Shares of three public sector oil marketing companies rose by 0.22% to 0.92% at 10:15 IST on BSE as global crude oil prices extended losses.
Meanwhile, the BSE Sensex was up 13.93 points, or 0.05, to 27,001.39.
Among PSU OMCs, BPCL (up 0.92%), Indian Oil Corporation (up 0.22%) and HPCL (up 0.38%) edged higher.
Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Brent crude futures continued to drop after declining overnight amid continuing concerns about a global supply glut. Brent for February settlement was off 15 cents a barrel at $50.95 a barrel. The contract had lost $2.01 a barrel to settle at $51.10 a barrel yesterday, 6 January 2015, slumping for a fourth straight session to five-and-a-half year lows as mounting worries about a supply glut pressured crude prices.
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