Indian benchmark indices Sensex and Nifty 50 are poised for a negative opening on Friday, tracking overnight declines in global markets. Despite Thursday’s gains of nearly 0.5% each, weak cues from Asian and US markets suggest a cautious start to the trading day as geopolitical tensions and economic data weigh on investor sentiment.
about Indian Markets Set for Lower Open Amid Global Weakness
Brent
OPEC’s Key Oil Curve Tanks Ahead of Supply Meeting
A critical oil market indicator that OPEC+ has relied upon is weakening just days before the group’s crucial supply meeting. The premium for immediate Brent crude deliveries over future contracts, known as backwardation, is showing signs of faltering after months of stability. This development comes despite the alliance’s gradual return of 2.2 million barrels per day to the market, signaling potential shifts in trader sentiment about fundamental market tightness as production policy decisions loom.
about OPEC's Key Oil Curve Tanks Ahead of Supply MeetingOPEC+ Output Hike Threatens 3 Vulnerable Oil Stocks
OPEC+ plans to increase crude production by 500,000 barrels per day starting in November, creating potential oversupply that could drive oil prices down by $3-7 per barrel. This move threatens upstream-focused oil producers with significant cash flow and margin reductions. Three major oil stocks face particular vulnerability to the impending price pressure.
about OPEC+ Output Hike Threatens 3 Vulnerable Oil StocksIndian Markets Set for Lower Open Amid Global Weakness
Indian benchmark indices Sensex and Nifty 50 are poised for a negative opening on Wednesday, mirroring overnight declines in global markets. The downturn follows Federal Reserve Chair Jerome Powell’s cautious remarks and renewed concerns over US-India trade relations. Asian markets also slipped, adding to the bearish sentiment as domestic investors brace for continued volatility.
about Indian Markets Set for Lower Open Amid Global WeaknessIndian Markets Rally on Fed Rate Cut, Trade Talks
Indian benchmark indices are poised for a positive opening following the US Federal Reserve’s anticipated 25-basis point rate cut. The momentum builds on Wednesday’s gains driven by resumed India-US trade discussions, despite mixed global market reactions.
about Indian Markets Rally on Fed Rate Cut, Trade TalksOPEC+ Oil Production Rise: Bank of America’s Outlook
Francisco Blanch, Bank of America’s head of global commodities and derivatives research, comments on OPEC+’s recent decision to increase oil production in August. While the market currently absorbs the additional barrels, Blanch predicts a downturn in the second half of 2023, with Brent crude potentially falling to the low $60s and WTI to the high $50s. His insights, shared on Bloomberg Television, highlight cautious optimism amid looming price pressures.
about OPEC+ Oil Production Rise: Bank of America's Outlook