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

By Sunil Fernandes
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
    Oil marketing stocks rally after Crude prices hit 14-month low
    Hindustan Petroleum Corporation: Quotes, News
    BSE 257.55BSE Quote5.75 (2.23%)
    NSE 258.00NSE Quote6.65 (2.58%)
    Bharat Petroleum Corporation: Quotes, News
    BSE 375.10BSE Quote10 (2.67%)
    NSE 376.50NSE Quote11.45 (3.04%)
    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.

    GoodReturns.in

    Read more about: hpcl bpcl
    Story first published: Tuesday, August 19, 2014, 10:44 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more