Market

OMCs decline as crude oil prices edge higher

Updated : July 24, 2019 10:19 AM IST

Intraday, the share price of Bharat Petroleum Corporation Ltd fell 4 percent to its day's low of Rs 344.70 per share on the NSE.

Oil prices rose on Wednesday, extending gains after an industry group reported a much bigger than expected drop in US inventories.

Shares of oil marketing companies (OMCs) declined on Wednesday after the crude oil prices edged higher.

Intraday, the share price of Bharat Petroleum Corporation Ltd fell 4 percent to its day's low of Rs 344.70 per share on the NSE. Hindustan Petroleum Corporation Ltd was down 4.6 percent to Rs 276.65 and Indian Oil Corporation was down 1.59 percent to Rs 145.

Oil prices rose on Wednesday, extending gains after an industry group reported a much bigger than expected drop in US inventories, while the US Navy said it may have downed a second Iranian drone last week.

Brent crude futures were up 20 cents, or 0.3 percent, at $64.03 a barrel by 0300 GMT, after rising nearly 1 percent on Tuesday. US West Texas Intermediate crude were up 23 cents, or 0.4 percent, at $57.00 a barrel, having risen about 1 percent in the previous session.

Signs of rising tensions in the Middle East offset a weaker global growth outlook from the International Monetary Fund, which had kept prices largely flat for much of Tuesday's session.

(Inputs from Reuters)

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