Three PSU OMCs rose 1.82% to 2.91% at 12:27 IST on BSE as Brent crude oil futures hit four-year low amid speculation that OPEC will refrain from cutting output when ministers meet in Vienna today, 27 November 2014.
BPCL (up 1.84%), HPCL (up 2.91% at Rs 546.05), and Indian Oil Corporation (up 1.82% at Rs 349.35) edged higher.
Meanwhile, the S&P BSE Sensex was down 32.57 points or 0.11% at 28,353.62.
Brent crude oil futures hit four-year low amid speculation that OPEC will refrain from cutting output when ministers meet in Vienna today, 27 November 2014. Brent for January settlement was off $1.28 a barrel at $76.47 a barrel. Brent for January settlement had fallen 58 cents a barrel to finish at $77.75 a barrel during the previous trading session.
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.
Oil ministers from the OPEC are scheduled to meet in Vienna today, 27 November 2014, to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015. OPEC, which pumps about 40% of the world's crude, has maintained its official quota at 30 million barrels a day since January 2012.
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