The price of the Brent Crude Oil was under severe pressure, with rumours floating around the blasts taking place in Saudi. The price jumped by $5.74 to make per barrel costing $128.40, in New York on Thursday. This was the highest since July 2008.
Surges in the prices had aggravated in the backdrop of tensions over Iran’s nuclear plans also. Iran is the fifth largest supplier of the Crude in the world market.
Reports poured in later from the Saudi officials, who denied the blasts, which helped the prices fall back from their highs in Asian markets on Friday. IMF has also been reported saying that the probability of sharp economic slowdown has eased. This has added some support to the traders in the markets.
Back home, Bajaj Auto, one of the largest auto players in India, has reported a 5 percent rise in February vehicle sales. This has come as a breather to the market, which was concerned about the rising tension in the crude prices & the policies back home concerning the auto sector.
The Nifty has managed to move up by 25 pts to stand at 5364, up by 0.5%.