Oil stocks shall gain focus in today's trade on September 13, 2021. Oil prices extended gains on Monday to scale to one-week high as concerns around US supplies following destruction due to Ida hurricane lent support to the market. Also there are anticipations of higher demand for the commodity.
Brent crude gained 0.7% or 48 cents and reached $73.4 per barrel, while US West Texas Intermediate (WTI) crude also gained by a similar quantum to $70.21 per barrel.
About 75% of the of the US Gulf's offshore oil production, or about 1.4 million barrels per day, has been on a halt since end of August. This is in fact the quantity what OPEC member Nigeria produces.
Likewise, oil stocks including ONGC, Oil India and Hindustan Oil Exploration among others will be in focus. In the pre-opening trade, oil stocks traded with minor gains of up to 0.5%.