OMCs, aviation, paint stocks drop as crude oil prices rise post OPEC+ deal
The S&P BSE Oil & Gas index slipped nearly 3 per cent in the early trade on Monday after OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices. The deal, which comes amid the coronavirus pandemic, could curb global oil supply by 20 per cent.
Reacting to the development, crude oil prices were trading firm at the time of writing of this report. While US West Texas Intermediate (WTI) crude futures were up 4.8 per cent at $23.87 per barrel, international benchmark Brent futures rose 4.19 per cent to $32.80 per barrel, Bloomberg data showed.
