Brent futures rose $1.18, or 1.4%, to $87.30 a barrel by 11:42 a.m. EST (1642 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.12, or 1.4%, to $81.27.
FM Nirmala Sitharaman said there was ‘no guarantee’ that, if the central government forwent its share, the states would not fill the space.
Market has been trading in a tight range and looking for a firm direction, a strong trigger to rely on. Experts feel that it is a tricky trade since high inflation and boiling oil prices are making it more difficult for them to predict the exact mood of the market.
Domestic market ended on a negative note as high crude oil prices and disappointing industrial output numbers played a key role in dragging indices down. Experts say it's a pullback rally; however, they feel the indices may start trending lower yet again on crude concerns.