Market Watch: Crude oil price hits Three-month high, stock falls
Market Watch: Crude oil price hits Three-month high, stock falls

Crude Oil prices rose with Brent hitting USD 71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the US. Prices were also boosted by Chinese data showing that the country’s factory activity grew at its fastest this year in May.

Brent crude futures for August gained USD 1.48, or 2.1 percent, to USD 70.80 a barrel. US West Texas Intermediate (WTI) crude for July was at USD 68.19. That was up USD1.87, or 2.8 percent, from Friday’s close, with no settlement price for Monday because of a US public holiday. 

On Wednesday, Markets under pressure as RBI policy meet begins today. Benchmark indices opened the day marginally lower as investors looked to book profits at higher levels. Asian markets were trading flat with a slightly negative bias. The  Sensex struggles near 51,650. Nifty 50 tests over 15,510. IT stocks underperformed. Metal stocks in a sharp rally. Nifty finds support around 15400 while resistance seen at 15750.

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