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Oil stocks fall up to 3 pc, OPEC meet underway

Press Trust of India  |  New Delhi 

stocks Thursday fell up to 3 per cent amid expectation of production cuts by and

Shares of Indian Corporation (IOC) tumbled 2.94 per cent, declined 2.47 per cent and fell 2.72 per cent.

Among others, dipped 1.22 per cent and dropped 0.71 per cent.

members began a two-day meeting Thursday to decide about the production policy.

According to market analysts, shares of companies declined on expectation of production cuts by and besides weakening of the rupee.

"Investors are closely watching the meeting between the (OPEC) and other top oil-producing countries," said Manager-Equities, Abhijeet Dey.

As per reports, OPEC is looking for a sufficient reduction in to help recover tumbling crude prices.

Led by losses in these stocks, the BSE Oil and Gas Index dropped by 1.70 per cent.

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

First Published: Thu, December 06 2018. 17:35 IST