Oil India Ltd witnessed a sharp 7% decline in share prices after crude oil prices fell below the $65 mark, hitting their lowest levels since August 2021. Brent crude futures dropped by $5.52, or 7.87%, to $64.62 per barrel, while US West Texas Intermediate (WTI) crude slipped by $5.86, or 8.10%, to $61.09 per barrel.
The slump in oil prices was triggered by escalating global trade tensions. US President Donald Trump’s announcement of fresh tariffs has rattled markets, followed by retaliatory action from China, which declared a 34% tariff on all US goods starting April 10. These developments have intensified fears of a global economic slowdown, sending shockwaves across financial markets.
Adding to the pressure, the OPEC+ group announced fresh output hikes, further weighing down crude prices. With supply expected to rise and demand dampened by trade wars, oil companies like Oil India face mounting pressure on margins.
Oil India shares opened at ₹327.85, hitting a high of ₹339.00 and a low of ₹325.00 during the trading session. Notably, the stock touched its 52-week low today at ₹325.00, while its 52-week high stands at ₹767.90.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
