OMCs extend losses as crude oil soars on escalating Syria tensions

Share of oil marketing companies (OMCs) — Hindustan Petroleum (HPC), Bharat Petroleum (BPC) and Indian Oil Corporation (IOC) — extended losses, falling  by six to eight per cent on Wednesday on concerns of a military escalation in Syria.

HPCL, BPCL and IOC were down over 2.5% each on the BSE. On comparison, the S&P BSE Sensex was up 0.20% at 34,000 points at 12:35 PM.

Threat of imminent US military action in Syria rattled investors and sent oil prices to their highest levels since late 2014 on concerns about potential disruptions to supply and distribution.

Trump declared that missiles “will be coming” in