Brent crude near $116 keeps markets on edge
Brent crude holds near $116 a barrel, keeping traders cautious ahead of the Fed decision and weighing on import-heavy India.
Brent crude hovered near $116 a barrel on Tuesday, keeping Indian markets cautious as costlier oil widens the import bill, feeds inflation and squeezes corporate margins.
Geopolitical tensions and uncertainty ahead of the US Federal Reserve's policy decision added to the caution, with traders watching whether crude's rally extends from near six-month highs.
India depends heavily on imported crude, so sustained high prices remain a headwind for equities, the rupee and the government's fuel subsidy arithmetic.
Originally reported by HDFC Sky. Article compiled by the Deccan Age desk.
