PSU OMCs trade higher as crude oil prices declines

06 Jul 2012 Evaluate

Public sector undertaking (PSU) oil marketing companies (OMCs) are trading higher in the trade as international crude oil prices eased at Nymex on Thursday.

Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 346.00, up by 4.85 points or 1.42% from its previous closing of Rs. 341.15 on the BSE. The scrip opened at Rs. 344.50 and has touched a high and low of Rs. 347.90 and Rs. 343.20 respectively. So far 75137 shares were traded on the counter.

Indian Oil Corporation (IOC) is currently trading at Rs. 269.70, up by 4.50 points or 1.70% from its previous closing of Rs. 265.20 on the BSE. The scrip opened at Rs. 267.50 and has touched a high and low of Rs. 270.85 and Rs. 265.50 respectively. So far 52371 shares were traded on the counter.

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 763.00, up by 6.65 points or 0.88% from its previous closing of Rs. 756.35 on the BSE. The scrip opened at Rs. 764.40 and has touched a high and low of Rs. 774.50 and Rs. 759.50 respectively. So far 58081 shares were traded on the counter.

Oil prices eased at Nymex on Thursday despite a report of unexpectedly large decline in US crude inventories, as the US dollar turned stronger and hopes shrinked for aggressive US stimulus measures. However, the Brent crude oil futures rose on Thursday, ending at a five-week high on worries about tighter supplies following a lockout of striking oil workers in Norway.

US Energy Information Administration's weekly inventory report showed a bigger-than expected drop in crude oil stocks in the United States last week. Crude oil inventories fell 4,27million barrels last week. Gasoline inventories rose less than expected while distillate stockpiles, dropped 1,05 million barrels.

Benchmark crude for August delivery fell 44 cents, or 0.5%, to settle at $87.22 a barrel on the New York Mercantile Exchange. In London, Brent crude for August was up $1.57 at $101.34 a barrel on the ICE.

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