Share prices of oil marketing companies (OMCs) were trading lower on Monday as international oil prices rose as much as 19% in early Asian trade, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and soared tensions in the Middle East.
Post the attack, state oil giant Saudi Aramco, that is reportedly readying itself for the world’s largest IPO, halted production of 5.7 million barrels of crude a day, more than 5% of the world’s daily crude oil production leading to a surge in global oil prices. Brent crude, the international oil benchmark, surged $7.84 per barrel, or 13%, to $68.06 per barrel.
Reacting to this, the Indian equity market opened 0.50% lower each on Monday’s trading session with Sensex falling over 200 points to 37,161 and Nifty losing 76 points to 10,999. Read More
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