Oil Companies are running well oiled. Know why
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Oil marketing companies and several other stocks related to the global Crude Oil futures slid 2 percent in an already over supplied global crude oil market soon after the broad contours of the deal were made public. A fall in prices of crude oil helps indian companies such as IOC, BPCL and HPCL to source cheaper oil from overseas. Iran was reeling under sanctions from western countries owing to its hidden pursuit of nuclear weapons.
Meanwhile, in futures trade, Indian Oil surged 3 percent to 439.75 rupees. Hindustan Petroleum jumped 3.6 percent to 853.80 rupees and Bharat Petroleum rose 2.3 percent to 930.65 rupees. All three stocks showed rise in open interest positions coupled with a gain on the stock price.
Stocks such as Global Offshore and Aban Offshore were also in an uptrend.
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(Image credit: Indiatimes)
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