Upstream oil companies-- Oil and Natural Gas Corporation (ONGC), Reliance Industries (RIL), Oil India-- stocks slipped 7.2 per cent in trade on Friday, April 4, 2025. The stocks fell after crude oil prices declined below $70 per barrel. Around 12:13 PM, ONGC shares were down 6.6 per cent, RIL shares were down 4.3 per cent and Oil India was down 6.4 per cent. In comparison BSE Sensex was down 1.02 per cent at 75,520.89. Upstream oil companies depend on the price at which crude oil is sold. If crude oil prices drop, the revenue generated from oil production decreases, which can directly impact the profitability of oil exploration and production companies. The weakness in the oil prices came after US President Donald Trump imposed 'reciprocal' tariffs' on trading partners. He also announced a 10 per cent base tariff on all countries. US' reciprocal tariffs, Trump said, aim to promote manufacturing in the US and provide Americans a level playing field against other countries that have been indulging in "years of unfair trade practices" by imposing high tariffs and other non-trade barriers on US goods, blocking the US’ access to various global markets. ALSO READ: Oil-linked stocks trade mix after crude oil prices fall below $70/barrel

RIL, ONGC, Oil India slips up to 7% as crude oil slips below $70/barrel

On April 4, 2025, upstream oil companies such as Oil and Natural Gas Corporation (ONGC), Reliance Industries (RIL), and Oil India experienced significant stock price declines. The shares of ONGC, RIL, and Oil India dropped by 7.2%, 4.3%, and 6.4%, respectively, following a sharp decline in crude oil prices below $70 per barrel. The broader BSE Sensex also declined by 1.02% to 75,520.89. The fall in oil prices was attributed to US President Donald Trump's imposition of reciprocal tariffs, aimed at promoting manufacturing in the US.