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    Oil Marketing Companies Share Spurt On Iran Deal

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    Shares in oil marketing companies rallied sharply on hopes that a Iran nuclear deal would keep crdude prices low for long.

    Oil Marketing Companies Share Spurt On Iran Deal
    Hindustan Petroleum Corporation: Quotes, News
    BSE 274.40BSE Quote6.3 (2.30%)
    NSE 274.25NSE Quote5.9 (2.15%)
    Bharat Petroleum Corporation: Quotes, News
    BSE 383.95BSE Quote4.3 (1.12%)
    NSE 383.70NSE Quote4.75 (1.24%)
    Lower crude prices is beneficial for oil marketing companies like Bharat Petroleum Corporation, Hindustan Petroleum and Indian Oil Corporation.
     

    All of these shares were up between one and two per cent on the exchanges today. Earlier these week select world powers signed an agreement with Iran over its nuclear deal in exchange for lifting sanctions on Iran.

    The lifting of these sanctions will allow Iran to sell crude oil, which will add to more crude in the international markets thus pushing crude prices even lower.

    GoodReturns.in

    Read more about: crude oil omcs bpcl hpcl indian oil
    Story first published: Thursday, July 16, 2015, 10:41 [IST]
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