Brent falls below $100 as crude eases during Indian market rally
Written by AI from weeklymarketrewind.substack.com's report. Not checked by a person.
Crude oil prices declined sharply in the week to November 6, with Brent dropping below $100 a barrel before rebounding to $98.29. Tanker attacks and Middle East tensions kept supply fears alive.
Crude oil prices recorded steep losses during the week of November 2–6, 2026, helping support Indian equities. Brent fell below $100 per barrel, which eased concerns over India's import bill, inflation and pressure on the rupee. The decline came amid hopes of reduced US-Iran tensions following the US midterm election results.
The relief was not complete. Brent later rebounded to $98.29 per barrel, raising renewed inflation concerns. Oil tanker attacks in the Middle East also increased fears of supply disruptions, leaving both energy and equity markets highly sensitive to geopolitical developments.
Cheaper crude was one of several factors behind a strong week for Indian markets. The Nifty 50 rose 8.58% and the Sensex gained 8.82%, their strongest weekly performance in over five years. Foreign institutional investors bought heavily, investing ₹45,960.02 crore during the week, and the rupee strengthened to ₹94.48 per dollar on November 5.
The source lists crude oil volatility among the factors that could weigh on sentiment, along with geopolitical uncertainty and global monetary policy. It says sustained FII inflows, corporate earnings and stability in global markets will be crucial in determining whether the current momentum continues.
