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 early on Thursday as the US administration considered releasing 1 million barrels of crude a day for several months from their Strategic Petroleum Reserve (SPR).