International crude oil prices fell by about 2 percent on Friday amid hopes of easing tensions in West Asia. This decline has come due to expectations of an end to the conflict that started on February 28. Brent crude futures were trading at $97.99 a barrel, hitting the day’s low in early trade, down more than 1 percent.
At the same time, America’s West Texas Intermediate (WTI) crude also fell by about 2 percent to an intra-day low of $ 92.91. However, in the previous trading session, global benchmark Brent had closed at $ 99.39 with a rise of about 5 percent. Similarly, American WTI also closed at $93.32, up more than 2 percent.
There was also a decline in the prices of crude oil on Multi Commodity Exchange (MCX) in the domestic market, where it fell by 2.6 percent to Rs 8,625. Traders got relief when the US President announced a 10-day ceasefire between Israel and Lebanon. He also said that Tehran has proposed not to possess nuclear weapons for more than 20 years. On the social media platform Truth Social, President Trump said, “I hope that Hezbollah will show understanding at this critical time. If that happens, it will be a big opportunity for them. No more violence, we finally want peace.”
Speaking to the media, he said, “We will see what happens next, but I think we are very close to an agreement with Iran.” Talking about the stock market, a mixed trend was seen in the global markets. Whereas in the domestic market, BSE Sensex and NSE Nifty opened flat.
However, later there was a slight increase in them. Asian markets witnessed losses, with major indexes down up to 1 percent. At the same time, Wall Street in America closed with a slight gain, where Nasdaq closed with a gain of 0.36 percent and S&P 500 index closed with a gain of 0.26 percent.
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