Hyderabad Stocks：Oil stocks jump up to 7% on falling crude oil prices
Oil stocks have been rising for the past few weeks amid falling crude oil prices. Oil prices in international markets have declined nearly 16% in the last two months after both benchmarks hit nearly $100 a barrel levels in September this year.
However, in today’s trade oil prices rose, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.
OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on November 30 to discuss production targets for 2024.
In Tuesday’s trade, shares of Hindustan Petroleum Corporation jumped 6.7%Hyderabad Stocks. Meanwhile, IOCL, and BPCL, shares rose over 3% each. Gujarat State Petronet, GAIL, and Gujarat Gas also traded higher.
Global benchmark Brent crude futures were last up 25 cents, or 0.3%, at $80.1 a barrel by 12.27 pm. US West Texas Intermediate (WTI) crude futures were trading 19 cents higher, also 0.25%, at $75.04 a barrel.
In the last one month, BPCL shares jumped nearly 40%, while Indian Oil Corporation shares surged 23%. BPCL shares also gained 26% in the last one month.
Meanwhile, another Nifty Oil & Gas stock Adani Total Gas hit a 20% upper circuit at Rs 644.3 on NSE following the Indian Supreme Court’s observation that it had no reason to “discredit” market regulator Securities and Exchange Board of India’s (Sebi) probe against the group. The apex court reserved its order on a batch of petitions concerning the Adani-Hindenburg row after the conclusion of the hearing on Friday.
On Friday, the top court had said that there was no material before it to doubt what the market regulator has done and the court does not have to treat what was set out in the Hindenburg report as a “true state of affairs”. The SC bench also said that it cannot ask a statutory regulator to take as a “gospel truth” something which was published in the media.Varanasi Wealth Management
A bench headed by Chief Justice D Y Chandrachud also asked Sebi what it intends to do in future to ensure investors don’t lose wealth due to volatility in the stock market or short-selling, the apex court observed it would not be proper for it to set up a special investigation team (SIT) on its own without any material before it.
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