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BUSINESS / ECONOMY

Sensex, Nifty gain on easing crude oil prices

Mumbai, Nov 13 (IANS) Positive global cues along with an ease in global crude oil prices pushed the key equity indices in the green during the mid-afternoon session of trade on Tuesday.

The benchmark Brent Crude eased to $69.38 a barrel after it surpassed the $71 mark on Monday. As a result, S&P BSE Oil and gas index gained 1.43, most among all the 19 sectors on BSE.

However, the index pivotals – finance and banking stocks – traded in red.

“Oil prices fell by more than 1 per cent on Tuesday, with Brent crude sliding below $70 a barrel and WTI below $60 per barrel, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market,” said Anuj Gupta, Deputy Vice President – Research – Commodities and Forex, Angel Brooking.

“US West Texas Intermediate (WTI) crude oil futures were at $59.06 per barrel at 0115 GMT, down 87 cents, or 1.5 percent from their last settlement.”

He added: “We are expecting again correction in crude oil towards $58 to $55 in WTI Crude oil.”

At 12.19 p.m., the S&P BSE Sensex traded 76.10 higher at 34,889.09 from its previous close of 34,812.99.

The benchmark index touched a high of 34,890.54 and a low of 34,672.20 while the NSE’s Nifty was trading 27.70 points higher at 10,509.90.

–IANS

ravi/mr

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