Oil company share prices tumbled in line with fall in oil rates as Saudi Arabia went on to slash its October selling prices as well. Shares in oil marketing companies including the likes of BPCL, HPCL and IOC shed as much as 2% during intra-day trade.
OMCs, Oil Exploration Companies Down, Paint Stocks Up As Oil Prices Decline Below $40/Bl
Shares of oil & gas, paints, aviation, and tyre companies were trading actively on the BSE on Wednesday as the crude oil prices tumbled after Saudi Arabia cut its October selling prices and Covid-19 cases rebounded in many countries. The rebound in Covid-19 cases could weaken the global economic recovery and sap fuel demand.
Oil exploration companies GAIL and ONGC also were dragged in line. Paint companies however gained in trade today as for these companies crude oil is the main raw material.
Oil futures fell sharply on Tuesday, with Brent tumbling below $40 per barrel for the first time since June. The prices extended their fall on Wednesday.
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