Brent crude rose to $84.20 per barrel as US inventories fell sharply.

Global supply concerns re-emerged after OPEC+ hinted at extended cuts.

Reliance shares rose 2.2%, ONGC up 3.4%, and Oil India gained 4%.

Refining margins have improved across Asia, benefiting Indian refiners.

ONGC’s output guidance was revised upwards for FY25.

Petrol and diesel prices in India are unchanged, aiding demand.

Analysts expect upstream companies to benefit from crude stability.

Rupee depreciation also boosts revenue for oil exporters.

Rising crude, however, remains a risk for inflation-sensitive sectors.

Retail fuel price hike possible if Brent crosses $88 in August.