 "OMCs gain as Brent falls to 27-month low")
Shares of state owned oil marketing companies such as HPCL, BPCL and IOC are trading higher by up to 6% in otherwise subdued market on expectations that softening in Brent crude prices will help improve financials.
Shares of Hindustan Petroleum Corporation (HPCL) gained nearly 6% to Rs 513, also its 52-week high during intra-day trade on National Stock Exchange. At 1245 hours, the stock trading 4.3% higher at Rs 506.
Indian Oil Corporation (IOC) too trading higher by 3.5% to Rs 370 after hitting high of Rs 374 during intra-day trade, while Bharat Petroleum Corporation (BPCL) up 3% to Rs 669 on NSE.
The refiners' losses from selling diesel, LPG and kerosene at regulated prices may have been reduced or even eliminated by decline in Brent crude prices this year.
“Brent crude futures fell below $91 a barrel on Wednesday to their lowest since June 2012, holding to a months-long tumble in prices as lower economic growth forecasts raised new concerns about global oil demand amid rising U.S. inventory levels,” the Reuters report suggests.
Shares of Hindustan Petroleum Corporation (HPCL) gained nearly 6% to Rs 513, also its 52-week high during intra-day trade on National Stock Exchange. At 1245 hours, the stock trading 4.3% higher at Rs 506.
Indian Oil Corporation (IOC) too trading higher by 3.5% to Rs 370 after hitting high of Rs 374 during intra-day trade, while Bharat Petroleum Corporation (BPCL) up 3% to Rs 669 on NSE.
The refiners' losses from selling diesel, LPG and kerosene at regulated prices may have been reduced or even eliminated by decline in Brent crude prices this year.
“Brent crude futures fell below $91 a barrel on Wednesday to their lowest since June 2012, holding to a months-long tumble in prices as lower economic growth forecasts raised new concerns about global oil demand amid rising U.S. inventory levels,” the Reuters report suggests.