Indian benchmark indices fell on Thursday afternoon, with the Nifty50 down 40 points and was trading at 10753 mark while the Sensex shed 103 points, trading at 35930 mark. The fall was largely aided by energy stocks after crude oil prices climbed to their highest in nearly three months.
Crude oil on Wednesday held mostly steady as concerns about volatility in global markets offset an unexpected drop in US inventories. Brent crude futures edged down 11 cents to $66.75 a barrel by 0951 GMT, while US West Texas Intermediate (WTI) crude futures eased 12 cents to $63.27 a barrel.
Moody’s and S&P predict average oil price to be around $55 per barrel (b), whereas Goldman Sachs and Credit Suisse are predicting Brent price to be $62 and $60 per barrel in 2018.
Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.
Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market.
Crude oil futures soared for the sixth consecutive session on Thursday’s trade as US oil production underpinned the market which is being squeezed from a global supply glut.
Oil prices were stable on Wednesday as OPEC said it was committed to draw down a global supply overhang that has dogged markets since 2014, although bloated US output and inventories still weighed on crude
Opec is finally making some headway in its race against the tide of surging US supplies, and speculators are giving the group greater credence
Crude oil futures fell by 0.97 per cent to Rs 3,165 per barrel today as speculators reduced positions amid a weakening trend in global markets.