Oil marketing stocks rally after Crude prices hit 14-month low

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, August 19, 2014, 10:44 [IST]

Shares in oil marketing companies like HPCL and BPCL rallied after crude oil prices dropped to a 14-month low.

Shares in HPCL was up 2 per cent, while BPCL rose 3 per cent and IOC also rose 2 per cent. Easing tensions between Ukraine and Russia pushed oil prices lower, reports that Iraqi and Kurdish forces made gains against Islamic insurgents, helped cool-off crude oil prices which had rallied following worries over Islamic insurgency in Iraq.

Meanwhile, Reuters reported that Oil retailers will suffer no losses on diesel after a hike in prices in September, according to a report by Goldman Sachs.

That would mean diesel prices charged by retailers could be market-priced by September, the investment bank added.

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