Oil prices fell to their lowest in more than a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers considered cutting production to try to stem a rising global surplus.
Oil bounced above $63 a barrel on Wednesday to claw back some of the previous day’s 6 percent plunge, lifted by a report of an unexpected decline in U.S. crude inventories.
Oil prices dropped sharply on Tuesday, snapping a four-day winning streak amid concerns about rising global supplies as OPEC weighs a possible cut in production.
Oil prices fell by more than 1 percent, with Brent crude sliding below $70 and WTI below $60 per barrel, after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.
The equity benchmark Sensex dived about 346 points owing to an intense fag-end selling mainly in auto and energy stocks as fresh worries about weakening rupee and rising crude oil prices resurfaced.
Indian equity indices pared their initial gains to trade marginally lower during the afternoon session, as investors turned cautious ahead of the release of key macro-economic indicators.
Rupee weakened further and dipped by 54 paise to 73.04 against the US dollar , owing to increased demand for the American currency from importers amid increasing global crude oil prices.
Crude oil futures recovered by 1.93 per cent to Rs 4,446 per barrel after participants widened their bets, tracking a firm trend in Asia.
Rupee weakened by 26 paise to 72.76 against the US dollar, owing to increased demand for the American currency from importers amid increasing global crude oil prices.
State-run oil-marketing companies continued to cut the prices of key transport fuels -- petrol and diesel -- well into the fourth week on lower global crude oil prices.