AUTO REFRESH ON Oil prices stable on expected OPEC cuts Oil prices were stable on Friday, supported by expected supply cuts from OPEC but held back by record US production. US West Texas Intermediate (WTI) crude oil futures were at $56.5/ per barrel, up 12 cents from their last settlement. Brent crude oil futures were up 7 cents at $66.69 a barrel.
Asian share markets fared better as hopes for a thaw in China-US trade relations gave Wall Street an impetus, though there were duelling reports on the prospects for an actual agreement.
MSCI's broadest index of Asia-Pacific shares outside Japan was ahead 0.26 per cent in early trade, while Japan's Nikkei added 0.2 per cent.
This should lend some support to the Indian markets that ended with modest gains on Thursday.
That apart, movement in rupee and crude oil prices are expected to sway investor sentiments on Friday. They are also likely to react to the outcome of the trade balance data released post market hours on Thursday.
Exports bounced back in October to high double-digit figures after a mild contraction in September, as engineering goods, pharmaceutical and chemical shipments picked up pace. However, this didn't prevent trade deficit from widening, as crude oil bill continued to shoot up.
RUPEE
Continuing its recovery momentum, the rupee vaulted 34 paise to close at a two-month high of 71.97 against the US dollar on Thursday on robust foreign fund inflows amid low crude oil prices.
WALL STREET
The benchmark S&P 500 index gained 28.62 points, or 1.06 per cent, to 2,730.2, snapping five days of losses. Shares of Apple Inc advanced 2.5 per cent to end a five-day losing streak and help the technology sector.
The Dow Jones Industrial Average rose 208.77 points, or 0.83 per cent, to 25,289.27 and the Nasdaq Composite added 122.64 points, or 1.72 per cent, to 7,259.03.
OIL PRICES
Oil prices regained a little composure after their recent drubbing, helped by a decline in US fuel stockpiles and the possibility of a cut in OPEC output. US crude was trading up 3 cents at $56.49. Brent crude was yet to trade but had ended Thursday up 58 cents at $66.70 a barrel.
(with Reuters input)
(with Reuters input)