Three public sector oil companies rose by 0.52% to 1.13% at 9:42 IST on BSE after crude oil prices slumped yesterday, 6 July 2015.
Meanwhile, the S&P BSE Sensex was up 42.93 points or 0.15% at 28,251.69.
Among PSU OMCs, HPCL (up 0.72%), BPCL (up 0.52%) and Indian Oil Corporation (up 1.13%) edged higher.
In global commodities markets, Brent crude oil futures edged higher after a sharp slide yesterday, 6 July 2015. Brent for August settlement was currently up 56 cents at $57.10 a barrel. Brent crude oil futures for August delivery had slumped $3.78 a barrel or 6.26% to settle at $56.54 a barrel yesterday, 6 July 2015.
Crude oil prices steadied today, 7 July 2015, after posting one of their biggest selloffs this year the previous session over Greece's rejection of debt bailout terms and China's stock market woes.
Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
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