Oil Stocks Outlook for the week – 27 to 31.03.2017
Oil Stocks Outlook for the week – 27 to 31.03.2017
( www.rupeedesk.in )
The shares of public sector oil refining and retailing companies are seen in a consolidation phase next week, awaiting the outcome of Sunday's meeting of the Organization of the Petroleum Exporting Countries, and nonOPEC nations. Increasing crude oil supply from the US during the week kept price of the commodity rangebound. Investors in crude futures are cautiously optimistic about the weekend meeting of petroleum producing countries in Kuwait to review production cuts agreed upon earlier. Sunday's review might be a key trigger for the sector next week, and going forward to the next month. This could have an impact on upstream oil companies like Oil and Natural Gas Corp, Cairn India and Oil India. Fluctuations in the dollar-rupee exchange rates may also impact the share prices of oil companies. Reliance Industries trend has turned positive over the past few weeks and can touch 1,300 rupees levels during the week. This, however, could be marred by Securities Exchange Board of India's decision after market hours on Friday to ban the stock from the derivatives market for a year. The state-owned oil marketing companies like Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp and upstream firm ONGC are expected to be in a consolidation phase.
Source : Cogencis Information Services Ltd
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Oil Stocks Outlook for the week – 27 to 31.03.2017
( www.rupeedesk.in )
The shares of public sector oil refining and retailing companies are seen in a consolidation phase next week, awaiting the outcome of Sunday's meeting of the Organization of the Petroleum Exporting Countries, and nonOPEC nations. Increasing crude oil supply from the US during the week kept price of the commodity rangebound. Investors in crude futures are cautiously optimistic about the weekend meeting of petroleum producing countries in Kuwait to review production cuts agreed upon earlier. Sunday's review might be a key trigger for the sector next week, and going forward to the next month. This could have an impact on upstream oil companies like Oil and Natural Gas Corp, Cairn India and Oil India. Fluctuations in the dollar-rupee exchange rates may also impact the share prices of oil companies. Reliance Industries trend has turned positive over the past few weeks and can touch 1,300 rupees levels during the week. This, however, could be marred by Securities Exchange Board of India's decision after market hours on Friday to ban the stock from the derivatives market for a year. The state-owned oil marketing companies like Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp and upstream firm ONGC are expected to be in a consolidation phase.
Source : Cogencis Information Services Ltd