Bears may tighten grip on OMC stocks as Crude Oil trades at 6-week high

OMC stocks are displaying bearish sentiment, if fails to hold key supports then could enter medium-term selling bias.

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OMC stocks are under pressure

Avdhut Bagkar Mumbai

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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. 

First Published: Aug 07 2023 | 11:36 AM IST

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