Crude oil prices traded in a narrow range early on Friday, oscillating between the optimism of a supply boost from the US and investors' fears about the impact of Russia's demand for rouble gas payments starting from today.
The energy-sensitive rupee closed out the 2021-22 financial year with a loss of over 3.5 per cent, tracking a general surge in crude oil prices from the ongoing Russia-Ukraine war.
Oil prices dipped in and out of the negative territory on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a supply boost by the US.
Oil prices fell sharply to below $107 a barrel on Thursday as the US administration considered releasing crude for several months from their Strategic Petroleum Reserve (SPR).
Oil prices rose on Wednesday, reversing losses in the previous two sessions when trading tracked the news from Russia-Ukraine peace talks, but a fall in American crude stockpiles put the focus back on supply shocks ahead of OPEC+ meeting.