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Oil Marketing Company Stocks Gain As Crude Oil Slumps

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Shares in oil marketing companies rallied after crude oil prices slumped. An upgrade on stocks like HPCL and BPCL by a leading foreign broking firm, also pushed these stocks higher.

Oil Marketing Company Stocks Gain As Crude Oil Slumps
Hindustan Petroleum Corporation: Quotes, News
BSE 244.60BSE Quote0.2 (-0.08%)
NSE 244.75NSE Quote0.15 (-0.06%)
Bharat Petroleum Corporation: Quotes, News
BSE 438.80BSE Quote3.5 (0.80%)
NSE 438.70NSE Quote3.45 (0.79%)
BPCL was trading with gains of 3 per cent, while HPCL was trading with gains of 2 per cent. Crude oil prices slumped in trade after worries over Chinese consumption. Extremely high production in Saudi Arabia also kept a lid on prices.
 

Brent Crude was trading at $55 a barrel on record Saudi output.

Poor data from China also saw selling pressure in crude oil.

GoodReturns.in

Read more about: hpcl bpcl crude oil
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