PSU OMCs trade lower on higher crude oil prices

23 Nov 2011 Evaluate

Public sector undertaking (PSU) oil marketing companies (OMCs) are trading lower in the trade as crude oil prices moved higher on Tuesday.

Bharat Petroleum Corporation (BPCL) is currently trading at Rs 505.75, down by 17.50 points or 3.34% from its previous closing of Rs 523.25 on the BSE. The scrip opened at Rs 515.00 and has touched a high and low of Rs 515.60 and Rs 504.00 respectively. So far 18723 shares were traded on the counter.

Hindustan Petroleum Corporation (HPCL) is currently trading at Rs 293.80, down by 2.50 points or 0.84% from its previous closing of Rs 296.30 on the BSE. The scrip opened at Rs 290.00 and has touched a high and low of Rs 295.75 and Rs 290.00 respectively. So far 5279 shares were traded on the counter.

Indian Oil Corporation (IOC) is currently trading at Rs 266.00, down by 6.05 points or 2.22% from its previous closing of Rs 272.05 on the BSE. The scrip opened at Rs 268.35 and has touched a high and low of Rs 270.00 and Rs 265.55 respectively. So far 9175 shares were traded on the counter.

Crude price moved higher on Tuesday putting a halt to its three days losing streak as sanctions against Iran raised fears of regional instability. Also there was some support with the euro gaining against the dollar, after the International Monetary Fund said it would open more lending schemes to aid countries with sound policies but faced risk due to the euro debt crisis. However, the prices weakened in early trade after a data showed that the US economy grew less than estimated in the third quarter at 2.0 percent, from 2.5 percent.

Meanwhile, Iraq's oil minister has indicated that OPEC may decide to cut oil output at its December 14 meeting in Vienna as global oil demand is expected to decline next year.

Benchmark crude for January delivery settled at $98.01 a barrel, gaining $1.09 or 1.12 percent, after trading in a range from $96.55 to $98.70 on the New York Mercantile Exchange. In London, January Brent crude settled at $109.03 a barrel, up $2.15, or 2.01 percent on the ICE.

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