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 286.95BSE Quote25.15 (-8.76%)
NSE 287.00NSE Quote24.85 (-8.66%)
Bharat Petroleum Corporation: Quotes, News
BSE 373.45BSE Quote23.85 (-6.39%)
NSE 373.95NSE Quote23.65 (-6.32%)
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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