Shares of HPCL, BPCL and Indian Oil rise as Brent crude hits 4-year low Shares of oil marketing companies (OMCs) rose on Thursday after brent crude prices, the world benchmark for oil, touched $76.28 a barrel, the lowest since September 2010. Oil prices fell to four-year lows as it appeared unlikely that oil producers would agree to cut output to support prices at a meeting this week, and as increasing Chinese and US stocks boosted available supplies, Reuters reported. Brent futures dropped over $1 in Asian morning trading on Thursday to a low of $76.28 a barrel, their lowest level since September 2010, and US crude was also down over $1 to a session-low of $72.61 a barrel, the report added. Shares of Hindustan Petroleum Corp. Ltd (HPCL) rose 3.25% to Rs.547.85, Bharat Petroleum Corp. Ltd (BPCL) rose 1.80% to Rs.720.05 and Indian Oil Corp. Ltd (IOC) rose 1.79% to Rs.349.25. However, Oil and Natural Gas Corp. Ltd (ONGC) fell 0.91% to Rs.382.20 after Mint reported that the fall in global crude oil prices threatens to erode the benefits of higher domestic gas price for ONGC. Every one dollar-per-barrel drop in crude price trims ONGC’s annual net revenue by roughly Rs.800 crore and net profit by Rs.450-475 crore, the report said. #BOURSEINDIA #Gold #MCX #Commodity #Stock #USD #INR bourseindia ✆ 0731-6066071 bourseindia/free-trial/
Posted on: Thu, 27 Nov 2014 12:55:14 +0000
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