Crude oil is headed for its strongest weekly gain in four months. WTI September futures was hovering around $48.12 a barrel at the NYMEX and Brent for October was ruling at $50.69 at the ICE Futures Europe exchange.
Both are heading for gains of over 8 per cent this week. The sharp rise could keep OMCs (HPCL, BPCL and IOC), upstream firms (Reliance, ONGC and Cairn India) in focus. Analysts will keep a tab on the broad market (Nifty and Sensex) as well.