For the week, the Sensex rose by 74.05 points, or 0.26 per cent, while the Nifty shed 11 points, or 0.12 per cent.
US West Texas Intermediate (WTI) crude futures were at $43.71 a barrel, up 22 cents, or 0.51 percent, from their last close.
Dominant domestic producers PetroChina and Sinopec have both projected output declines this year as many of their fields began to operate at a loss.
The spot market opened at 6.6400 per dollar and was changing hands at 6.6444 at midday, 69 pips away from the last close
The euro eased to $1.1139 after having risen to $1.1192 on Thursday.
Consumers and even firms are so indebted that they can't borrow more, no matter how cheap loans are.
The energy sector was the best-performing major S&P group, up 1.3 per cent, buoyed by the rise in oil prices.
"That is consistent with a projection that the cash rate's terminal rate during this easing cycle will be either 1.5 percent or 1.75 percent," said Imre Speizer, senior market strategist at Westpac.
Investors clearly favour Australian and New Zealand 10-year government bonds , which fetch around 2 percent compared with the negative rates of Japan and Germany.
Data released on Tuesday showed that China's consumer price inflation accelerated at its weakest pace in six months, while the long decline in upstream prices continued to moderate.
Vienna-based OPEC last month said it expected the global supply glut to ease further this year and next thanks to reductions in oil output from producers outside the cartel.
Despite a cut in interest rates last week, the Aussie was the best performing currency in Asia.
The euro dropped to as low as $1.1046 on Friday, its lowest level in over a week.
Stocks headed into next week on a positive note, with the S&P 500 rising to a fresh intraday all-time high on Friday after two weeks of little change to the benchmark index.
Silver also plunged by Rs 900 to Rs 46,300 per kg on reduced off take by industrial units and coin makers.
The Commerce Department said the trade gap increased 8.7 percent to $44.5 billion in June, the biggest deficit since August 2015. May's trade deficit was revised slightly down to $41.0 billion.
The recovery in China's iron ore futures, the world's most liquid derivative market for the steelmaking raw material, could fuel a recovery in spot prices which fell back below $60 a tonne on Thursday.
The People's Bank of China (PBOC) set the midpoint rate at 6.6406 per dollar prior to market open, firmer than the previous fix 6.6444.
The 10-year UK Gilt yield dropped to a record low as the BoE works for stability in the wake of Brexit.
The dollar bought 101.20 yen, not far from a three-week low of 100.68 yen plumbed on Tuesday.
Though the eurozone economy continues to grow, it's not expanding at a substantive rate.
The Nikkei was down 1.7 percent after shedding more than 2 percent in early afternoon trade, plumbing its lowest intraday level since July 12.
Prices of oil hit three-month lows last week after US data showed an unexpected increase in commercial stockpiles of oil and gasoline.
It was the first time since February the official figure showed contraction, and according to a Bloomberg News survey missed economists' expectations it would flatline.
US GDP increased at a 1.2 per cent annual rate in the April-June period, less than a half of a 2.6 per cent growth rate economists had expected.









