MUMBAI — Global crude oil prices remained volatile this week, with benchmark indices trading lower on Friday even as prices held above the $100 mark amid ongoing geopolitical uncertainty.
Brent crude futures fell 2.29 percent to $105.53 per barrel in early trade, while U.S. West Texas Intermediate (WTI) crude dropped 2.54 percent to $92.08.
For the week, Brent has declined more than 5 percent, hovering near $100 per barrel, while WTI has also fallen nearly 5 percent to trade around $90.
In currency markets, the Indian rupee weakened by 28 paise to hit a record low of 94.24 against the U.S. dollar in early trading.
Safe-haven demand pushed precious metals higher. Gold futures for April rose to Rs 1,40,979, up Rs 1,486 or 1.07 percent, while silver futures for May climbed to Rs 2,24,097, gaining Rs 4,223 or 1.92 percent.
The declines across commodities and equities come amid continued uncertainty surrounding the West Asia conflict, with little clarity on de-escalation.
Market sentiment remained fragile after U.S. President Donald Trump said a pause on attacks targeting Iran’s energy infrastructure would be extended into April, adding that talks with Tehran were progressing “very well.” However, an Iranian official described a U.S. proposal to end the conflict as “one-sided and unfair,” and Tehran has not confirmed any ongoing negotiations.
Global equity markets also faced pressure. U.S. indices closed lower, with the S&P 500 falling 1.74 percent and the Nasdaq dropping 2.38 percent. Asian markets followed suit, with Japan’s Nikkei declining more than 1 percent and South Korea’s Kospi falling around 3 percent.
In India, domestic equity benchmarks opened lower. The Sensex dropped more than 400 points to 74,883.79 in early trade, while the Nifty opened at 23,173.55, down 132.90 points, or 0.57 percent. (Source: IANS)
