Sensex, Nifty continue to fall; Europe mixed, oil price jumps 5%

Crude Oil
Equity benchmarks continued to reel under pressure on the first day of the week, especially due to sharp surge in crude oil prices and ahead of Federal Reserve’s two-day policy meeting that will begin tomorrow.

The 30-share BSE Sensex was down 186.20 points at 26560.98 and the 50-share NSE Nifty fell 70.40 points to 8191.35. 

About 1394 shares declined against 1077 advancing shares on the BSE.

Markets in Europe started the week mixed as political uncertainty in Italy eases and investors await another rate decision from the US Federal Reserve.

Oil prices shot up by 5 percent to their highest level since 2015 after OPEC and other producers over the weekend reached their first deal since 2001 to jointly reduce output in order to rein in oversupply and prop up the market.

Brent crude futures, the international benchmark for oil prices, soared 5 percent to USD 57.13 per barrel, the highest level since July 2015. US West Texas Intermediate (WTI) crude futures also hit a July 2015 high of USD 54 a barrel, up 5 percent.

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