Globally, Oil prices slipped early on Tuesday, paring the previous session's 3% gain, as an OPEC deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market's recent slide.There was no settlement on Monday, the U.S. Labor Day holiday for WTI futures.The dollar took a breather on Tuesday after a sweeping rally, easing slightly from milestone highs on the euro, yen and sterling, but not too far as recession stalk Europe and U.S. interest rates are poised for sharp rises.Overnight trade was thinned by a holiday in the United States and on Tuesday the highlight of the Asia session will be a central bank meeting in Australia, where markets have priced about a 64% chance of a 50 basis point rate hike. Russia has halted gas flow along the Nord Stream 1 pipeline to Germany indefinitely, at first blaming an oil leak at a compressor station but on Monday linking the stoppage to sanctions imposed by the west. Asian shares rose on Tuesday morning after China pledged to make renewed efforts to boost its economy on Monday, while investors pinned hope on more clarity ahead of a number of central bank meetings. Chinese policymakers signaled a renewed sense of urgency on Monday for steps to shore up a flagging economy, saying this quarter was a critical time for policy action as evidence pointed to a further loss of economic momentum.US markets were closed on Public Holiday. Gold prices recovered sharply from a six-week low on Tuesday as a worsening energy crisis in Europe drove up safe haven demand. Spot gold jumped 0.5% to $1,718.95 an ounce. Rupee remained stable despite strong dollar index, supported by RBI intervention and lower oil prices. Rupee could gain in the short term, if the global event remains stable in the next fortnight.
*With inputs from Reuters.