Oil prices settled more than 2 per cent lower on Friday as supply concerns driven by Middle East tensions eased, while jobs data raised expectations the US Federal Reserve could be done hiking interest rates in the biggest oil consuming economy.
Brent crude futures were down $1.92, or 2.3 per cent, to $84.89 a barrel. US West Texas Intermediate crude futures fell $1.95, or 2.4 per cent, to $80.51 a barrel. Both crude oil benchmarks settled down more than 6 per cent on the week, according to news agency Reuters.
Analysts highlighted that crude oil witnessed high volatility and recovered from 1-month lows in the international markets as gains in both US dollar index and bond yields were capped. Doubts over further interest rate hikes from the US Fed pushed the dollar index and the US 10-year bond yields lower. The dollar index slipped below 106 marks and the US 10-year bond yields also slipped below 4.70 per cent.
‘’The Bank of England also kept interest rates unchanged which supported crude oil prices. However, demand concerns from the European Union and China are restricting gains. We expect crude oil prices remain volatile. Crude oil is having support at $81.30–80.50 and resistance is at $82.70-83.40 in today’s session. In INR crude oil has support at ₹6,810-6,740 while resistance at ₹6,955-7040,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
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Updated: 04 Nov 2023, 10:17 PM IST
