New Delhi, March 7 -- Following the recent decline in crude oil prices to below USD 70 per barrel, JM Financial Institutional Securities expects Brent to stabilise around these levels. Amid this backdrop, the brokerage firm prefers upstream oil companies like ONGC and Oil India over oil marketing companies (OMCs), maintaining a cautious stance on the latter despite improved valuations.

Brent crude fell below USD 70 per barrel after declining over 6 percent in the last four trading sessions. This pressure on oil prices comes after OPEC+ announced plans to gradually increase oil production by 138,000 barrels per day starting in April. JM Financial highlighted that a crucial determinant of oil prices remains the policy stance of the US gove...