Moneycontrol
Last Updated : Oct 11, 2018 03:10 PM IST | Source: Moneycontrol.com

HPCL, BPCL, IOC shares rally 7-19% on sharp fall in crude oil prices

Crude oil is the raw material for oil marketing companies. So any fall or rise in oil prices is always have direct impact on their earnings and stock prices.

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Fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation shares were among biggest gainers on the Nifty50 after sharp decline in crude oil prices on Thursday.

HPCL rallied 19 percent on top of 5.6 percent upside in previous session, BPCL gained 7.4 percent (3 percent in previous session and IOC was up 8 percent (1.55 percent).

Crude oil is the raw material for oil marketing companies. So any fall or rise in oil prices is always have direct impact on their earnings and stock prices.

Oil prices traded around $86 a barrel few days back on supply concerns ahead of US' sanctions on Iranian oil effective from November, which fell to around $81 a barrel now.

Oil prices fell to two-week lows as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing US crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Brent crude futures were down 1.94 percent, at $81.48 a barrel by 15:07 hours IST. They closed 2.2 percent lower on Wednesday.

US West Texas Intermediate (WTI) crude futures were down by 1.89 percent, at $71.79, having also fallen to their lowest since September 28. They dropped 2.4 percent in the previous session. (With inputs from agencies)

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First Published on Oct 11, 2018 03:10 pm
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