Public sector undertaking (PSU) oil marketing companies (OMCs) are trading with traction on the back of continuous fall in international crude prices.
Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 294.00, up by 7.25 points or 2.53% from its previous closing of Rs. 286.75 on the BSE. The scrip opened at Rs. 285.50 and has touched a high and low of Rs. 294.45 and Rs. 285.00 respectively. So far 122544 shares were traded on the counter.
Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 344.95, up by 7.80 points or 2.31% from its previous closing of Rs. 337.15 on the BSE. The scrip opened at Rs. 337.40 and has touched a high and low of Rs. 347.00 and Rs. 334.95 respectively. So far 46296 shares were traded on the counter.
Indian Oil Corporation (IOC) is currently trading at Rs. 249.45, up by 0.75 points or 0.30% from its previous closing of Rs. 248.70 on the BSE. The scrip opened at Rs. 248.00 and has touched a high and low of Rs. 250.85 and Rs. 245.00 respectively. So far 31125 shares were traded on the counter.
Crude prices continued their plunge for the third straight day, declining to their six-week low after Saudi Arabia said it would take action to keep prices in check and as US crude inventories surged the most since March as production and imports rebounded from Hurricane Isaac.
The Energy Information Administration (EIA) reported that the amount of crude oil in storage in the US rose last week by 8.5 million barrels, while the US oil demand has slipped. In the past four weeks, demand averaged 18.3 million barrels a day, its lowest level since the four weeks ended June 1.
Benchmark crude for October delivery ahead of its expiration on Thursday declined by $3.31, or 3.5 percent, to $91.98 a barrel on the New York Mercantile Exchange. In London, Brent crude for November delivery fell $3.84, or 3.4 percent, to $108.19 a barrel on the ICE.