Oil-related stocks in focus as crude oil prices tumble; ONGC declines 4%

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.

At 09:39 AM, the S&P BSE Oil & Gas index was trading over 1 per cent lower at 12,728 levels. Oil marketing companies (OMCs) such as Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and Indian Oil Corporation (IOC) declined up to 2 per cent during the trade. Oil exploration and distribution firm Oil and Natural Gas Corporation (ONGC) was trading 4 per cent lower at Rs 71.50 levels. GAIL India, too, was trading around 3 per cent lower at Rs 91.75.