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1-min read

Stocks of Oil Marketing Companies Jump up to 3.6% as Oil Prices Cool

Shares of Bharat Petroleum Corporation Limited jumped 3.65 %, Hindustan Petroleum Corporation Limited gained 3.64 % and Indian Oil Corporation rose 2.68 % on the BSE.

PTI

Updated:September 18, 2019, 5:52 PM IST
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Stocks of Oil Marketing Companies Jump up to 3.6% as Oil Prices Cool
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New Delhi: Shares of oil marketing companies rose by up to 3.6 per cent on Wednesday on easing crude prices.

Shares of Bharat Petroleum Corporation Limited jumped 3.65 per cent, Hindustan Petroleum Corporation Limited gained 3.64 per cent and Indian Oil Corporation rose 2.68 per cent on the BSE.

Oil markets stabilised after Saudi Arabia's energy minister said more than half of the country's daily crude oil production, that was knocked out by the drone attack over the weekend, has been recovered. Brent crude futures fell 0.95 per cent to USD 63.94 per barrel in intra-day.

Shares of oil marketing firms had cracked up to 7 per cent on Monday following huge spike in crude prices.

Oil prices surged the most on record on Monday, with Brent crude rising by as much as 19.5 per cent to USD 71.95 per barrel, the biggest gain in dollar terms since futures started trading in 1988.

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