Oil rises 1 percent on weaker dollar, but U.S. drilling drags

coiOil prices rose 1 percent early on Monday on a weaker dollar, but an increase in U.S. drilling activity stoked worries that a global supply glut will persist despite an OPEC-led effort to curb output.

Global benchmark Brent crude futures were trading up 45 cents, or 1.0 percent, at $45.99 per barrel at 0623 GMT.U.S. West Texas Intermediate (WTI) crude futures were up 43 cents, or 1.0 percent, at $43.44 per barrel.


Analysts said oil prices extended gains as investors covered short positions, but there was little fundamental news supporting prices.”It is just the fact that the oil market stopped falling. I suspect short covering,” said Ric Spooner, chief market analyst at CMC Markets in Sydney.The U.S. dollar index stayed low on Monday against a basket of currencies amid fading expectations for the Federal Reserve to hike interest rates again later this year. A weaker dollar also makes oil cheaper for countries using other currencies.


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Bank credit rose to Rs 69 lakh crore by 2014-15

RbinoteBank credit in India has grown exponentially in the past 25 years with total outstanding credit rising to Rs 68,78,500 crore from Rs 1,04,300 crore between 1990 and 2015, according to the Reserve Bank of India’s (RBI) latest state-wise credit data.

The country’s western and southern regions accounted for 60.6 per cent — that is Rs 41,70,600 crore — of the total credit at the end of fiscal 2014-15, as per the second edition of RBI’s “Handbook of Statistics on States 2016”.The highest credit concentration was in the western region, with over a third of the total outstanding credit at Rs 23,39,900 crore at the end of March 2015, RBI said.

This was followed by the southern region with outstanding advances of Rs 18,30,700 crore as on end-March 2015. The northern region came next with outstanding loans of Rs 15,86,800 crore.

Outstanding loans to the central and the eastern regions were much lower at Rs 5,50,200 crore and Rs 5,17,300 crore, respectively, while loans to the northeastern states were lowest at Rs 53,600 crore.


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GST Clinics to help traders in smooth transition for new tax regime

The Confederation of All India Traders (CAIT) said it is working with HDFC Bank, Tally Solutions and Mastercard for the endeavour, which will attempt to reach out to six crore traders.

“The first phase of the nationwide awareness campaign will begin on July 1 and will help the trading community transition smoothly from the current tax regime to the Goods and Services Tax,” CAIT said in a statement.

The clinics will inform traders about the fundamentals of GST, the designated role of technology for its compliance, requisite information about mandatory compliance obligations, linkage of digital payments with GST and the changes required to make business compatible with its provisions.
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