Higher crude oil prices push OMC stocks lower@HIGHLIGHT UPDATE
Brent futures traded above $65 a barrel post Britain's Forties oil pipeline was shut down after cracks were found. The pipeline is Britain’s largest with a capacity of 450,000 barrels per day (bpd), ~40% of the North Sea's oil and gas. As a result of the shutdown, oil futures moved as much as 1% higher. Oil prices have been trending upwards due to geopolitical instability.
Oil Marketing Companies (OMC) moved lower as higher crude prices dampened sentiment. IOCL, BPCL, and HPCL are trading down 2.11%, 2.10% and 3.1% respectively. Upstream companies such as Oil India and ONGC were up 1.4% each.
US rig count had increased to 751, a 3-month high, indicating that producers are bullish on crude prices going forward.
Oil Marketing Companies (OMC) moved lower as higher crude prices dampened sentiment. IOCL, BPCL, and HPCL are trading down 2.11%, 2.10% and 3.1% respectively. Upstream companies such as Oil India and ONGC were up 1.4% each.
US rig count had increased to 751, a 3-month high, indicating that producers are bullish on crude prices going forward.
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