat applicants.

The Trump administration has made free speech, particularly what it sees as the stifling of conservative voices online, a focus of its foreign policy.

Officials have repeatedly weighed in on European politics to denounce what they say is suppression of right-wing politicians, including in Romania, Germany and France, accusing European authorities of censoring views like criticism of immigration in the name of countering disinformation.

In May, Rubio threatened visa bans for people who censor speech by Americans, including on social media, and suggested the policy could target foreign officials regulating US tech companies. The Trump administration has already significantly tightened its vetting of applicants for student visas, ordering US consular officers to screen for any social media posts that may be hostile towards the US.

As part of his wide-ranging crackdown on immigration, Trump in September imposed new fees on H-1B visas.

Trump and his Republican allies have repeatedly accused the administration of Democratic former President Joe Biden of encouraging suppression of free speech on online platforms, claims that have centred on efforts to stem false claims about vaccines and elections.

Published on December 4, 2025

In order to guard against “unnecessary harassment, raids, and compliance pressures from certain enforcement agencies and local authorities”, the All India Gem and Jewellery Domestic Council (GJC) on Wednesday formally requested Gujarat government to establish a state-level Vigilance Committee dedicated to protecting interests of jewellers across the state.

“Jewellers across Gujarat have long voiced concerns about unnecessary harassment, raids, and compliance pressures from certain enforcement agencies and local authorities. While we fully support transparency and lawful practices, the absence of clear SOPs often leaves jewellers vulnerable to misinterpretation and exploitation. This is why we have demanded the formation of vigilance committees — to act as a bridge between jewellers and the government, ensuring that genuine traders are protected, while malpractice is curbed,” stated Rajesh Rokde, chairman, GJC who along with other members of body representing gem and jewellery businesses met Deputy chief minister of Gujarat, Harsh Sanghavi and presented a proposal.

“Our goal is to safeguard the industry from arbitrary actions, build trust with customers, and create a fair environment where jewellers can focus on their business without fear. In Maharashtra, where the Chief Minister, with the support of Chitra Tai Wagh, President of Mahila Morcha, had also demanded such SOPs to safeguard the jewellery business,” Rokde added.

This initiative will create a structured mechanism where jewellers and state government authorities will work hand-in-hand to prepare SOPs and collaborate to resolve issues, GJC stated.

Published on December 3, 2025