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Multiple positive news coming on the oil front is helping market sentiment, says HPCL

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MK Surana, CMD, Hindustan Petroleum Corporation Ltd (HPCL) said that     there are some positive news which is helping the sentiments in the market being very hawkish.

MK Surana, CMD, Hindustan Petroleum Corporation Ltd (HPCL) said that     there are some positive news which is helping the sentiments in the market being very hawkish.
“The alternatives are always available, there is a wide basket of crude which is available but definitely Iran has been a supplier to us and there is an economic supply. So having those additional barrels in the supply basket is definitely helpful and it gives a wider variety to choose also. This situation is still developing and there are discussions which are going on and it will be crystallised in the near time. While the market is already factoring in certain restrictions, at the same time any positive news on that will be helpful further,” he added.
“It is very difficult to predict the oil market and everybody attempted to do that has not been successful. But my sense is that the news items which are coming in, to some extent, it takes away the pressure from the market which was in favour of bull’s market to take it up,” said Surana.
Speaking about oil prices, he further mentioned that, “I will try to see a lower than what I would have seen a month back."
He also said that Iran has been a supplier to India and additional supply is definitely helpful.