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Oil & gas stocks tumble as US oil price collapses; ONGC declines over 6%

Among oil marketing companies, Indian Oil Corporation (IOC) was down over 3 per cent at Rs 84.85

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Brent oil prices have collapsed around 60 per cent since the start of the year, while US crude futures have fallen around 130 per cent.

SI Reporter New Delhi

3 min read Last Updated : Apr 21 2020 | 10:32 AM IST

Shares of oil and gas companies slipped on Tuesday, a day after the US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.

At 09:22 am, the S&P BSE OIL & GAS index was trading over 3 per cent lower at 10,984 levels whereas the benchmark S&P BSE Sensex was down nearly 3 per cent at 30,732.60 levels.

Among individual stocks, Oil and Natural Gas Corporation (ONGC) was trading over 6

Topics : Coronavirus oil and gas Oil prices sink Markets Sensex Nifty Buzzing stocks

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