Brent holds near $104 on Middle East tensions; rupee firms to 96.72
Crude stayed volatile on Friday as Brent futures hovered near $103–104 a barrel, retreating from above $105 earlier in the week on reports of fresh tanker attacks and escalating US-Iran tensions.
The rupee nevertheless strengthened 16 paise to close at 96.72 against the dollar, helped by a softer greenback, easing oil prices and hints of central-bank support.
Gold added over 1% on the weaker dollar. But with retail petrol and diesel prices unchanged, ICRA has warned that oil marketing companies face negative marketing margins if crude remains elevated — a pressure point for the sector.
Originally reported by The Hindu BusinessLine. Article compiled by the Deccan Age desk.
