Even as market plummets, these 3 oil stocks soar!

Indian Oil, BPCL and HPCL were in fine shape despite a weak broader market as a fall in global crude oil prices, following the strength in the Dollar, helped boost sentiment on local OMCs.

BPCL surged 3.3 percent to 930 rupees. Hindustan Petroleum added 2.1 percent to 788 rupees and Indian Oil Corp was up 1.3 percent at 422 rupees. A fall in global oil prices augurs well for these companies' export bills.

Crude Oil prices slumped to their mid-April lows on a variety of reasons. The Dollar strengthened versus other peers following the Greek vote. A strong dollar pushes commodity prices lower. Rising global supply is feared as the Iranians are close to their nuclear deal with the US. Also, more importantly, US count on drilling rigs has risen for the first time in many months, pointing to increasing supply in the near term.

(Image credits: indiatimes)