Brent crude prices increased by 10% on Monday owing to the supply disruption in Saudi Arabia, which amounted to as about 6% of global oil supplies. Global oil prices can be expected to remain elevated, as the geopolitical risk premium has returned to the oil markets. However, shares of oil producing companies, ONGC and Oil India were lackluster. On the other hand, shares of oil marketing companies: HPCL, BPCL and IOC declined on margin concerns, both in refining and marketing segments.
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Brent crude prices increased by 10% on Monday owing to the supply disruption in Saudi Arabia, which amounted to as about 6% of global oil supplies. Global oil prices can be expected to remain elevated, as the geopolitical risk premium has returned to the oil markets. However, shares of oil producing companies, ONGC and Oil India were lackluster. On the other hand, shares of oil marketing companies: HPCL, BPCL and IOC declined on margin concerns, both in refining and marketing segments.
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