Oil Stocks Outlook For The Week - 24 To 28.09.2018
Movement in the prices of crude oil and the dollar-rupee exchange rate will continue to dictate the
trend for stocks of public sector refiners Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd next week. Unlike refiners, a weak rupee and high oil prices are positive for upstream companies such as Oil and Natural Gas Corp Ltd and Oil India Ltd, and will impact their shares as well. Crude oil futures on both domestic and international exchanges are likely to be volatile next week with a positive bias, due to the possibility of lower supplies from Iran. The second round of US sanctions on Iran, targeting the country's oil exports, will come into effect on Nov 4. Washington has asked countries trading with Tehran to reduce import of crude oil to "zero" before the deadline. Market participants were wary of the trade dispute between the US and China, as talks between both the sides failed. Trade tensions between two largest economies may slow global economic growth, denting demand for oil. The rupee may open marginally higher against the US dollar next week, as sentiment for riskier emerging market assets has improved after a slew of developments on the global trade front. Global trade developments, and the movement in the dollar index and crude oil prices over the weekend will provide cues for the Indian unit at open.
Source : Cogencis Information Services Ltd.
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Movement in the prices of crude oil and the dollar-rupee exchange rate will continue to dictate the
trend for stocks of public sector refiners Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd next week. Unlike refiners, a weak rupee and high oil prices are positive for upstream companies such as Oil and Natural Gas Corp Ltd and Oil India Ltd, and will impact their shares as well. Crude oil futures on both domestic and international exchanges are likely to be volatile next week with a positive bias, due to the possibility of lower supplies from Iran. The second round of US sanctions on Iran, targeting the country's oil exports, will come into effect on Nov 4. Washington has asked countries trading with Tehran to reduce import of crude oil to "zero" before the deadline. Market participants were wary of the trade dispute between the US and China, as talks between both the sides failed. Trade tensions between two largest economies may slow global economic growth, denting demand for oil. The rupee may open marginally higher against the US dollar next week, as sentiment for riskier emerging market assets has improved after a slew of developments on the global trade front. Global trade developments, and the movement in the dollar index and crude oil prices over the weekend will provide cues for the Indian unit at open.
Source : Cogencis Information Services Ltd.
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