Oil-Linked Stocks Rally as Crude Prices Plummet to $85/Barrel

The Indian oil-linked stocks and oil marketing companies (OMCs) saw gains during the morning market hours on August 26, as investors focused on the third consecutive day of declining crude oil prices in the global market.

The sectoral benchmark index, Nifty Oil & Gas, recorded key support from downstream oil-linked stocks, gaining 0.3% to touch an early market high of 11,248.40 points on Wednesday, compared to 11,214.90 points at the previous equity market close.

Brent crude oil prices declined more than 8% in the last three days, from $92.67 per barrel as of August 21, down to $85.01 per bbl during Wednesday’s intraday session, according to Investing.com data.