Rising oil prices remained at the center of global market attention, with benchmark crude rates extending their upward momentum. Brent crude climbed 0.30 per cent to trade at USD 105.96 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.23 per cent to USD 101.25.
U.S. equity markets delivered a mixed but largely positive close, with technology stocks leading gains. The Nasdaq Composite advanced 1.20 per cent to end at 26,402.34, while the Nasdaq 100 rose 1.04 per cent to 29,366.94, supported by strong buying in major tech names. The broader S&P 500 also edged higher, gaining 0.58 per cent to close at 7,444.23, indicating steady investor confidence despite elevated energy prices.
However, the Dow Jones Industrial Average lagged behind its peers, slipping 0.14 per cent to settle at 49,693.20, as losses in select industrial and energy-sensitive stocks weighed on the index. Meanwhile, European markets mirrored the cautiously optimistic tone seen in the U.S., with France’s CAC 40 rising 0.35 per cent, Germany’s DAX climbing 0.76 per cent, and the FTSE 100 adding 0.58 per cent, reflecting broad-based resilience in global equities.
In the commodities space, precious metals remained largely stable, with gold holding steady at 4,689.03, showing negligible movement, while silver posted a modest gain of 0.06 per cent to 87.59. The muted movement in bullion indicates a balanced demand environment, as investors weigh inflation risks against global economic stability.
Base metals displayed mixed trends, with aluminium standing out as a notable gainer, surging 2.20 per cent to 3,653.85, driven by supply-side factors and industrial demand optimism. In contrast, copper declined 0.91 per cent and zinc edged down 0.07 per cent, reflecting some pressure on industrial metals. Natural gas prices remained broadly flat, inching up just 0.03 per cent, signaling a relatively stable outlook in the energy segment beyond crude oil.
Oil prices have remained highly volatile, with concerns mounting over potential supply disruptions at the Strait of Hormuz, a critical maritime chokepoint that handles nearly 20 per cent of global oil flows, heightening inflation risks for economies worldwide.
Earlier on April 30, Brent climbed near a multi-year high of USD 126 a barrel, gaining nearly 7 percent intraday, extending the momentum built on the back of a strong surge earlier. Before, on March 9, Brent crude surged over 27 per cent to trade at a multi-year high of USD 119 a barrel amid escalating Middle East tensions.
The prices later dropped significantly after the ceasefire announcement and coordinated oil reserve release by major G7 economies. The oil price, although at a multi-year high, is still lower than its all-time high of USD 147 per barrel seen in July, 2008. The recent hike was also lower than the USD 130 per barrel price that was hit in 2022 during the Russia-Ukraine crisis.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
