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 227.40BSE Quote2.7 (1.19%)
    NSE 227.30NSE Quote2.15 (0.95%)
    Bharat Petroleum Corporation: Quotes, News
    BSE 343.85BSE Quote9 (2.62%)
    NSE 345.30NSE Quote10.4 (3.01%)
    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.

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    Read more about: hpcl bpcl crude oil
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