RIL Tanks 4%: Boiling Oil at $104 Rams Domestic Oil & Gas Stocks, BPCL Sinks 6%

  • Investing.com
  • Commodities News
RIL Tanks 4%: Boiling Oil at $104 Rams Domestic Oil & Gas Stocks, BPCL Sinks 6%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- In a torrid session today, oil prices exceeded the $100/barrel mark and soared nearly 7% to trade at $103.5/barrel in the afternoon session, recording its highest level in over 7 years.

Oil prices rallied after Russian President Vladimir Putin announced a military operation in the south-eastern region of Ukraine, ringing sirens of an impending Russian invasion of Ukraine.

In a televised speech made on Thursday, Putin warned other countries that any foreign interference in the Russia-Ukraine action would lead to ‘consequences they have never seen’, while reports of explosions heard in Kyiv surfaced.

At 2:30 pm, Brent crude oil surged 6.22% to $99.9/barrel, and US WTI Futures gained 6.23% to $99.9/barrel.

In about 3 months, global prices of oil have escalated over 30%, led by a sharp demand surge with economies reopening as Covid-19 subsided with higher vaccinations.

Due to today’s oil surge, the 10-scrip BSE Oil & Gas index was slumping by 4.5%, with Indraprastha Gas (NS: IGAS ) down 7.5%, Gujarat Gas (NS: GGAS ) down 7%, and Bharat Petroleum (NS: BPCL ) by 6%, at the time of writing. Reliance Industries (NS: RELI ) crashed by 3.85%. 

India is the world's third-largest oil consumer and over 85% of it is imported. A jump in oil prices may escalate inflationary pressures in the country, forcing the central bank RBI to revise its FY23 inflation target upwards, indicating a monetary tightening stance.

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  • Paras Nath @Paras Nath
    RIL also produces oil and gas yet it tanked so much...
    Like 0
    • rahul pachpute @rahul pachpute
      it refines Oil
      Like 0
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  • Michael Kohli @Michael Kohli
    India is the worst third-largest oil consumer 😂Did you mean worst or world's?
    Like 0
    • Subhankar Sanyal @Subhankar Sanyal
      World i think
      Like 0
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