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HPCL, BPCL, IOC rally up to 5% as oil stares at biggest weekly loss in 2019

Oil prices recouped more than 1% on Friday but were on track for their biggest weekly loss this year after swelling inventories and jitters over an economic slowdown led to big falls earlier in the week.

May 24, 2019 / 01:07 PM IST
 
 
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The Indian benchmark indices have extended the morning gains with Nifty jumping 134 points, trading at 11,791 while the Sensex added 442 points and is trading at 39,253 mark.

Oil prices recouped more than 1 percent on May 24 but were on track for their biggest weekly loss this year after swelling inventories and jitters over an economic slowdown led to big falls earlier in the week.

Brent crude futures were at $68.65 per barrel at 0534 GMT, up 89 cents, or 1.3 percent, from their last close, with prices underpinned by OPEC supply cuts and Middle East tensions.

Crude futures are on track for their biggest weekly losses this year, with Brent set for a decline of more than 5 percent.

The Energy Index is trading in the green with state-owned oil marketing companies rallying as much as 5 percent. The share price of Hindustan Petroleum Corporation jumped 5 percent intraday on May 24, while Bharat Petroleum Corporation and Indian Oil Corporation gained 1.5 percent each.

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From the S&P BSE Energy index, Asian Oil jumped over 5 percent followed by HPCL, DEEP Industries and Petronet LNG.

At 12:32 hrs Hindustan Petroleum Corporation was quoting at Rs 303.35, up Rs 13.90, or 4.80 percent. It has touched an intraday high of Rs 307.55 and an intraday low of Rs 298.

Bharat Petroleum Corporation was quoting at Rs 391.60, up Rs 6.90, or 1.79 percent. It has touched an intraday high of Rs 398.70 and an intraday low of Rs 386.65.
Sandip Das
first published: May 24, 2019 01:07 pm

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