Oil Stocks Outlook For The Week - 02 to 06.04.2018

Oil Stocks Outlook For The Week - 02 to 06.04.2018

             Equity Cash/Futures/Options Segment 

 The shares of public sector oil refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are seen consolidating next week. The stocks of oil majors have been trading in a range bound manner for the past three-four weeks, despite robust fundamentals in the medium to long term. The near term trend for these stocks on technical charts remains slightly subdued. Shares of these oil companies may get impacted by movement in international prices of crude oil. The movement in crude oil prices is expected to have a more pronounced impact on shares of upstream companies such as Oil and Natural Gas Corp and Oil India. However, there is a downside risk to the earnings of downstream public sector undertakings in an elevated crude price environment and increasingly populist measures by the government. The June delivery contract of Brent Crude oil futures have risen 2.5% to $68.96 per barrel over the last one month.

Source : Cogencis Information Services Ltd.

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