HPCL (up 1.58% at Rs 292.50) and BPCL (up 1.22% at Rs 365.20), and Indian Oil Corporation (up 0.78% at Rs 265.50) edged higher.
Meanwhile, the BSE Sensex was up 29.42 points or 0.15% at 19,516.22.
HPCL had underperformed the market over the past one month till 6 December 2012, declining 3.73% compared with the Sensex's 3.56% rise. The scrip had also underperformed the market in past one quarter, sliding 6.78% as against Sensex's 12.34% surge.
BPCL had outperformed the market over the past one month till 6 December 2012, gaining 5.74% compared with the Sensex's 3.56% rise. The scrip had, however, underperformed the market in past one quarter, rising 3.72% as against Sensex's 12.34% surge.
Indian Oil Corporation (IOC) had underperformed the market over the past one month till 6 December 2012, gaining 0.84% compared with the Sensex's 3.56% rise. The scrip had also underperformed the market in past one quarter, rising 6.53% as against Sensex's 12.34% surge.
US crude oil futures for January 2013 delivery were up 28 cents at $86.54 a barrel in electronic trading today, 7 December 2012. The contract had fallen 1.84% or $1.62 to settle at $86.26 a barrel on the New York Mercantile Exchange on Thursday, 6 December 2012, its lowest closing level since 15 November 2012. Prices are down 2.6% this week and 12% this year.
Lower crude oil prices could decrease under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene. The government has already freed pricing of petrol.
The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas on 3 December 2012 said the under-recovery on High Speed Diesel (HSD) applicable for first fortnight of December 2012 has increased to Rs 10.03 per litre from Rs 9.06 per litre for the second fortnight of November 2012. In case of Domestic LPG the under-recovery for December 2012 has risen sharply to Rs 520.50 per cylinder against Rs 478.50 per cylinder for November 2012. The under-recovery on PDS Kerosene too has remained at high level of Rs 30.93 per litre for December 2012, though slightly lower than Rs 31.30 per litre for November 2012 .
PSU OMCs are currently (effective 1 December 2012) incurring daily under-recovery of about Rs 420 crore on the sale of Diesel, PDS Kerosene and Domestic LPG, which is higher than daily under-recovery of Rs 412 crore for the second fortnight of November 2012. PSU OMCs suffered under-recovery of Rs 85586 crore for six months period April-September 2012. Their under-recovery totaled Rs 138541 crore during the year ended 31 March 2012 (FY 2012).
The euro area will probably contract 0.5% this year, more than the September forecast of 0.4%, the European Central Bank (ECB) said. The euro area won't start to shake off its slump until the second half of 2013, ECB President Mario Draghi said on Thursday, 6 December 2012, in Frankfurt after policy makers left the benchmark rate at a record low of 0.75%.
Meanwhile, the US President Barack Obama warned lawmakers that the economy will suffer unless there's an agreement on a way to avert more than $600 billion in automatic spending cuts and tax increases known as the fiscal cliff.
The European Union accounted for 16% of the world's oil consumption last year, and the US consumed 21%, according reports.
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