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Oil prices drop

Oil prices dropped after U.S. oil stocks fell more than expected last week, which could heighten pressure on U.S. President Joe Biden to release oil from the Strategic Petroleum Reserve to cap soaring gasoline prices.

Brent crude futures slid 0.9%, to $82.71 per barrel, while U.S. WTI crude futures fell 0.9%, to $80.00 a barrel.

Markets update

Indian indices opened in red amid mixed global cues. The Sensex opened at 60,179.93 down 142.44 points after falling 396 points in the previous session. Similarly, the Nifty opened at 17,939.35, down 59.85 points.

Asian shares edged lower in the morning trade, as the stocks failed to follow the gains on the Wall Street boosted by better-than-expected U.S. retail data.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.45% edging off Tuesday’s near three-week closing high. In Japan, Nikkei lost 0.45% and Topix slipped 0.51%. South Korea’s Kospi fell 0.97%. Hong Kong’s Hang Seng slid 0.22%.

In U.S., the Dow Jones Industrial Average rose 54.77 points, or 0.15%, to 36,142.22, the S&P 500 added 18.10 point, or 0.39%, to 4,700.90 and the Nasdaq Composite surged 120.01 points, or 0.76%, to 15,973.86.


—-  Edited by John Xavier

(With inputs from Reuters, PTI and other news agencies.)

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