TODAY IN OIL MARKET
Oil marketing companies (OMCs) generally get hurt on higher crude oil prices as it affects their corporate earnings. The same is although positive for export-oriented sectors such as IT and pharma, as a rise in crude will put pressure on the currency as well, and it will appreciate the US dollar.
Since an increase in oil price will also impact energy products like coal, natural gas, this will be negative for almost all manufacturing companies including cement companies, which consumes a large amount of energy.