News: Oil prices fell more than 4.5% to US$88.5/bbl on Wednesday, lowest since Russia invaded Ukraine, on demand fears stoked by looming recession risks and downbeat Chinese trade data.
View: Falling crude oil prices will hurt upstream companies like ONGC as their net realisation will decline whereas marketing margins for OMCs such as IOCL, HPCL, BPCL are likely to improve. GRMs continue to remain range bound at US$8-12/bbl.
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