Oil Marketing Cos Soar Up To 5.2 Pc On Falling Crude Oil Prices

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Shares of oil marketing companies led by HPCL surged up to 5.2 per cent today on falling crude oil prices in the global markets.

The scrip of Hindustan Petroleum Corporation Ltd soared 5.19 per cent, Indian Oil Corporation 3.54 per cent and Bharat Petroleum Corporation Ltd (BPCL) 2.70 per cent on the BSE.

Globally, Brent crude was down 1.08 per cent to USD 72.65, while WTI oil fell 1.86 per cent to USD 63.85 a barrel in Asian trade today.

“Oil marketing companies were rejoicing the decline in crude oil prices,” said VK Sharma, Head Private Client Group & Capital Market Strategy, HDFC Securities.

“Crude price is gradually consolidating while investors are awaiting OPEC & Russia meeting this week, to decide on relaxation of supply cuts,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

SOURCEPTI

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