Brent crude rose above $ 118 a barrel. This is the highest price since 2013. During their talks, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, decided to maintain an increase of 400,000 barrels per day in crude oil production, despite the crisis in Ukraine.
Eurozone inflation hit a new record high of 5.8 percent in February, mainly on the back of rising energy prices, the European Union's official statistics agency Eurostat said on Wednesday.
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Shares of companies dependent on crude oil are all on the verge of collapse as petrol and diesel prices are likely to hike in India after next week's state elections.
The auto sector, which is directly affected by oil prices, fell by 5 per cent in two days.
Industries like plastics, resins, fertilizers, and FMCGs which uses petrochemicals as raw materials will be the first to be affected.
Shares of Asian Paints, Indigo Paints, Kansai Nerolac Paints and Burger Paints, fell on rising crude oil prices. The paint industry uses crude oil derivatives such as monomers and titanium dioxide as raw materials.
The impact could be felt in the aviation, chemicals, plastics, cement and automobile sectors, as the raw material prices of these companies may soar on rising oil prices.
On the other hand, the rise in crude oil prices has led to a sharp rise in the shares of oil trading companies such as Oil India, ONGC, HPCL, GAIL and BPCL.
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