 "Oil marketing companies gain as crude prices fall")
Shares of all three listed state-owned oil marketing companies – Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) are trading higher between 4-5% on BSE after Brent crude fell $5.17 to $72.58 a barrel on Thursday.
“Brent oil fell more than $6 to $71.25 a barrel, its weakest since July 2010, after OPEC ministers meeting in Vienna left the group's output ceiling unchanged despite huge global oversupply, marking a major shift away from its long-standing policy of defending prices”, the Reuters report suggests.
Brent has lost more than 37% since June as increasing production in North America from shale oil has overwhelmed demand at a time of sluggish global economic growth, added report.
The lower crude oil prices will help reduce oil marketing companies' under-recoveries.
Among the individual stocks, HPCL has rallied 5.3% to Rs 577 on BSE. BPCL up 4.4% to Rs 752, while IOC up 3.7% at Rs 362 at 0941 hours.
“Brent oil fell more than $6 to $71.25 a barrel, its weakest since July 2010, after OPEC ministers meeting in Vienna left the group's output ceiling unchanged despite huge global oversupply, marking a major shift away from its long-standing policy of defending prices”, the Reuters report suggests.
Brent has lost more than 37% since June as increasing production in North America from shale oil has overwhelmed demand at a time of sluggish global economic growth, added report.
The lower crude oil prices will help reduce oil marketing companies' under-recoveries.
Among the individual stocks, HPCL has rallied 5.3% to Rs 577 on BSE. BPCL up 4.4% to Rs 752, while IOC up 3.7% at Rs 362 at 0941 hours.