Oil prices climbed towards their highest levels in more than seven years on Monday on fears that a possible invasion of Ukraine by Russia could trigger sanctions (on the latter) from US and Europe
U.S. West Texas Intermediate (WTI) crude dropped $1.10, or 1.17%, to $92.77 a barrel, after hovering near a session-high of $94.94, the loftiest since September 2014
Brent crude was down 23 cents, or 0.25 percent, at $93.04 by 9.45 isT, having earlier touched its highest since October 2014 at $96
If the oil prices rise up to $105 - $110 per barrel, a 10 per cent fall in the Sensex and Nifty is possible, say analysts
The head of NATO said on Sunday that Europe needed to diversify its energy supplies as Britain warned it was 'highly likely' that Russia was looking to invade Ukraine
The standoff over Ukraine remains a thorn in the market's side, with concerns a Russian invasion would also cut vital gas supplies to western Europe
This year, prices have gained about 15% amid geopolitical tensions between Russia, the world's second-largest oil producer and a key natural gas provider to Europe, and the West over Ukraine
Though analysts believe diplomatic efforts will continue leading to a stabilisation and an eventual easing of these tensions, it may take several months for this to happen
The two major OMCs were exhibiting a mixed trend on the charts, with HPCL reflecting positivity, while BPCL struggling to hold ground.
Wider markets also rallied on Wednesday, as this week's sell-off started to ease.
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Brent crude was down 4 cents, or 0.1%, to $86.02 a barrel by 0953 GMT. Earlier in the session, the contract touched its highest since Oct. 3, 2018 at $86.71
A holiday in the United States made for thin trading, but that did not stop Treasury futures from sliding further and Brent crude hitting a three-year top of $86.71 a barrel
Oil prices typically move inversely to the U.S. dollar, with a stronger greenback making commodities more expensive for those holding other currencies
Brent crude gained 16 US cents or 0.2 per cent at US$81.91 a barrel at 4.06 am GMT, while US West Texas Intermediate crude was up US$0.15 or 0.2 per cent at US$79.05 a barrel
Brent crude rose 95 cents, or 1.2per cent, to US$78.73 a barrel as of 0923 GMT. U.S. West Texas Intermediate (WTI) crude added US$1.03 or 1.4per cent, to US$76.24
Global oil prices are expected to rise further next year as jet fuel demand catches up
Brent crude futures fell 3 cents to $79.50 a barrel at 0718 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1%, to $76.89 a barrel.
Brent crude futures fell 41 cents, or 0.5%, to $78.82 a barrel at 0755 GMT, down for the first time in four days.