Oil stocks jump up to 3.6% as crude prices cool1 min read . Updated: 18 Sep 2019, 06:34 PM IST
- Shares of BPCL jump 3.65%, HPCL 3.64% and Indian Oil Corp 2.68% on the BSE
- Oil markets stabilise after Saudi Arabia said more than half of its daily crude oil production, that was knocked out by the drone attack, has been recovered
NEW DELHI : Shares of oil marketing companies rose by up to 3.6% on Wednesday on easing crude prices.
Shares of Bharat Petroleum Corporation Limited jumped 3.65%, Hindustan Petroleum Corporation Limited gained 3.64% and Indian Oil Corporation rose 2.68% on the BSE.
Oil markets stabilised after Saudi Arabia's energy minister said more than half of the country's daily crude oil production, that was knocked out by the drone attack over the weekend, has been recovered.
Brent crude futures fell 0.95% to $63.94 per barrel in intra-day.
Shares of oil marketing firms had cracked up to 7% on Monday following huge spike in crude prices.
Oil prices surged the most on record on Monday, with Brent crude rising by as much as 19.5% to $71.95 per barrel, the biggest gain in dollar terms since futures started trading in 1988.