Public sector undertaking (PSU) oil marketing companies (OMCs) are trading lower as international crude oil prices surged for the seventh straight session. Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 382.70, down by 5.10 points or 1.32% from its previous closing of Rs. 387.80 on the BSE. The scrip opened at Rs. 387.90 and has touched a high and low of Rs. 388.00 and Rs. 382.70 respectively. So far 7890 shares were traded on the counter.
Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 342.70, down by 6.25 points or 1.79 % from its previous closing of Rs. 348.95 on the BSE. The scrip opened at Rs. 350.05 and has touched a high and low of Rs. 350.45 and Rs. 342.50 respectively. So far 17094 shares were traded on the counter.
Indian Oil Corporation (IOC) is currently trading at Rs. 272.65, down by 1.30 points or 0.47 % from its previous closing of Rs. 273.95 on the BSE. The scrip opened at Rs. 274.00 and has touched a high and low of Rs. 276.55 and Rs. 272.05 respectively. So far 7125 shares were traded on the counter.
Crude prices surged on Thursday, rising for the seventh straight session, adding over three percent and reaching an eight-week high on concern that Middle East tensions will pose potential supply disruptions. Israel accused Iran of orchestrating a bombing attack at a resort on Wednesday in Bulgaria frequented by Israelis that killed at least six people. The possibility of a clash between the two Middle Eastern nations has rippled through the oil markets. The resurgence of geopolitical risk overshadowed weak employment data.
Benchmark crude for August delivery settled up by $2.79 or 3.1% at $92.66 a barrel after trading in a range of $89.86 to $92.94 on the New York Mercantile Exchange. In London, Brent crude for September was up by $1.67 to $106.83 a barrel on the ICE.
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