As Brent crude price trades below $70 per barrel, analysts are backing aviation and tyre stocks and are cautious about paints and oil marketing companies (OMCS). "Oil prices are down over 20 per cent from their recent peak and bode well for sectors that use oil and its derivatives as their raw material. Among the lot, however, aviation and tyre stocks may benefit the most as the sectors may enjoy robust demand coupled with falling input costs," said G Chokkalingam, founder and head of research at Equinomics Research.
Brent crude is trading below $70 per barrel, its lowest level since December 2021. From its peak of $91 on April 5, Brent oil price has tumbled 23.6 per cent till September 10 after the Organization of the Petroleum Exporting Countries (Opec) revised down its demand forecast for this calendar year and 2025.
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