Oil Market Correction Ignites Surge in Stocks

Shares of oil refineries and marketing firms spiked as global crude prices saw a sharp drop on Monday. Brent crude fell to USD 59.05, boosting refining margins and positively impacting stocks in aviation and paints sectors. This resulted in Indian indices gaining significant ground.

Shares in oil refineries and marketing firms soared on Monday following a significant downturn in global crude oil prices.

The decline saw Brent crude, the global oil benchmark, fall 1.45 percent to USD 60.40 a barrel, with morning trade figures showing a further dip to USD 59.05 a barrel. This created a buying frenzy, boosting stocks in the oil and gas sector.

This trend was mirrored in aviation and paints industries, as falling crude prices improved refining margins and profitability, signaling positive momentum in the market overall.

(With inputs from agencies.)