ONGC AND OIL INDIA TO BENEFIT FROM RISING CRUDE OIL PRICES

Global crude oil prices have moved to a four-month high, with Brent Crude now trading close to the $70 per barrel mark. This comes in view of the weakness in the US Dollar, and coupled with tensions surrounding speculations of a possible US attack on Iran. In fact crude oil prices are rebounding from having declined to multi-year lows in Dec25 over prospects of easing tensions between Russia and Ukraine and the Middle East. However, the war tension continues in both the regions. However, the rise in global crude oil prices is beneficial for upstream oil companies like

and . Every one dollar rise in prices can benefit the annual revenue for both these companies by Rs 300-400 crore.