Crude Oil prices dipped on Friday on expectations that OPEC will soon raise output to make up for a fall in exports from Iran.
Brent crude futures were on negative range at USD74.16/pbl down 0.3pc, from their last close. US WTI crude futures were at USD64.83/pbl, down 0.6pc from their previous settlement.
However, the oil prices are unlikely to descend further on account of suspension of crude import from Russia by Poland & Germany through the world’s longest oil pipeline namely Druzhba.
Stocks rotated in a small range through mid morning trade. At 12:20 hours, the BSE Sensex index was up 111 points at 38,842. The Nifty50 index was up 43 points at 11,685-levels. Tata Steel and Axis Bank were among top gainers both on Sensex and Nifty.