Oil Stocks Outlook For The Week - 12 To 16.11.2018
Shares of state-owned upstream player Oil India Ltd will be in focus early next week, as the company is scheduled to detail its earnings for the September quarter on Monday. Oil India is expected to report a 40.7% on-year rise in net profit for the September quarter at 9.09 bln rupees due to higher
prices of crude oil. That apart, stocks of oil companies--both upstream and downstream--are likely to be influenced by movements in prices of crude oil and the dollar-rupee exchange rate. A weak rupee and high oil prices, while being negative for refiners, are positive for upstream companies. Crude oil contracts are seen in the red for the sixth straight trading week because of a larger-than-expected rise in US crude oil inventories, rising output from Saudi Arabia and Russia, and a temporary nod to some countries to keep buying crude oil from Iran. Investors will track a meeting between OPEC and non-OPEC producers in Abu Dhabi on Sunday to review the cartel's production cut agreement.
Source : Cogencis Information Services Ltd.
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Shares of state-owned upstream player Oil India Ltd will be in focus early next week, as the company is scheduled to detail its earnings for the September quarter on Monday. Oil India is expected to report a 40.7% on-year rise in net profit for the September quarter at 9.09 bln rupees due to higher
prices of crude oil. That apart, stocks of oil companies--both upstream and downstream--are likely to be influenced by movements in prices of crude oil and the dollar-rupee exchange rate. A weak rupee and high oil prices, while being negative for refiners, are positive for upstream companies. Crude oil contracts are seen in the red for the sixth straight trading week because of a larger-than-expected rise in US crude oil inventories, rising output from Saudi Arabia and Russia, and a temporary nod to some countries to keep buying crude oil from Iran. Investors will track a meeting between OPEC and non-OPEC producers in Abu Dhabi on Sunday to review the cartel's production cut agreement.
Source : Cogencis Information Services Ltd.
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