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Market News - Oil prices rise, Auto stocks rally on hopes of GST rate cut

Oil prices rise after data shows big drop in US inventories -Prices had ended lower on Tuesday, squeezed by speculation of a return of sanctions-hit Iranian crude exports to the market following United States President Donald Trump's move to fire national security adviser John Bolton, a noted Iran policy hawk.


Oil prices rose on Wednesday after an industry report showed that crude stockpiles in the U.S. fell last week by more than twice the amount that analysts had forecast. Brent crude futures rose 43 cents, or 0.7%, to $62.81 a barrel by 0053 GMT, while WTI futures were up 47 cents, or 0.8%, to $57.87 a barrel.

Prices had ended lower on Tuesday, squeezed by speculation of a return of sanctions-hit Iranian crude exports to the market following United States President Donald Trump’s move to fire national security adviser John Bolton, a noted Iran policy hawk. But they rebounded after American Petroleum Institute (API) data released late on Tuesday showed U.S. crude and gasoline stocks fell last week, while distillate stocks built.

Auto stocks rally on hopes of GST rate cut, scrappage policy; Tata Motors zooms 10% - Tata Motors spiked over 10 percent followed by Eicher Motors, Maruti Suzuki and Motherson Sumi Systems.

The Indian auto industry has been going through a slump, its worst in many years. Vehicle sales are down and inventories are bloated, forcing a cut in production, putting thousands of jobs on the line.

However, hopes of GST rate cut, especially after Finance Minister Nirmala Sitharaman hinted at more steps to help the auto companies, has provided some support, helping the auto index closed 3.6 percent higher on September 11.


Market News | Oil Prices | Auto Stocks | GST Rates | Finance Minister 
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