Shares of three state-run oil marketing companies rose by 3.93% to 4.55% at 9:37 IST on BSE after crude oil futures finished sharply lower Wednesday, 11 July 2018.
HPCL (up 4.55%), Indian Oil Corporation (up 3.96%) and BPCL (up 3.93%), edged higher.The S&P BSE Sensex was up 248.61 points, or 0.69% at 36,514.54.
Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Oil prices fell sharply on Wednesday on news that Libya was suddenly set to restore hundreds of thousands of barrels per day, and the US struck a softer line on Iran sanctions.
In the global commodities markets, Brent for September 2018 settlement was up $1.25 at $74.65 a barrel. The contract had fallen $5.46 a barrel or 6.92% to settle at $73.40 a barrel during the previous trading session.
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