Watch sustainability champions reveal key solutions, innovations accelerating India's SDGs at ‘The Sustainability 100+ Dialogues 2021’-Haryana Roundtable on March 5 at 12pm

HPCL, BPCL, IOC fall up to 8% after Brent crude oil hits 4-year high

HPCL was the biggest loser among Nifty50 stocks, falling up to 7 percent followed by BPCL and IOC with 5 percent losses.

April 11, 2018 / 04:51 PM IST
CRUDE-OIL

CRUDE-OIL

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Share prices of oil retailers slipped up to 8 percent but exploration companies gained up to 1.6 percent after Brent crude hit four-year high.

HPCL was the biggest loser among Nifty50 stocks, falling up to 7.6 percent followed by BPCL (down 7.42 percent) and IOC (down 6.4 percent).

However, state-owned oil & gas exploration companies ONGC (up 0.89 percent) and Oil India (1.6 percent) were on buyers' radar.

Overall higher crude oil prices are negative for the country like India that imports more than 80 percent of its oil requirement.

Higher crude oil prices already pushed 10-year government bond yields by 10 basis points to 7.48 percent and dragged rupee by 15 paise to 65.15 against the US dollar.

Close

Image31142018

Oil prices cooled off after hitting highest levels since 2014 as markets eyed an escalation of Middle East tensions after Europe's air traffic control agency warned of possible air strikes on Syria in the next 72 hours.

Brent crude futures were trading at USD 70.77 per barrel, down 0.38 percent from their last close. Brent surged more than 3 percent on Tuesday to hit its highest level since late 2014, at USD 71.34 a barrel.

US WTI crude futures were at USD 65.36 a barrel, down 0.23 percent from their last settlement.
Moneycontrol News
first published: Apr 11, 2018 10:13 am

stay updated

Get Daily News on your Browser
Sections