Oil Marketing Company Stocks Gain As Crude Oil Slumps

Business

oi-Sunil

By Sunil Fernandes

| Updated: Tuesday, March 24, 2015, 13:07 [IST]

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.

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