Focus on energy stockpile as OMCs scout for new sources

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At the time of writing, the April contract of Brent crude on the Intercontinental Exchange (ICE) was trading at $82.90 per barrel, higher by 6.91% from its previous close.Similarly, the April contract of West Texas Intermediate (WTI) on the NYMEX rose 6.46% to $75.83 a barrel. The surge carries significance for India, a net importer. An increase of $1 per barrel of oil for an entire year boosts its import bill by around Rs 16,000 crore.

While China and India, Asia's top energy consumers, source around half of their crude imports from West Asia, India has relatively less oil in storage, an energy analyst told Reuters.