OMCs in focus as crude oil resumes slide

Oil marketing firms Indian Oil Corp, HPCL and BPCL may remain in focus, as crude oil prices continued their slide on Friday, pushing the prices to near three-month lows. Brent crude was hovering around $42.71 a barrel on London’s ICE Futures exchange, while WTI crude at NYMEX was quoting at $40.74 a barrel. Shares of upstream companies, such as ONGC and Oil India may also come under pressure, as they could see a hit on their refining margins.