Oil stocks jump up to 3.6% as crude prices cool


Oil stocks jump up to 3.6% as crude prices cool

Shares of oil marketing companies rose by up to 3.6% on Wednesday on easing crude prices. Shares of Bharat Petroleum Corporation Limited jumped 3.65%, Hindustan Petroleum Corporation Limited gained 3.64% and Indian Oil Corporation rose 2.68% on the BSE.

Oil markets stabilised after Saudi Arabia’s energy minister said more than half of the country’s daily crude oil production, that was knocked out by the drone attack over the weekend, has been recovered. Brent crude futures fell 0.95% to $63.94 per barrel in intra-day. Shares of oil marketing firms had cracked up to 7% on Monday following huge spike in crude prices.

Oil prices surged the most on record on Monday, with Brent crude rising by as much as 19.5% to $71.95 per barrel, the biggest gain in dollar terms since futures started trading in 1988. Read More

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