OMC stocks in focus as crude oil falls below $77 per bbl; HPCL hits new all-time high
BPCL, HPCL and IOC already in momentum on technical charts are seen to benefit as crude oil prices fall considerably.
Shares of oil marketing companies (OMCs) are in focus in Monday's session as crude oil has fallen below $77 per barrel level. The sharp decline in the commodity has come as investors weigh a higher OPEC + production in September as output from Libya drops on the back of sluggish demand in China as well as the US.
Brent crude last traded lower at $76.26, down 0.87 per cent, while the WTI benchmark traded at $72.95, weak by 0.82 per cent.
Reportedly, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are planning to envisage a path of higher outlook from October. Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day in October.
This is in a bid to end their most latest output cuts to the tune of 2.2 million barrel per day.
At the last count, HPCL shares were up 0.5 per cent, after hitting a fresh all-time high of Rs 426 per shares. HPCL shares in the last one year have climbed 153 per cent.
BPCL and IOC, meanwhile were up around 1 per cent, with BPCL at day's high trading close to its 52-week high price of Rs 365.5 per share.
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09:44 AM IST