-buying program.Among commodities, Nymex crude trades above USD 51 per barrel.After comments by Saudi's oil minister and as Iran nuclear talks hit a bump Saudi Arabia's oil minister said he expected oil prices
Economist and former Goldman Sachs chairman Jim O'Neill, founder of the famous BRIC acronym, said there was no wow factor in the Budget though he added there appeared to be a lot of important details that needed to watched closely.
Oil marketing companies (OMCs) are under pressure. CLSA sees the Budget to be negative for refiners as every 1 percent increase in duty will pull down gross refining margins by USD 0.3 per barrel. Both HPCL and BPCL are down 1-2 percent.