Tariff on Russian Oil: RIL, HPCL, BPCL, IOC can dip up to 18%, say charts

The Nifty Oil & Gas index is seen testing the 200-DMA support on charts; break below the same could weigh on the sentiment at Reliance, ONGC and Oil marketing companies counters.

Shares of oil-related companies were in focus on Thursday amid reports of likely US sanctions on Russian oil. The US Secretary of State Marco Rubio had indicated there would be potential sanctions against Russia over its war in Ukraine this week.  Crude Oil prices were trading at five-week lows as markets awaited the US sanctions decision on Russia. That apart, tariffs on India and Opec+ supply plans also weigh on the sentiment.  The US has imposed an additional 25 per cent (total 50 per cent) tariff on Indian goods, in its bid to deter India from