OMCs Trade Lower After Oil Rises To Near 6-Month High

Oil Marketing Companies in intra-day trade on Monday were under pressure after crude hit a near 6-month high after a news report suggested that the US President Donald Trump is expected to solicit all importers of oil from Iran to terminate their purchases from the country or be ready to face sanctions.

Brent futures surged to a 5-month high after the Washington Post said US Secretary of State Mike Pompeo will announce "that as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate."

Hindustan Petroleum Corporation was down 5.16% at Rs 252.85 per share, followed by Indian Oil Corporation (IOC) which was down 3.17% and was trading at Rs 151 apiece. BPCL also traded lower by almost 5% at Rs. 344.30.

Meanwhile, Sensex also traded lower by 0.76% or 260.82 at 38879.46 and Nifty was dragged lower to 11662.50 with loss of 90.3 points (-0.77%)

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