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PSU OMCs jump after crude oil prices tumble

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Shares of three state-run oil companies rose by 3.93% to 4.55% at 9:37 IST on BSE after finished sharply lower Wednesday, 11 July 2018.

HPCL (up 4.55%), (up 3.96%) and BPCL (up 3.93%), edged higher.

The was up 248.61 points, or 0.69% at 36,514.54.

could reduce under-recoveries of public sector oil companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

fell sharply on Wednesday on news that was suddenly set to restore hundreds of thousands of barrels per day, and the US struck a softer line on sanctions.

In the global commodities markets, Brent for September 2018 settlement was up $1.25 at $74.65 a barrel. The contract had fallen $5.46 a barrel or 6.92% to settle at $73.40 a barrel during the previous trading session.

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First Published: Thu, July 12 2018. 09:53 IST