Oil prices tumbled more than 4% to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of a supply disruption.
They followed discussions between Iran and Gulf Arab capitals last week on the sidelines of an Asia conference in Qatar, when Gulf states sought to reassure Iran of their neutrality in any conflict between Tehran and Israel.
Shares in Asia dip with focus on China economy, Middle East tension
Brent crude climbed towards $109 a barrel on Tuesday as tension rose in the Middle East and oil stockpiles in top consumer the United States were expected to fall.
India seems to be facing the possibility of sluggish inflows, and the possibility of crude going up.The global picture too seems to be quite mixed and murky which may come in the way of emerging market equity performance.