For the week, Brent declined about two per cent and WTI fell more than three per cent. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.
Overall, analysts maintain a positive yet cautious stance as Nifty 50 is set to retest its record high level, but there could be bouts of intra-day volatility. A possible breakout attempt for Nifty 50 above 22,150 could lead to an uptrend to inch towards 22,500+.
The US Federal Reserve has decided to maintain its key interest rate, signaling a shift in their approach. Fed Chair Jerome Powell stated that a rate cut in March is unlikely, but potential reductions may occur later in the year. The decision comes as the Fed seeks more assurance of inflation decline before taking action. The anticipation of rate cuts has led to mixed reactions in the financial markets.
Last week, Indian equity benchmarks ended the extended trading week in red terrain as traders opted to book profit at all-time high levels amid tensions in the Middle East and dimming rate cut hopes by the US Fed.