The Bombay Stock Exchange closed weak for the fourth straight session, on Thursday, with the benchmark Sensex shedding 259 points on across-the-board selling, triggered by weakness in Asian and European bourses following a sharp decline in US on Wednesday.

Marketmen attributed the reason for the downfall in markets around the world to surging global crude oil prices which traded near its all-time record at $123.5 a barrel in Asian trade.

The 30-share BSE barometer settled at 17,080.65, a fall of 258.66 points from its last close. The broader 50-share S&P CNX Nifty of the National Stock Exchange also dipped 53.80 points to close at 5,081.70.
Marketmen said investors fear high oil prices may widen trade deficit and in turn further push up inflation, which is already in uncomfortable zone of over seven per cent.  Absence of a positive trigger after the completion of earnings season was also a factor.