OMCs decline as Brent climbs to $64/bbl-mark

OMCs decline as Brent climbs to $64/bbl-mark

Shares of Oil Marketing Companies (OMCs) declined on Friday as Brent oil trades over its key level of $64/bbl. Accordingly, shares of Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOCL), and Bharat Petroleum Corporation (BPCL) dropped 1%, each.

Crude oil prices rallied after President Donald Trump warned that Iran made “a very big mistake” after it boasted of downing a US spy drone. As per media reports, Iran shot down the drone near the Strait of Hormuz, a major choke point for world crude shipments, spurring market fears of a confrontation that could badly constrain supplies.

The Indian rupee declined 32 paise on Friday to trade at day’s low level of 69.76 against the American currency. The currency has opened 31 paise higher at 69.75/$. Read More

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