Brent crude was last quoted at $102.58 a barrel, up 0.26%, while WTI crude stood at $92.91 a barrel, up 0.04%.
Crude prices have now risen for three consecutive sessions as markets weigh tighter fuel supplies from China and mounting geopolitical risks in the Middle East.
Citing a Wall Street Journal report, Reuters said the US was sending a third aircraft carrier and up to 10,000 additional troops to the Middle East as President Donald Trump weighed resuming strikes on Iran after the US midterm elections.
The Pentagon was also considering deploying 10,000 sailors and Marines to the Persian Gulf, giving Trump additional options if he decides to intensify attacks on Iran.
China’s restrictions on liquid-fuel exports have added to concerns over global fuel supplies. Beijing restricted fuel exports in March following the outbreak of the US-Israeli war on Iran. The curbs were relaxed in July, after which China began managing diesel, gasoline and jet fuel shipments on a monthly basis.
China began a weeklong holiday on Thursday without giving major refiners the green light to export fuel to regions other than Hong Kong and Macau in October.The latest developments come as crude flows from the Middle East have largely recovered to prewar levels, although markets remain concerned that the recovery may not be sustained without a lasting agreement to end the conflict.
The prospect of further US military deployments, including another aircraft carrier and 10,000 troops, has raised concerns about a potential escalation in the cionflict.
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MCX Closed Today for Gandhi Jayanti
Indian commodity traders will remain on the sidelines on Friday as the Multi Commodity Exchange of India (MCX) is closed for Gandhi Jayanti, marking the birth anniversary of Mahatma Gandhi.
Trading in oil, gold, silver and other commodities on the exchange will remain suspended today and resume on Monday, October 5.
With domestic commodity trading shut, significant moves in international crude, gold, the US dollar, Treasury yields or geopolitical developments over the holiday period could be reflected in MCX prices when trading resumes on Monday.
Market Snapshot
Sensex, Nifty Extend Losing Streak Indian equity benchmarks extended their losing streak in Thursday’s session, with selling pressure intensifying across market segments amid concerns over rising yields, elevated crude prices and the broader macroeconomic outlook.
The Nifty 50 fell 198.50 points, or 0.88%, to close at 22,421.95, while the BSE Sensex declined 570.59 points, or 0.79%, to end at 71,909.70.
The weakness extended beyond large-cap stocks. The Nifty Smallcap 100 slipped 0.97%, while the Nifty Midcap 100 declined 1.01%, pointing to broad-based selling pressure.
Among sectoral indices, the Nifty Auto index emerged as the biggest laggard, falling more than 3%. The Nifty Metal, Nifty FMCG and Nifty Consumer Durables indices each declined around 2%.
Market breadth remained decisively negative. Of the 3,707 stocks traded on the NSE, 2,574 closed lower, 1,023 advanced and 110 remained unchanged.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
