Stocks

Oil marketing cos slump as crude hits 3-1/2-year high

Reuters May 9 | Updated on May 09, 2018 Published on May 09, 2018

HPCL, BPCL and IOC were the top three percentage losers on the broader NSE index.

Shares of oil marketing companies slumped as crude hit 3-1/2-year high. Bharat Petroleum Corp Ltd, Indian Oil Corp Ltd and Hindustan Petroleum Corp Ltd fell as much as 3.5-5.5 per cent.

Oil prices rose more than 2 per cent to a three-and-a-half year high on Wednesday after US President Donald Trump abandoned an international nuclear deal with Iran, likely curbing the OPEC-member's crude exports in an already tight market.

Trump on Tuesday pulled the United States out of an international nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in West Asia and casting uncertainty over global oil supplies. Brent crude oil futures rose to their highest since November 2014.

HPCL, BPCL and IOC were the top three percentage losers on the broader NSE index. HPCL stock has shed 26.7 per cent this year as of Tuesday's close, highest among oil marketers.

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Published on May 09, 2018
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