Brent Slides Below $104 as Saudi Pipeline Restoration Eases Supply Fears

The global crude oil market saw a decline in prices as Saudi Arabia's efforts to restore flows through its damaged East-West pipeline reduced supply fears. Brent crude futures for November delivery settled at $104.82, down 0.95% on the final trading day. The price drop was attributed to signals that Saudi Arabia was restoring flows and targeting full capacity within six weeks.

The Multi Commodity Exchange (MCX) Crude oil contract ended the week at ₹9,688, a decline of 0.72% from the previous close. Petrol prices remained unchanged across major Indian cities, with Delhi petrol priced at ₹102.12 per litre and diesel at ₹95.20 per litre.

The Indian Rupee closed flat at 95.89 against the US Dollar on Friday, supported by a correction in oil prices and positive momentum in domestic equity markets. The rupee's fall was capped as crude prices slid below $104 per barrel and US bond yields eased after the US Federal Reserve hiked interest rates.