Public sector undertaking (PSU) oil marketing companies (OMCs) were trading lower in the trade after international crude oil prices surge to a month high.
Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 751.50, down by 7.70 points or 1.01% from its previous closing of Rs. 759.20 on the BSE. The scrip opened at Rs. 755.00 and has touched a high and low of Rs. 757.40 and Rs. 748.50 respectively. So far 81577 shares were traded on the counter.
Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 342.35, down by 3.85 points or 1.11% from its previous closing of Rs. 346.20 on the BSE. The scrip opened at Rs. 345.00 and has touched a high and low of Rs. 345.75 and Rs. 340.50 respectively. So far 59802 shares were traded on the counter.
Indian Oil Corporation (IOC) is currently trading at Rs. 264.20, down by 1.45 points or 0.55% from its previous closing of Rs. 265.65 on the BSE. The scrip opened at Rs. 264.50 and has touched a high and low of Rs. 266.00 and Rs. 262.10 respectively. So far 13250 shares were traded on the counter.
Crude prices surged on Tuesday, rallying over 4 percent on hopes that policy actions to stimulate a sputtering economy and on revived tensions over the Iranian nuclear program, pushing oil prices to one month high. There was speculation that central banks from Europe to China will ease monetary policy to spur growth while sanctions against Iran will curb supply. There has been concern about closure of the Strait of Hormuz after an Iranian lawmaker said a bill was under consideration to block the Strait of Hormuz.
Benchmark crude for August delivery settled at $87.66 a barrel, up 4.7 percent, after trading in a range from $83.33 to $87.99 on the New York Mercantile Exchange. In London, August Brent crude settled higher by $3.34, or 3.43%, at $100.68 a barrel on the ICE.