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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 297.95BSE Quote2.45 (0.82%)
NSE 298.00NSE Quote2.6 (0.87%)
Bharat Petroleum Corporation: Quotes, News
BSE 470.55BSE Quote4.35 (0.92%)
NSE 470.05NSE Quote3.95 (0.84%)
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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