Indian indices may witness a flat to negative start on Monday amid weak Asian trends. Last week, the BSE Sensex advanced 1,573.91 points or 2.97%, while the NSE Nifty climbed 468.55 points or 2.97%. On Monday, the Asian shares started cautiously as investors braced for a US inflation report that could force another super-sized hike in interest rates, and the start of an earnings season where profits could be under pressure. Shares rose in Japan, while it fell in Hong Kong, South Korea, Shanghai, and Australia.
Oil mixed as market weighs tight supply against recession jitters
Oil prices were unsteady on Monday, with Brent trading higher on supply concerns while West Texas Intermediate (WTI) dipped, as traders balanced supply concerns against worries about a recession or China’s COVID-19 curbs hitting demand.
Brent crude futures were up 11 cents, or 0.1%, at $ 107.13 a barrel at 0102 GMT, adding to a 2.3% gain on Friday.
US WTI crude futures however slipped 15 cents, or 0.1%, to $ 104.64 a barrel, paring a 2% gain from Friday.
Trading was thinned by a public holiday in parts of Southeast Asia.
Both contracts posted weekly declines last week as the market was dominated by worries that rising interest rates to curb inflation would spark a recession and dent oil demand.
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