Brent hovers near $104 on tanker attacks; rupee strengthens to 96.72
Brent crude hovered near $104 a barrel after jumping more than 5% on a fresh tanker attack near Qatar, keeping energy markets on edge amid escalating Middle East tensions and the overhang of possible US action against Iran.
The rupee nonetheless strengthened 16 paise to close at 96.72 against the US dollar on Friday, helped by a softer dollar, easing oil prices intraday and hints of central-bank support.
For India, which imports most of its crude, sustained prices above $100 threaten the import bill and retail fuel margins — though Hyderabad pump prices were unchanged on Saturday.
Gold added over 1% on Friday as easing oil and a softer dollar lifted safe-haven demand.
Originally reported by The Hindu BusinessLine. Article compiled by the Deccan Age desk.
