Oil retailer, aviation stocks spike 4-6% following sharp fall in crude prices


Oil retailer, aviation stocks spike 4-6% following sharp fall in crude prices

Share prices of oil marketing and aviation companies rallied 4-6 percent intraday on Thursday following the sharp correction in crude oil prices in the international markets.

Hindustan Petroleum Corporation (up 6 percent intraday), Bharat Petroleum Corporation (up 5 percent), Indian Oil Corporation (5.8 percent), Jet Airways (6 percent), SpiceJet (6.5 percent) and InterGlobe Aviation (4.3 percent) participated in the rally.

Brent crude futures, the international benchmark for oil prices, fell nearly 7 percent in previous session on news that Libya would resume oil exports and US-China trade tensions.

The announcement by Libya’s National Oil Corp that four export terminals were being reopened, ending a standoff that had shut down most of Libya’s oil output, was one of the catalysts for a correction, analysts told CNBC. Read More

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