Oil Stocks Outlook For The Week: 26.02.2018 to 01.03.2018

Oil Stocks Outlook For The Week: 26.02.2018 to 01.03.2018

             Equity Cash/Futures/Options Segment 

Stocks of public sector refiners Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corporation are likely to continue to consolidate next week and are expected to trade with a slight negative bias. Despite expectations of robust fundamentals in the medium to long term, the near-term trend for these stocks on technical charts remains subdued. Cues from the broader market and movement in international prices of crude oil are also expected to have a bearing on the stocks of oil
companies. The movements in crude oil prices are expected to have a more pronounced impact on stocks of upstream companies such as Oil and Natural Gas Corp and Oil India. Prices of crude oil in the global market are seen falling marginally next week due to likely gains in the dollar and higher exports from the US. Prices have risen over 3% in a week due to reduced flows from Canada's Keystone pipeline to Cushing which has been operating on reduced capacity since late 2017.

Source : Cogencis Information Services Ltd.

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