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Shipping, oil stocks turn lower after Israel said to agree to ceasefire deal in Gaza
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Oil prices rebound with eye to Middle East; U S could reimpose Venezuela sanctions
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Indian equity indices traded higher ahead of the US Federal Reserve s policy decision and commentary. BSE Sensex and Nifty50 showed marginal gains. L&T shares fell on weak December quarter profit and rising logistics costs. Nifty Bank index dropped due to Kotak Bank. The focus is on Fed Chair Jerome Powell s press conference. US job openings unexpectedly increased, giving the Fed room to keep rates higher. Experts expect first rate cut in June 2024. Asian shares fell, while oil prices and Indian rupee declined.
Oil prices edged off in early Asian trading on Wednesday on continued bearish fundamentals, following gains in the previous session amid an escalating conflict in the Middle East. The March Brent crude futures, which expires today, fell 37 cents to $82.50 a barrel by 0146 GMT. "The main issue with turning outright bullish on crude oil here is the technical picture remains bearish and is yet to catch up with recent events," including a deadly drone attack on U.S. troops near the Jordan-Syria border last week, said Tony Sycamore, a market analyst with IG.
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