IOC, HPCL, BPCL top gainers on Nifty; rally up to 6% as oil prices tank

Shares of oil marketing companies (OMCs) such as IOC, HPCL and BPCL rallied up to 6 per cent on Tuesday as oil prices extended losses on Tuesday after sliding more than 4 per cent on Monday to hit a three-month low.

Shares of Hindustan Petroleum Corp and Indian Oil Corp gained 6.56 per cent to Rs 281.70 and 4.76 per cent to Rs 165, respectively on the NSE. Bharat Petroleum Corporation added 3.47 per cent to Rs 395.50. HPCL, IOC and BPCL were the top gainers on the Nifty index.

Falling global oil prices reduce the import bill of oil marketing companies.

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Global oil prices fell for a second day on Tuesday as worries about possible disruptions to supply eased and as investors focused on potential damage to global growth from the festering Sino-US trade spat.

Brent crude futures fell 32 cents, or 0.5 per cent, to $71.52 a barrel to the lowest since April 17. They fell 4.6 per cent on Monday.

US West Texas Intermediate futures were down 31 cents, or 0.5 per cent, at $67.75 a barrel. They declined 4.2 per cent on Monday.

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Goldman Sachs on Monday said it expects price volatility in oil markets to remain elevated, keeping Brent crude in a $70 to $80 per barrel range in the short-term.

“Supply shifts, alongside the ongoing surge in Saudi production, create the risk that the oil market moves into surplus” in the third quarter, the report said.