Saudi Minister’s assurance pushes crude oil prices down, lifts OMC stocks


Saudi Minister’s assurance pushes crude oil prices down, lifts OMC stocks

Global crude oil prices continued declining on Wednesday after Saudi Arabia’s Energy Minister assured that full production at the drone-hit facilities will be restored to normal by the end of this month. The announcement made close to midnight Indian time, saw crude prices falling sharply, bringing relief to major crude oil importers like India.

The moderation in oil prices saw Indian stock markets close in the green and the Indian rupee paring its losses, closing 54 paise up versus the US dollar at 71.24 on Wednesday. Oil marketing company stocks also rose with BPCL rising 3.65 per cent, HPCL 3.64 per cent and IOCL 2.68 per cent on the BSE.

As of 9 pm IST on Wednesday, Brent crude was trading at $64.36 per barrel, down from its Monday close of $69.02 per barrel.  Read More

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