Mumbai, April 1 -- Oil prices tumbled sharply, with WTI crude falling by nearly 4% at $98 per barrel mark in Asian trade, as hopes of de-escalation in the Middle East dampened risk premiums. Additional pressure came from a stronger US dollar, with the dollar index hovering near 99.3 after a solid monthly gain of over 2%, amid reduced expectations of Federal Reserve rate cuts. While Fed Chair Jerome Powell reassured markets on stable long-term inflation expectations, traders remained cautious ahead of President Trump's upcoming address on Iran. On the domestic front, MCX April crude futures plunged nearly 5% to Rs.9185 per barrel, reflecting the global bearish sentiment.
Published by HT Digital Content Services with permission from Capital ...