Oil and Natural Gas Corporation(ONGC) share price fell nearly 2 percent while oil retailers HPCL, BPCL and IOC gained 1-2 percent intraday Wednesday, after sharp correction in crude oil prices.
Global crude oil prices continued to fall today after the International Energy Agency cast doubts over the past months’ narrative of tightening fuel markets.
Brent crude futures were at USD 61.44 per barrel, down 1.24 percent from their last close while US West Texas Intermediate (WTI) crude was at USD 55.10 per barrel, down over 1.08 percent.
Crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November. Read More…