HPCL, BPCL tank over 4% after crude oil prices rise for second straight day

On Monday, both, HPCL and BPCL, had gained 13 per cent each in the intra-day session after oil prices had slumped to a 20-year low following an all-out oil war led by Saudi Arabia.

Shares of oil marketing companies (OMCs), including Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), skid up to 4 per cent on the BSE after oil prices rose for the second straight day on Wednesday. 

At 9:43 am, Brent Crude Futures were at $38.45 per barrel-mark, up 3.3 per cent, while the US WTI was at $35.26/bbl, up 2.62 per cent. This comes after an over 8 per cent rise in the oil prices on Tuesday. Prices inched higher on hopes of a supply cut by US producers. 

Occidental Petroleum on Tuesday joined a growing list of hard-pressed North