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PSU OMCs trade with grip as crude oil prices tumble

21 Jun 2012 Evaluate

PSU oil marketing companies (OMCs) are trading with traction on the BSE as international crude oil prices fell sharply on Wednesday after Fed went for just extending its asset purchase program beyond June.

Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 333.00, up by 10.85 points or 3.37% from its previous closing of Rs. 322.15 on the BSE. The scrip opened at Rs. 324.00 and has touched a high and low of Rs. 334.00 and Rs. 323.85 respectively. So far 115541 shares were traded on the counter.

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 769.10, up by 10.50 points or 1.38% from its previous closing of Rs. 758.60 on the BSE. The scrip opened at Rs. 762.00 and has touched a high and low of Rs. 774.60 and Rs. 762.00 respectively. So far 25753 shares were traded on the counter.

Indian Oil Corporation (IOC) is currently trading at Rs. 259.95, up by 5.55 points or 2.18% from its previous closing of Rs. 254.40 on the BSE. The scrip opened at Rs. 256.00 and has touched a high and low of Rs. 260.40 and Rs. 254.85 respectively. So far 41573 shares were traded on the counter.

Crude prices fell on Wednesday as Fed went for just extending its asset purchase program beyond June while government’s weekly inventory data showed a surprise build in domestic crude stocks, rising to their highest level since 1990 and as worries about the euro zone persisted.

The US Energy Information Administration said commercial oil inventories rose 2.9 million barrels to 387.3 million barrels last week. The oil inventories have been elevated for months due to a combination of a weak economic recovery and rising production. Benchmark crude for July, which expired at the close, was down by $2.23, or 2.7%, at $81.80 a barrel on the New York Mercantile Exchange. In London, August Brent crude settled lower by $3.07, or 3.2%, at $92.69 a barrel on the ICE. 

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