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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.
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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