OMC shares gain up to 6% on lower crude oil prices; should you buy or hold?

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OMC shares gain up to 6% on lower crude oil prices; should you buy or hold? - Business Standard

Quick Summary:

While Motilal Oswal Financial Services think the rally in OMC stocks is now entering the last phase, the brokerage firm still see a few positive catalysts.

The group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to another big output hike for June on Saturday, taking the total it plans to release in April, May and June to nearly 1 million bpd.

OPEC+ plans to further accelerate oil output hikes and could unwind its 2.2 million barrels per day of voluntary cuts by the end of October if members do not improve compliance with their production quotas, Reuters reported quoting four sources from the group.