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Oil Marketing Companies Share Spurt On Iran Deal


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 244.80BSE Quote0.9 (-0.37%)
NSE 244.70NSE Quote0.8 (-0.33%)
Bharat Petroleum Corporation: Quotes, News
BSE 346.40BSE Quote4.95 (-1.43%)
NSE 347.00NSE Quote4.2 (-1.21%)
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.

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