Oil Marketing Company Shares Gain On Crude Oil Slump

Shares in government owned oil marketing companies gained ground today, following a drop in crude oil prices.

Bharat Petroleum Corp, Hindustan Petroleum Corp and Indian Oil Corp moved higher, after oil prices dropped on easing Iran-U.S. tensions.

Brent crude declined by nearly 4.2 percent to close at $65 per barrel on Wednesday.

Indian Oil advanced 3 percent to Rs 125.50 apiece. BPCL advanced 3 percent, while HPCL was up 2 per cent.

Shares in oil exploration companies, however, dropped as crude oil lost ground. A drop in crude oil reduces margins for oil and exploration companies like ONGC.