BPCL, HPCL, IOC appear bullish on the charts despite a surge in oil prices

Nifty Energy Index has been consolidating in the range of 14,730 - 13,750 since August. The formation seems like triple-bottom and a breakout would mean can take the index to 15,000 mark

Brent oil prices rallied on Monday, surging past the $70 a barrel mark after the largest-ever disruption of crude production in Saudi Arabia amid drone attacks on its key facilities. The disruption, analysts say, may keep oil prices elevated in the near term. 

 

"Global oil supplies may be adequately met through large inventories and strategic reserves; however, moderation in oil prices will depend on full restoration of Saudi’s production, which may at least take a few weeks. Any further escalation of geopolitical tensions