The Nifty futures traded on the Singapore exchange at 9:01 am IST at the 15,800 level. Asian markets are trading lower, following weak US markets.
The price of oil is rising by more than $10 a barrel, while stocks are falling as the US considers banning crude oil imports from Russia. In the first few minutes of trading on Monday, both benchmarks were up more than $10 a barrel to their all-time highs since July 2008 with Brent at $139.13 and WTI at $130.50. Monday’s intraday highs are close to record levels for both contracts in July 2008 as Brent hit $147.50 a barrel and WTI hit $147.27.
Tokyo’s key Nikkei index fell three percent in morning trading Monday on concerns over the war in Ukraine and as crude oil prices approached a new record. The benchmark Nikkei 225 index fell 3.03 percent or 787.97 points to 25,197.50, while the broader Topix index fell 2.91 percent or 53.69 points to 1,791.25. The Hang Seng index fell 3.59 percent or 787.13 points to 21,118.16 points. The losses reflected strong selling in Asian markets, with the Russian invasion of its neighbor continuing to push the price of commodities to record or multi-year highs.
Wall Street shares fell Friday as an increasingly grim picture of the Russian invasion of Ukraine diverted attention from good US employment data. All three major indices ended the week in losses, with the broad S&P 500 ending at 4,328.87, down 0.8 percent for the day and 1.3 percent for the week. The Dow Jones Industrial Average lost 0.5 percent Friday to end at 33,614.80, while the tech-rich Nasdaq Composite Index fell 1.7 percent to 13,313.44.
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