Crude Oil Price
Meanwhile, in a rather volatile trading session on Tuesday, crude oil prices rebounded and rose, despite the fact that Ukraine and Russia were heading for peace talks, and demand concerns remained as China shut down its financial hub in Shanghai to stem a surge in coronavirus cases.
While the benchmark Brent crude oil price fell early on Tuesday, extending losses from the previous session, it recovered and was last up nearly 0.4 percent to trade around $113 a barrel, after falling as low as $109.97.
According to the Wall Street Journal, we are only now beginning to see the first effects of the sanction boomerang, as oil deals have been disrupted. This is likely to have cascading effects and will catalyse the crude oil price, to stay at elevated levels.
In such circumstances, accumulate the shares of oil exploration and drilling companies, like Jindal Drilling Ltd (Rs.234.70), ONGC (Rs.171), Selan Exploration Ltd (Rs.190.30), Reliance Industries Ltd (Rs.2622.85), Alphageo Ltd (Rs.312), Asian Energy Services Ltd (Rs.112) and Aban Offshore Ltd (Rs.46.65).
I'm expecting a repeat of Gulf War (US Vs Iraq) case, when the share price of Alphageo Ltd shot up from less than Rs.10 to Rs.700 plus. The stock of Jindal Drilling has already hit the Upper Circuit, today.
No comments:
Post a Comment