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Market move▼ Bearish for Indian Oil
Asian stocks struggle as investors weigh US inflation, West Asia tensions
The brief
- Softer-than-expected US inflation reduced bets on a rate hike
- Stalled US-Iran peace talks and elevated oil prices kept investors cautious across Asian markets
- Elevated crude prices pressure Indian oil marketing companies and raise costs for fuel-intensive sectors
- Indian refiners buy costly West Asian barrels as Russian supply narrows
- India loses 6.2 million LPG customers in months as Iran war hits Gulf supplies