Oil prices climb as markets focus on supply tightness
Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a “soft landing” for the U.S. economy.
Brent crude futures rose 86 cents, or 0.9%, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude futures climbed 86 cents, or 0.9%, to $91.25.
Industry data released on Tuesday showed U.S. crude oil stockpiles rose last week by about 1.6 million barrels, against analysts’ expectations for a drop of about 300,000 barrels.
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‘Largecaps may play catch-up as broader market outshines’
The broader market indices have significantly outperformed the benchmarks over the last four years, driven by persistent inflows from domestic investors. Pranav Haridasan, managing director and chief executive officer at Axis Securities, tells Vivek Kumar M in an interview that large-caps may see a catch-up rally in the near term, given the valuation differential. However, he believes more themes and pockets of growth may emerge from mid-cap and small-cap space in the longer term. Excerpts:
Elections have just been concluded. What did you make of the volatility and concerns around policy continuity?
Despite the short-term volatility spike we witnessed last week, we believe not much has changed from the ‘growth outlook’ perspective…