OMCs gain as crude oil prices extend fall; HPCL, BPCL advance 1%

Upstream companies like ONGC and Oil India slipped up to 2 per cent on the BSE

Shares of oil marketing companies (OMCs) were trading firm, while oil exploration companies quoted weak on the BSE on Tuesday after oil prices slumped again overnight on concerns over scarce storage capacity and global economic doldrums from the coronavirus pandemic.

At 09:19 am, Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) were up 1 per cent each, while upstream companies like Oil and Natural Gas Corporation (ONGC) and OIL India slipped up to 2 per cent on the BSE. The S&P BSE Oil & Gas index was almost flat, as compared to 1 per