Stock futures opened higher Tuesday evening after a technology-led rally during the regular trading day, as investors looked through concerns over the Omicron variant and a potential policy pivot by the Federal Reserve.
The persistent rise in global crude oil prices has now spilt over into daily essentials like tomatoes, milk, and edible oils in India. The condition is made worse by the advent of coronavirus omicron. A surge in vegetable prices lifted retail inflation to 4.48% in October, from 4.35% a month ago.
Oil prices edged lower on Wednesday, reversing gains from earlier the week, as investors tried to assess the full impact of the Omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines. Brent crude futures dropped 25 cents, or 0.3%, to $75.19 a barrel at 0129 GMT, after settling 3.2% higher on Tuesday. Oil prices rebounded earlier this week from a collapse last week on rising optimism that the new Omicron variant will not cause major economic damage.