HPCL, BPCL, Indian Oil shares rebound up to 6% from day's low as Brent crude tumbles to 4-year low

The shares of crude-sensitive companies strongly recovered from their respective day's lows, after Brent crude oil price dropped nearly 4 percent to hover around $63 per barrel, its lowest level since April 2021. This, despite the overall bearish trend in the market, with benchmark indices Sensex and Nifty being down nearly 4 percent each.

Global uncertainties erupted after US President Donald Trump announced a slew of reciprocal tariffs on a number of nations, triggering trade wars and recession fears. Goldman Sachs has cut its annual average price forecast for Brent crude to $58 per barrel in 2026, citing increased recession risks and possibility of higher-than-expected OPEC+ supply.

"Oil prices would likely exceed our forecast if the US administration were to reverse tariffs sharply and deliver a reassuring message to markets, consumers, and businesses," the international brokerage said.

The fall in Brent crude is expected to benefit oil marketing companies like Hindustan Petroleum  Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC), as the decline in crude prices would lower their input costs. Hindustan Petroleum bucked the overall market trend to trade in the green with strong gains. The shares of the company were trading nearly 2 percent higher at Rs 365 apiece. The stock has now recovered nearly 6 percent from its day’s low.