Crude oil prices witness downfall due to rise in OPEC supplies
DSIJ Intelligence / 05 Jul 2017
The crude oil prices witnessed a downfall in prices due to rise in OPEC supplies despite a pledge to trim production.
In Wednesday’s trade, the crude oil prices witnessed a downfall in prices due to rise in OPEC supplies despite a pledge to trim production.
Oil exports by OPEC surged for second month in June, regardless of its pledge to trim production between January 2017 to March 2018 in order to boost prices, as per a leading research firm. OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd above May and 1.9 million bpd more than a year earlier.
Aviation stocks moved in the opposite direction of crude prices as the it is basic raw material for aviation turbine fuel. Global Vectra Helicorp Ltd. is top gainer in airlines space. The stock is trading higher by nearly 6% at around Rs 177.15 per share. TAAL Enterprises Ltd was trading higher by 5% at Rs 173.6 per share. IndiGo was up by 1.96% and Jet Airways was up by 0.77% in second half of Wednesday.
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