Countdown

  • SENSEX
    NIFTY 50
VIDEOS
Economy

Crude prices not fundamentally sustainable at current levels, says HPCL

Updated : May 10, 2018 09:57 AM IST

Crude prices are not fundamentally sustainable at the current levels, said M K Surana, chairman and managing director of HPCL.

The crude prices are fluctuating due to speculations and will shoot up because of the geo-political tensions, Surana said.

The oil marketing companies were slipping in trade with HPCL, BPCL and IOC losing more than 3% after the US withdrew from the Iran deal and the crude oil extended gains. HPCL and BPCL were the top Nifty losers on Wednesday.

HPCL was trading at a 3.57% loss while BPCL at a 3.52% loss. The IOC was trading at loss of nearly 3%.

Iran is the third largest OPEC producer and exports about 2.5 million barrels-per-day of crude.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV