Shares the three public sector oil marketing companies (PSU OMCs) rose 1.52% to 2.82% as crude oil prices slumped overnight.
Among public sector oil marketing companies (PSU OMCs), Hindustan Petroleum Corporation (up 2.82%), Bharat Petroleum Corporation (up 2.08%) and Indian Oil Corporation (up 1.52%) advanced.In the commodities market, Brent crude for March 2020 settlement was up 13 cents at $65.57 a barrel. Brent Crude for March 2020 settlement lost 4.2% and settled at $65.44 a barrel in previous session.
Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Crude oil prices slumped as comments from US President Donald Trump calmed tensions and diverted a potential war with Iran. Trump also confirmed earlier reports that there were no American casualties as a result of Iran's missile strikes on Iraqi military bases housing US troops.
Earlier this week, Brent crude oil climbed above $70 a barrel after Iran's top military commander was killed in a U.S. airstrike in Baghdad.
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