Indian indices may see a flat start on Monday. In the last trading session on Friday, there was a slight decline in the indices. Globally, caution among investors ahead of a critical reading on US inflation is a key issue, while the European Central Bank will take a major policy tightening this week amid bets on the euro yen. Oil prices jumped in early trade after Saudi Arabia sharply raised prices to sell crude in July, an indicator that OPEC+ agreed to ramp up its output over the next two months. Also how tight is the supply. In India, the Reserve Bank may announce the results of its Monetary Policy Committee on June 8. In Asia, shares in Hong Kong and South Korea gained marginally, while those in Japan, Shanghai and Australia fell.
Oil rises after Saudi Arabia hikes crude oil prices
Oil prices rose more than $2 in early trade on Monday after Saudi Arabia sharply raised prices to sell crude in July, with OPEC+ agreeing to ramp up its output over the next two months. Having it is still an indicator of how tight the supply is.
Brent crude futures were up $1.80, or 1.5%, at $121.52 a barrel by 2319 GMT after touching an intraday high of $121.95, up 1.8% from Friday.
US West Texas Intermediate (WTI) crude futures were up $1.63, or 1.4%, at $120.50 a barrel after hitting a three-month high of $120.99. The contract gained 1.7% on Friday.
Saudi Arabia raised the official selling price (OSP) for its flagship Arabian light crude to a $6.50 premium in Asia versus the average of the Oman and Dubai benchmarks, above a premium of $4.40 in June, state oil production Aramco reported on Sunday. Told.
Asia shares brace for US inflation, euro up on ECB bets
Asian stocks made a muted start on Monday as caution loomed ahead of a critical reading on US inflation, while the European Central Bank will take a major step toward tightening policy this week amid bets on the euro yen.
Oil prices jumped in early trade after Saudi Arabia sharply raised prices to sell crude in July, an indicator that OPEC+ agreed to ramp up its output over the next two months. Also how tight is the supply.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1%, while Japan’s Nikkei lost 0.3%. S&P 500 futures and Nasdaq futures were both up 0.1%.
Markets will be on tenterhooks for a US consumer price report on Friday, especially after European Union inflation hit many with record highs last week.
Forecasts are for a sharp 0.7% growth in May, although the annualized momentum is seen at 8.3%, while core inflation has slowed slightly to 5.9%.
A higher number will only add to expectations of an aggressive tightening by the Federal Reserve, as markets are already set for gains of half a point in June and July and nearly 200 basis points by the end of the year.
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