Rising Oil Prices

Prices were already under pressure at that point from abundant reserves and weak global growth

There are tensions in the Persian Gulf due to geo-political reasons, the union minister said

Brent crude futures soared to a high of $70.27 a barrel at 0222 GMT, up $1.67, or 2.4 per cent, from Friday's settlement.

US President Donald Trump has issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East.

Brent crude oil price surged 4 per cent on Friday, following tension between Iran and the US

OPEC is likely to shoulder 340,000 bpd in fresh cuts and non-OPEC producers an extra 160,000 bpd, one source said on Friday

On Friday Brent and US crude both fell on concerns that talks to end the trade war between the United States and China

Investors were also eyeing whether the producer group would agree to deeper cuts

Brent crude futures LCOc1 were up 12 cents at $63.51 a barrel by 1127 GMT. West Texas Intermediate (WTI) crude CLc1 was flat at $57.80

Brent crude oil futures fell 36 cents, or 0.6 per cent, to $64.19 a barrel, after tumbling 6.5 per cent the previous session.

While paints and adhesive players too will see some margin pressure, upstream companies like ONGC, OIL India and GAIL are seen as beneficiaries

Futures rose as much as 1.3 per cent after the Energy Information Administration reported American crude inventories fell by 8.5 million barrels last week

The US dollar getting stronger also has huge implications for the already leveraged emerging markets (EMs), including India, in terms of cost of capital as well as its availability