ONGC falls 2% but oil retailers gain 1-3% post sharp correction in crude oil prices
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.
Crude oil is the most critical factor for economy like India as it imports around 80 percent of oil requirement.
At 09:52 hours IST, the stock price of Bharat Petroleum Corporation was up 2 percent at Rs 503.05, Hindustan Petroleum Corporation up 2.29 percent at Rs 420.05 and Indian Oil Corporation up 1.2 percent at Rs 392.50 while ONGC was down 1.65 percent at Rs 179 on the BSE.