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ICICI Direct Report
Global crude oil prices were on an upward trend from November onwards in Q3 FY21.
Brent crude oil prices, on a closing basis, jumped $10.2 per barrel QoQ to $51.2 per barrel on account of a recovery in demand compared to the earlier phase of Covid-19 pandemic and OPEC+ decision to maintain oil output at lower levels.
Average crude oil prices also increased by $1.8 to$ 44.6 per barrel.
Hence, net realisations of upstream companies are expected to increase marginally QoQ.
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