Oil India Crashes 10%, ONGC Falls Nearly 3% as Brent Slips Near $91/Barrel

Shares of India's leading upstream oil companies came under sharp selling pressure on Wednesday as global crude prices retreated from recent highs. $OIL ia plunged nearly 10% to ₹428.40, while $ONGC C declined about 2.7% to ₹252 on the NSE. The weakness followed a decline in Brent crude, which was trading around $91.72 per barrel in afternoon trade. The US benchmark WTI hovered near $88 per barrel. Market sentiment turned negative amid signs of softening demand from China, the world's largest oil importer, where crude imports dropped to their lowest level in over eight years. Analysts noted that prospects of renewed peace talks following US actions in Iran also eased supply disruption fears. Additionally, record US crude exports and a significant draw in US inventories contributed to the price correction. This directly impacts realisation for domestic producers like Oil India and ONGC, whose revenues are closely linked to global crude benchmarks.