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BPCL, HPCL, IOC: Brent crude fall may trigger short-term rally in OMCs

BPCL, HPCL and IOC may rise up to 11 per cent in coming sessions, and if they manage to sustain their upward rally, medium-term bias may strongly shift in bull's favour.

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Brent oil future slips to 3-month lows

Avdhut Bagkar Mumbai
Shares of domestic oil marketing companies will remain in spotlight after Brent Oil Futures slipped to a fresh 3-month low, negating the recent signal of reversal aimed at crossing $90 per barrel. Such technical moves suggest underlying weakness and may lead to further decline in the commodity.

Listed players in oil marketing companies such as Bharat Petroleum Corporation and Hindustan Petroleum Corporation zoomed over 6 per cent, while Indian Oil Corporation gained 2 per cent on Thursday.

The descend in the crude price has enabled these oil marketing players to reclaim the upward move, that had been lost due to the present

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First Published: Mar 17 2023 | 11:22 AM IST

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