Oil marketing companies gain on drop in crude oil price, BPCL hits new high
Shares of oil marketing companies (OMCs) were trading higher in an otherwise weak market on Thursday owing to fall in crude oil prices and on expectations of government’s plans to privatize Bharat Petroleum Corporation (BPCL).
On the BSE, BPCL rallied 5 per cent intra-day to trade at Rs 517, while Hindustan Petroleum Corporation (HPCL), too, surged 5 per cent to Rs 325 to trade close to its 52-week high of Rs 333, touched on June 3, 2019 in the intra-day deal. Similarly, Indian Oil Corporation (IOC) was up 3 per cent at Rs 153. In comparison, the S&P BSE Sensex was down 0.43 per cent at 38,141 points at 11:40 am.
Oil prices fell more than 2 per cent on Wednesday after official data showed a rise in US crude inventories.
