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PSU OMCs climb as crude oil price eases

Capital Market 

Shares of state-run oil marketing companies rose 0.60% to 4.09% at 11:51 IST on BSE after crude oil prices corrected in the international commodity market.

Meanwhile, the S&P BSE Sensex was down 20.39 points or 0.05% at 38,700.18.

Indian Oil Corporation (IOCL) (up 4.09%), Hindustan Petroleum Corporation (HPCL) (up 1.73%) and Bharat Petroleum Corporation (BPCL) (up 0.60%) advanced.

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.

In the commodities market, Brent crude for September 2019 settlement was down 17 cents at $63.94 a barrel. The contract fell 12 cents, or 0.19% to settle at $64.11 a barrel during the previous trading session.

Crude oil price declined on concerns that the Sino-US trade dispute might drag on for a while, even after the two sides agreed to resume talks.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 09 2019. 12:19 IST