Oil Stocks Outlook For The Week - 18.06.2018 To 22.06.2018
Shares of state-owned oil marketing companies Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd are remain under pressure, while upstream players Oil and Natural Gas Corp Ltd and Oil India Ltd seen consolidating. Investors will watch out for any word from the government on a likely mechanism to tackle high fuel prices, apart from taking cues from global prices of crude oil and petroleum product and the dollar-rupee exchange rates. According to reports, the government may be considering multiple options to keep retail prices of petrol and diesel in check, which range from asking upstream companies to sell crude oil at a discount to refiners, to asking oil marketing companies to absorb fuel price hikes beyond a threshold. Crude oil futures on domestic and international exchanges are marginally down next week ahead of the meeting of the Organization of the Petroleum Exporting Countries and other producers on Jun 22, where they are expected take a decision about easing supply curbs. Russia and Saudi Arabia have hinted that they might raise production from July, which will weigh on the prices.
Source : Cogencis Information Services Ltd.
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Shares of state-owned oil marketing companies Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd are remain under pressure, while upstream players Oil and Natural Gas Corp Ltd and Oil India Ltd seen consolidating. Investors will watch out for any word from the government on a likely mechanism to tackle high fuel prices, apart from taking cues from global prices of crude oil and petroleum product and the dollar-rupee exchange rates. According to reports, the government may be considering multiple options to keep retail prices of petrol and diesel in check, which range from asking upstream companies to sell crude oil at a discount to refiners, to asking oil marketing companies to absorb fuel price hikes beyond a threshold. Crude oil futures on domestic and international exchanges are marginally down next week ahead of the meeting of the Organization of the Petroleum Exporting Countries and other producers on Jun 22, where they are expected take a decision about easing supply curbs. Russia and Saudi Arabia have hinted that they might raise production from July, which will weigh on the prices.
Source : Cogencis Information Services Ltd.
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