US crude oil price crosses $ 75-per-barrel mark for first time since 2018
Photo Credit: AFP

The US crude oil prices breached the USD 75-per-barrel mark for the first time since October 2018, and rose to a high of USD 75.23 on Thursday.

According to a report by CNBC, US West Texas Intermediate crude for August settled up 2.4%, or USD 1.76, at USD75.23 a barrel. The international benchmark Brent crude for September climbed 2%, or USD 1.49, to USD 76.10 per barrel.

This comes ahead of a meeting among OPEC and non-OPEC partners. The OPEC meeting has been postponed to Friday, reported CNBC.

Meanwhile, in India, crude oil prices rose Rs 54 to Rs 5,546 per barrel on Thursday, as participants widened their positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for the July delivery traded higher by Rs 54, or 0.98 per cent, to Rs 5,546 per barrel in 9,520 lots. Analysts said raising of bets by participants kept crude oil prices higher in the futures trade.

Equity benchmarks stayed on the backfoot for the fourth consecutive session on Thursday as IT and finance counters bore the brunt of hectic selling amid weak Asian cues.

A continuously declining rupee and grim macroeconomic data also sapped investor confidence, traders said. The 30-share BSE Sensex ended 164.11 points or 0.31 per cent lower at 52,318.60. Similarly, the broader NSE Nifty shed 41.50 points or 0.26 per cent to close at 15,680.

Bajaj Finserv was the top laggard in the Sensex pack, tumbling 2.20 per cent, followed by Infosys, UltraTech Cement, Tech Mahindra, IndusInd Bank, Bajaj Finance and HDFC Bank. On the other hand, Dr Reddy's, Bajaj Auto, Sun Pharma, Asian Paints, Maruti and NTPC were among the gainers, climbing up to 2.56 per cent.

In the broader markets, the BSE midcap index slipped 0.19 per cent, while the smallcap gauge rose 0.32 per cent. Asian markets remained in the negative zone in thin trading amid a holiday in Hong Kong. However, equities in Europe were trading with gains in mid-session deals, boosted by positive manufacturing PMI data.

(With inputs from PTI)

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