Public sector oil marketing companies (OMCs) were trading higher as global crude oil prices declined.
Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 647.85, up by 9.15 points or 1.43% from its previous closing of Rs. 638.70 on the BSE. The scrip opened at Rs. 630.80 and has touched a high and low of Rs. 652.80 and Rs. 629.65 respectively. So far 170368 shares were traded on the counter.
Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 550.85, up by 9.50 points or 1.75 % from its previous closing of Rs. 541.35 on the BSE. The scrip opened at Rs. 539.00 and has touched a high and low of Rs. 565.00 and Rs. 539.00 respectively. So far 233508 shares were traded on the counter.
Crude oil futures were unable to get any respite on Monday and plummeted further on oversupply concerns and worries over global demand. There were signs that OPEC is in no hurry to cut oil production even as oil prices continue to plunge new lows every day. UAE energy ministers Suhail Al-Mazrouei said OPEC should wait another few months before even discussing an unscheduled meeting. Now traders are eyeing outcome of the US Federal Reserve's monetary policy decision, due on Wednesday to take further cues.
Benchmark crude oil futures for January delivery lost $1.90 or 3.3 percent to close at $55.91 a barrel after trading in a range of $58.73 and $55.78 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for January delivery were down 1.18 percent at $61.42 a barrel on the ICE.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1363.85 |
| Indian Oil Corp. | 147.70 |
| BPCL | 318.80 |
| HPCL | 382.70 |
| MRPL | 185.45 |
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