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Surging oil prices drag Indian shares to weekly losses
Indian shares fell on Friday and logged weekly losses as surging oil prices amid Middle East tensions stoked concerns over inflation and company earnings. The benchmark Nifty 50 fell 0.39% to 22,600, and the Sensex shed 0.17% to 73,123.83. The indexes lost 2.4% and 2.2% this week, respectively, with sentiment dampened by a rise in Brent crude oil futures to about $114 on energy supply fears after attacks on top exporter Saudi Arabia by Yemen’s Houthis. “Oil is an immediate pressure point, while the impact of a weaker monsoon on water availability is a slower-burning risk,” said Rushabh Sheth, ...
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