Globally, Oil prices fell on Thursday after industry data showed a large unexpected increase in U.S. crude stocks for a second week, heightening concerns of a drop in fuel demand. U.S. WTI crude futures declined by 86 cents, or 1.1%, to $78.62 a barrel, while Brent crude futures fell 73 cents, or 0.9%, to $84.25 a barrel, extending losses of around 1% from Wednesday.The big build marks the second consecutive week of large inventory increases.The dollar rose broadly on Thursday as growth concerns about the U.S. economy drove demand for the safe-haven greenback, while the yen renewed its ascent as investors doubled down on bets that the Bank of Japan would shift away from its yield curve control policy. Weak U.S. data released on Wednesday showed that U.S. retail sales fell by the most in a year in December and manufacturing output recorded its biggest drop in nearly two years, stoking fears that the world's largest economy is headed for a recession.Asian stock markets struggled to make headway on Thursday.The S&P 500 and the Dow lost almost 2% on Wednesday, their biggest daily drops in more than a month, after weak economic data fueled recession worries while hawkish comments from Federal Reserve officials soured investor moods further.Gold prices recovered slightly from a two-day losing streak on Thursday amid growing uncertainty over a potential recession.Spot gold rose 0.2% to $1,907.60 an ounce,The yellow metal lost about 0.6% in the past two sessions, after touching an eight-month high earlier this week.Rupee posted its biggest gain again in previous session in last two months, however the gains may be capped as FPI outflow continued to remain negative.
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