In the past one month, ONGC has outperformed the market by surging 16 per cent, as against 0.87 per cent rise in the Nifty 50.
The prospects for OIL and ONGC may improve - with volume growth, stronger gas realisations and delta from refining/downstream subsidiaries likely aiding consolidated earnings momentum, say analysts.
Since oil and gas prices did not join other commodities in their run up in the last few months, analysts believe they are likely to remain sideways at best, unless geopolitical events trigger a rally
In the past one month, the BSE Oil & Gas index has outperformed the market by gaining 2.2 per cent, as against 2.2 per cent decline in the BSE Sensex.
Analysts at Mirae Asset Sharekhan expects WTI Crude oil futures to trade within a broader $59-$66 per barrel range in the coming weeks.
Oil dropped sharply from the previous sessions, when Brent touched a six-month high and WTI was hovering near its highest since late September on mounting tensions between the United States and Iran
Share price of Oil India hit an eight-month high of ₹467.30, gaining 4 per cent on the BSE in Wednesday's intra-day deals.
Despite multiple flashpoints during the year, oil prices struggled to sustain rallies, highlighting the market's growing sensitivity to excess supply
Oil price outlook: The most significant downward pressure on oil prices this month stems from renewed optimism regarding the conflict in Ukraine.
OPEC+, according to a Rabobank International note, will respond to lower prices through supply cuts or through the refined products market
The global surplus has increased from 0.5 bmpd to around 1.5 mbpd in the last six months
WTI plunged 2.5 per cent over the past five trading sessions to $58.05/bbl, shedding 5.5 per cent in the last month and more than 20 per cent since mid-June highs near $73/bbl
Global crude oil supplies are poised for a deepening glut, with prices likely to decline toward $50 per barrel by mid-2026 amid sluggish demand growth and robust production
Indian Rupee today: The domestic currency closed 15 paise lower at 87.97 against the greenback on Friday
Opec+ is unwinding cuts, restoring 2.72 million barrels per day by November, with Iraq adding 500 thousand barrels per day via Kurdish pipelines, worsening a 0.5 million barrels per day surplus
Indian Rupee today: The domestic currency closed two paise lower at 88.79 against the greenback on Wednesday
Adding more pressure on the oil market, the Kremlin on Thursday confirmed Vladimir Putin would meet Donald Trump in the coming days, raising expectations of a diplomatic end to the war in Ukraine
Oil prices hit five-week lows as markets await US sanctions decision on Russia. Tariffs on India, crude inventory draw, and Opec+ supply plans also influence Brent and WTI price movements
OPEC's demand forecasts are at the higher end of the industry range, as the agency expects a slower energy transition than some other forecasters
Crude oil markets are pricing in a fair amount of uncertainty at the current levels, Das said. That's why oil had dropped below $60 for a time-before the West Asia tensions pushed it back up