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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 276.70BSE Quote2.3 (0.83%)
    NSE 277.05NSE Quote2.8 (1.01%)
    Bharat Petroleum Corporation: Quotes, News
    BSE 383.35BSE Quote0.6 (-0.16%)
    NSE 383.90NSE Quote0.2 (0.05%)
    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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