Sectoral Spotlight: IOC, HPCL may gain on crude oil’s weakness

The ongoing fall in crude oil prices has brought energy stocks back into the spotlight. Both benchmarks — Brent Crude and US WTI — have witnessed their biggest weekly fall since December. The current trends draw a negative outlook for black gold and market expert Anuj Gupta sees its positive impact on Oil Marketing Companies (OMCs) in the near to medium term.

A lower crude oil price and a weaker Dollar augurs well for the OMCs and for the India economy, Gupta said adding that it could lower India’s Current Account Deficit.