Fall in crude oil prices strengthen PSU OMCs

Public sector undertaking (PSU) oil marketing companies were trading in the green on the back of fall in crude oil prices.

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 720.70, up by 9.60 points or 1.35% from its previous closing of Rs. 711.10 on the BSE. The scrip opened at Rs. 714.00 and has touched a high and low of Rs. 723.00 and Rs. 712.05 respectively. So far 14017 shares were traded on the counter.

Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 305.90, up by 1.90 points or 0.62% from its previous closing of Rs. 304.00 on the BSE. The scrip opened at Rs. 305.00 and has touched a high and low of Rs. 307.00 and Rs. 304.80 respectively. So far 11617 shares were traded on the counter.

Indian Oil Corporation (IOC) is currently trading at Rs. 247.65, up by 0.50 points or 0.20% from its previous closing of Rs. 247.15 on the BSE. The scrip opened at Rs. 248.00 and has touched a high and low of Rs. 249.60 and Rs. 247.00 respectively. So far 10655 shares were traded on the counter.

Crude oil prices got pounded by over one and half a percent on week’s first trading session and registered third straight negative close. The prices were pummeled down after reports showed that leading oil producer Saudi Arabia contemplated the idea of increasing OPEC's output target, despite falling oil prices. The oil prices pared all the gains they had accumulated early in the session on reports of EU's rescue of Spanish banks.  The strength in American greenback against a basket of currencies also pressured the dollar denominated commodity’s prices.

Benchmark crude for July delivery got plummeted $1.40 or 1.7% to finish at $82.70 a barrel, after trading as high as $86.64 and as low as $82.70 a barrel, on the New York Mercantile Exchange. In London, the July delivery Brent crude plunged $1.47 or 1.5% to settle at $98 a barrel on the ICE.