State-run oil marketing companies (PSU OMCs) were in demand after OPEC+ agreed to ease record supply curbs.
Bharat Petroleum Corporation (up 6.28%), Hindustan Petroleum Corporation (up 5.36%) and Indian Oil Corporation (up 1.84%) advanced.Crude oil prices fell on Thursday after OPEC+ agreed to ease record supply curbs and as new infections of the novel coronavirus continue to surge in the United States.
In the commodities market, Brent crude for September 2020 settlement was down 12 cents at $43.25 a barrel. The contract fell 0.96% to settle at $43.37 a barrel during the previous trading session.
Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
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