International Brent crude oil futures were trading at USD 51.96 per barrel at 0101 GMT, up 1 cent from their last settlement. US West Texas Intermediate (WTI) futures were flat at USD 50.56 a barrel.
In the media channel‘s special series â€˜London Eye‘, Mukherjee has been speaking to Foreign Institutional Investor heads like Russell Napier of ERIC and Caeser Massry of Goldman Sachs. Here are some insights.
The commodity has almost doubled since hitting near 13-year lows at the start of the year as a global supply glut has eased thanks chiefly to a weakening dollar, signs of a pick-up in the world economy and falling production from Nigeria and Canada.
The Niger Delta Avengers, a rebel group that has attacked numerous oil facilities in Nigeria, rejected a truce offer with officials and claimed they hit a new target.
Topping USD 50 marked a dramatic rebound from January and February, when crude was in freefall to nearly USD 25, hitting lows not seen since 2003 and sending shockwaves through the oil industry, which has been forced into massive layoffs and numerous bankruptcies.
The commodity has rebounded about 90 percent from near 13-year lows touched at the start of the year as worries over a global supply glut ease and output from key producers Nigeria and Canada is dented.
After prices tumbled Friday following a terrible US jobs report that raised questions about the strength of the world's largest economy, a number of elements combined to lift the oil market higher, said Kyle Cooper of IAF Advisors.
The US labour department said Friday that just 38,000 new jobs were created last month, a quarter of what was expected and scything any chance of an interest rate hike any time soon.
The commodity initially fell yesterday after the Organization of the Petroleum Exporting Countries ended its meeting in Vienna with no agreement, as expected, to lower or cap output despite a global supply glut.
The Organization of the Petroleum Exporting Countries (OPEC) failed to agree to a clear oil-output strategy on Thursday as Iran insisted on raising production to regain market share lost during years of sanctions, which were lifted in January.
Few people are expecting a deal to cap production, with Iran already declaring it is unwilling to take part in any such deal at the Organization of the Petroleum Exporting Countries talks.
International Brent crude oil futures were trading at USD49.58 per barrel at 0053 GMT, down 14 cents from their last settlement, while US West Texas Intermediate (WTI) crude was down 26 cents at USD48.75 a barrel.
Nitin Raheja, CIO, Rada Advisors, says it is difficult to take a call on which direction the market is going and so once again the focus should be back on bottom-up stock picking.
It is the right time to invest in the Indian equity market but one must have a patient two-year outlook going forward, says Tushar Pradhan, CIO, HSBC Global AMC, India in an interview with CNBC-TV18.
At about 0815 IST, US benchmark West Texas Intermediate for July delivery was down 29 cents at USD 49.19 a barrel while Brent North Sea crude, the European standard, was 33 cents lower at USD 49.26.
Oil pushed through USD 50 for the first time in around seven months on Thursday as supply disruptions from Canadian wildfires and attacks in Libya and West Africa have helped cut daily output by 4 million barrels. Increased demand and a weaker dollar helped support prices.
Fundamentals in the G7 markets are growing weaker and corporate earnings are likely to be down by 5-10 percent across these markets. This will improve the relative ranking of the Indian market, says Christopher Palmer, Founder and Chief Investment Officer, Benson Avenue Capital.
The market shed more than 1 percent in late extended sell-off on Thursday, tracking nervousness in global peers after Fed minutes indicated rate hike in June policy.
The Department of Energy's weekly report released yesterday showed that commercial crude oil supplies were up 0.3 percent last week, but gasoline inventories and domestic crude production were both down.
Jan Lambregts, Global Head of Financial Markets Research, Rabobank gives his views on whether it is globally a good time for the Federal Reserve to hike rates.
Rajat Bose of rajatkbose.com recommends buying Hindustan Unilever and expects the stock to take Nifty to Rs 7740.
Independent market expert, Jyotivardhan Jaipuria believes that market may not see an year-end rally this time around but 2016 would prove to be a good year for equities because the economy is slowly bottoming out.
Market expert, Ambareesh Baliga believes that market is in a tight range and unless there is some positive news like the pass through of goods and services tax (GST) in the winter session of the parliament, it is unlikely to breakout.
Sanjeev Prasad, Kotak Institutional Equities says he sees a moderately negative impact on Indian equities and debt from a gradual increase in US interest rates over the next 12-24 months.
The downfall in gold price is likely to continue in the midst of subdued domestic demand and weakening global trend amid uncertainty over the US Federal Reserve's impending interest rate hike