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

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    Oil marketing stocks rally after Crude prices hit 14-month low
    Hindustan Petroleum Corporation: Quotes, News
    BSE 220.35BSE Quote6.2 (-2.81%)
    NSE 220.10NSE Quote6.6 (-3.00%)
    Bharat Petroleum Corporation: Quotes, News
    BSE 326.00BSE Quote4.25 (-1.30%)
    NSE 326.75NSE Quote3.5 (-1.07%)
    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.


    Read more about: hpcl bpcl
    Story first published: Tuesday, August 19, 2014, 10:44 [IST]
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