Benchmark Brent crude futures hit $100 a barrel on Wednesday for the first time since 2014 as Russian President Vladimir Putin ordered military operations in Ukraine
BPCL, HPCL, Indian Oil, Gujarat Gas, Petronet LNG, Indraprastha Gas and Mahanagar Gas are trading 2 per cent to 6 per cent lower on the BSE.
Average natural gas prices in January and February highest in the last nine years
Brent-indexed crude oil prices traded at $94-$95 per barrel, which is at its multi-year high
Brent crude rose 11 cents, or 0.01%, to $96.95 a barrel at 0730 GMT, after soaring as high as $99.50 on Tuesday, the highest since September 2014
Brent crude, the global benchmark, was up $3.48, or 3.7%, at $98.87 at 0900 GMT, having earlier reached $99.38, the highest since September 2014
Brent crude slipped to $93.14 a barrel at 0730 GMT, down 40 cents or 0.4%, after earlier touching $95
Cost headwinds come amid improved Q3 showing, rising yields
Brent crude futures fell $1.83, or 1.9%, to $91.14 a barrel by 1425 GMT, extending a 1.9% drop from the previous session
It also shows that the rally in futures prices - they passed $96 at one point on Wednesday - is in part being driven by what's happening in the real world
Oil prices climbed towards their highest levels in more than seven years on Monday on fears that a possible invasion of Ukraine by Russia could trigger sanctions (on the latter) from US and Europe
U.S. West Texas Intermediate (WTI) crude dropped $1.10, or 1.17%, to $92.77 a barrel, after hovering near a session-high of $94.94, the loftiest since September 2014
Brent crude was down 23 cents, or 0.25 percent, at $93.04 by 9.45 isT, having earlier touched its highest since October 2014 at $96
If the oil prices rise up to $105 - $110 per barrel, a 10 per cent fall in the Sensex and Nifty is possible, say analysts
The head of NATO said on Sunday that Europe needed to diversify its energy supplies as Britain warned it was 'highly likely' that Russia was looking to invade Ukraine
The standoff over Ukraine remains a thorn in the market's side, with concerns a Russian invasion would also cut vital gas supplies to western Europe
This year, prices have gained about 15% amid geopolitical tensions between Russia, the world's second-largest oil producer and a key natural gas provider to Europe, and the West over Ukraine
Though analysts believe diplomatic efforts will continue leading to a stabilisation and an eventual easing of these tensions, it may take several months for this to happen
The two major OMCs were exhibiting a mixed trend on the charts, with HPCL reflecting positivity, while BPCL struggling to hold ground.
Wider markets also rallied on Wednesday, as this week's sell-off started to ease.