Sensex, Nifty fall with attack on Saudi oil facilities


Mumbai, Sep 16 (IANS): Indian markets ended lower on Monday following the drone attacks on key oil facilities in Saudi Arabia, the world's biggest oil exporter. The sharp rise in oil prices that followed the attack dampened any chances of a positive reaction to government's economic stimulus package last week.

UK Brent crude prices soared as much as 20 per cent to above $71 a barrel as markets reopened following a major attack on Saudi Arabia's oil infrastructure.

The prices, however, Brent eased at the time of writing to $67 a barrel, nearly 12 per cent higher than its previous close.

The benchmark Sensex closed 261.68 points lower at 37,123.31. It opened at 37,204.56, lower than its previous close of 37,384.99. The broader Nifty also slid 72.40 points, or by 0.65 per cent to 11,003.50.

According to a Kotak report, prices of petrol and diesel in India may shoot up by Rs 5 to 6 a litre each in the next fortnight.

Oil surged to four-month highs on Monday after weekend attacks on crude facilities in Saudi Arabia sparked supply fears, while shares in Asia extended losses as bleak economic data from China sapped investors' appetite for riskier assets, said Deepak Jasani of HDFC Securities.

"These attacks resulted in production suspension of 5.7 million barrels of crude oil per day," Saudi Aramco said in a statement.

  

Top Stories


Leave a Comment

Title: Sensex, Nifty fall with attack on Saudi oil facilities



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.