PSU OMCs trade higher as crude oil prices slips below $80 mark

22 Jun 2012 Evaluate

Public sector undertaking (PSU) oil marketing companies (OMCs) were trading with great traction after international crude oil prices slipped below the psychological $80 a barrel mark for the first time since October 2011.

Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 339.75, up by 3.60 points or 1.07% from its previous closing of Rs. 336.15 on the BSE. The scrip opened at Rs. 336.50 and has touched a high and low of Rs. 344.00 and Rs. 334.00 respectively. So far 87583 shares were traded on the counter.

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 769.00, up by 5.50 points or 0.72% from its previous closing of Rs. 763.50 on the BSE. The scrip opened at Rs. 766.00 and has touched a high and low of Rs. 771.20 and Rs. 765.60 respectively. So far 15631 shares were traded on the counter.

Indian Oil Corporation (IOC) is currently trading at Rs. 264.90, up by 3.45 points or 1.32% from its previous closing of Rs. 261.45 on the BSE. The scrip opened at Rs. 264.00 and has touched a high and low of Rs. 267.25 and Rs. 263.50 respectively. So far 32587 shares were traded on the counter.

Crude prices got brutally slaughtered by around four percentage points on Thursday and slipped below the psychological $80 a barrel mark for the first time since October 2011 after investors grew increasingly pessimistic about the commodity’s global demand prospects on getting a worse than expected batch of economic reports from the world’s top two consumers US and China. Apart from the disappointing manufacturing activity data from China and the US there was a subdued US jobs data and report of contraction in business activity across the Euro Zone for a fifth straight month in June, adding to the gloomy sentiments. The appreciation in American greenback against a basket of currencies also undermined the crude oil prices.

Benchmark crude for July delivery got lacerated by $3.25 or 4% to $78.20 a barrel on the New York Mercantile Exchange. In London, the August delivery Brent crude plummeted $3.46 or 4% to $89.23 a barrel, after trading as low as $88.90 a barrel on the ICE.

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