PSU OMCs decline as crude surges to the highest level since May

All the public sector undertaking (PSU) oil marketing companies (OMCs) are trading lower in the session as crude oil prices touched its highest level since May.

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 345.45, down by 2.35 points or 0.68% from its previous closing of Rs. 347.80 on the BSE. The scrip opened at Rs. 347.50 and has touched a high and low of Rs. 347.50 and Rs. 343.05 respectively. So far 208285 shares were traded on the counter.

Hindustan Petroleum Corporation (HPCL) is currently trading at Rs. 315.00, down by 3.35 points or 1.05% from its previous closing of Rs. 318.35 on the BSE. The scrip opened at Rs. 317.30 and has touched a high and low of Rs. 318.70 and Rs. 314.50 respectively. So far 12476 shares were traded on the counter.

Indian Oil Corporation (IOC) is currently trading at Rs. 252.00, down by 2.20 points or 0.87% from its previous closing of Rs. 254.20 on the BSE. The scrip opened at Rs. 254.00 and has touched a high and low of Rs. 254.00 and Rs. 251.25 respectively. So far 3966 shares were traded on the counter.

Crude prices surged on Wednesday, touching their highest level since May on report of a steep drop in US oil stockpiles and fresh tensions in the Middle East. Also, there were hopes for further stimulus from major central banks to support the weakening global economy that helped the prices move higher. Fears of supply disruptions erupted after Saudi Arabia, the world's biggest oil exporter ordered its citizens to leave Lebanon over kidnapping fears.

The Energy Information Administration (EIA) said US oil stockpiles fell 3.7 million barrels last week. Gasoline inventories fell 2.4 million barrels, while distillate stocks rose 700,000 barrels

Benchmark crude for September delivery settled up by 90 cents or 1% to $94.33 a barrel on the New York Mercantile Exchange, the highest finish since May 14. In London, Brent crude for September rose by $2.20, or 1.9%, to $116.23 a barrel on the ICE.