Gaurav Bora, Market Expert
Brent crude fell to 13-month low at below $55/bbl and slumped more than 20% since early January as the virus curtailed demand in a market awash with crude. The virus has upended trade flows and probably led to a 20% cut to China’s oil demand as the crisis hits the world’s biggest commodities importer.
Technical experts from the OPEC+ coalition will meet in Vienna and their assessment on the outbreak may determine whether the
group convenes a ministerial meeting later this month to consider new output cuts.
Fall in oil price will be positive for oil marketing stocks like HPCL, BPCL and IOC. Other sectors will be benefit like Tyre (Ceat), Cement (UltraTech, Shree Cement, Birla Corp), Lubricating (Castrol) and PVC