Brent crude futures rose $1.11, or 1.1%, to $106.10 a barrel by 0019 GMT. U.S.
The bias is likely to remain bullish as long as Crude Oil futures sustain above Rs 7,830, below which the next crucial support is at Rs 7,730.
Given the multiple headwinds, BofA Securities expects markets to be sideways the near-term given inflation impacting volume growth and margins across several sectors
Ongoing support is provided by supply tightness after disruptions in Libya, which is losing 550,000 barrels per day (bpd) of output
In the last six months, the S&P BSE Sensex and the Nifty have slumped around 7 per cent each as foreign investors dumped Indian stocks across the board
Brent crude was down $3.94, or 3.4%, to $109.22 a barrel at 1338 GMT, having risen more than $1 to $114.21 earlier in the session
Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday warned 'a painful wave of closures' had begun hitting its facilities
As per the government data released on Monday, WPI inflation has remained in double digits for the 12th consecutive month beginning April 2021
Brent futures were up 42 cents, or 0.4%, at $109.17 a barrel, while US West Texas Intermediate futures were 23 cents or 0.22% higher at $104.39 a barrel at 1223 ET or 1622 GMT
Russian President Vladimir Putin on Tuesday blamed Ukraine for derailing peace talks and said Moscow would not let up on what it calls a 'special operation' to disarm its neighbour
In currency markets, Putin's remarks were a major driver with the euro up 0.1% against the dollar but just above a five-week low
Crude oil prices increased around 6 per cent on Tuesday amid news reports of lower supply by oil producers and easing of lockdown restrictions in parts of China
MCX Crude Oil futures can test the 20-DMA in the near term placed at Rs 7,900-odd level.
The projection on inflation is based on the assumption of international crude oil prices of the Indian basket remaining at $100 billion a barrel
The next two quarters, according to analysts at Motilal Oswal Securities, are likely to see a sharp margin impact and corporate commentaries will worsen before they get better
Equity inflows over the last three years from 2019-2021, according to a note by BofA Securities, totaled over $40 billion, out of which nearly $14 billion has left in the first quarter of 2022
CLOSING BELL: Shares of Hero MotoCorp cracked over 6 per cent after reports suggested that the Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses
Global economy is reeling from new supply shocks
State-run refiners, which control over four-fifths of India's fuel market, are walking a tightrope again, trying to balance the interests of consumers, govt and their own
A feeble impact is already being felt, and if the conflict stretches way beyond March, it could have implications on growth, inflation, fiscal deficit and current account deficit