For Quick Alerts
For Daily Alerts

OMC Stocks Decline Over 2% After Crude Oil Prices Surge


In Wednesday's trading session, shares of oil-marketing companies including Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) declined as the price of crude oil surged more than 1% to nearly $63/ barrel in the last session.

OMC Stocks Decline Over 2% After Crude Oil Prices Surge

Brent crude futures also increased 1.5% or 91 cents and settled at $62.42 per barrel in the last session. US WTI crude oil futures surged 1.3% or 69 cents, closing at $53.10 per barrel.

As per the Reuters report, surge in crude oil price came as a result of OPEC data that highlighted a massive cut in production in January month. Also Saudi Arabia, a leading member, said it would bring down its output by another 500,000 barrels in March.

Indian Oil fell 1.30% and was last trading at Rs. 132.75, while HPCL and BPCL cracked 2.61% and 2.58% respectively. The shares of HPCL were priced Rs. 227.5 and BPCL last quoted at Rs. 330.40 per share.

Also, the US sanctions on Iran and Venezuela are creating further pressure on the markets as per analysts.

Read more about: omc crude oil indian oil
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more