 "oil, export, trade, crude oil,")
Oil prices surged for the 6-consectuive week, climbing a 3-month high post displaying a strong accumulation near $70 per barrel from March to June of this year.
This is the sharpest and straight up jump the Brent Crude has observed following an intense sell-off since March 2022. Technically, a breakout over $90 could accelerate the next move to $100 per barrel.
Rise in crude oil inversely affects OMC stocks, with Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Indian Oil Corporation have been on a downward spiral since last few sessions.
