Global crude oil prices experienced high volatility this week, with both key benchmarks trading negatively on Friday. Brent crude futures dropped by 2.29% to $105.53 per barrel, and US WTI crude declined by 2.54% to $92.08. Brent crude has fallen over 5% this week, nearing the $100 mark, while WTI crude also decreased by nearly 5%, trading around $90.
The Indian rupee weakened by 28 paise, hitting an all-time low of 94.24 against the US dollar in early trade. Amid the uncertainty, safe-haven demand boosted precious metals. Gold contracts for April 2 were trading at Rs 1,40,979, up Rs 1,486 or 1.07%, while Silver futures (May 5) stood at Rs 2,24,097, up Rs 4,223 or 1.92%.
Market sentiment remains fragile due to continued uncertainty over the West Asia conflict, with no clear signs of de-escalation. Global equity markets faced pressure, with US indices closing lower. The S&P 500 fell by 1.74%, and the Nasdaq declined by 2.38%. Asian markets, including Japan’s Nikkei and South Korea’s Kospi, also experienced declines.
Domestic equity benchmarks in India opened in the red, with the Sensex dropping over 400 points to 74,883.79 in early trade, and the Nifty opening at 23,173.55, down 132.90 points or 0.57%.
