OMCs, airlines gain on crude oil slump; SpiceJet, HPCL, BPCL rise up to 5%

SpiceJet, Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) rose up to 5 per cent on the BSE in early trade.

Shares of oil marketing companies and airline companies were trading higher on Wednesday following an overnight slump in global crude oil prices.

SpiceJet, Hindustan Petroleum Corporation (HPCL), Jet Airways, InterGlobe Aviation (Indigo), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) rose up to 5 per cent on the BSE in early trade.

Crude oil prices tumbled on Tuesday after reports of swelling inventories and forecasts that record US and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect. US crude futures settled down 7.3 per cent while Brent settled down 5.6 per