OMCs erase morning losses partially; HPCL rebounds 5% from day's low

HPCL, BPCL and IOC were down between 3% and 5% on the BSE in early morning trade, but recouped losses partially as trade progressed

Shares of oil marketing companies (OMCs)  bounced back by up to 5% from their intra-day lows.

Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) lost between 3% and 5% in early morning trade, as crude oil prices hovered near 3 1/2-year highs on Wednesday. Chennai Petroleum Corporation (CPCL) and Mangalore Refinery & Petroleum were down 1% to 3% on the BSE.

U.S. West Texas Intermediate (WTI) crude futures traded at $70.24 per barrel, up 1.7% and near Monday's high of $70.84, which was its highest level since November 2014 after U.S. President