Shares of Oil Marketing Companies (OMCs) were trading higher on Thursday after the international benchmark for crude oil prices fell in today’s trade.
The BSE Oil & Gas index climbed 2.6% at 13,286 led by BPCL, ONGC, IOC and HPCL.
On the flip side, Reliance Industries and Petronet were trading in the negative zone.
Oil prices fell giving up some of the strong gains of the previous session, after an industry report showed US crude stockpiles rose last week, against analyst expectations of a decline. Brent crude was down 0.51% at $60.39/barrel. West Texas Intermediate (WTI) was down 0.66% at $58.89/barrel.
On Wednesday, the American Petroleum Institute (API) reported a surprise crude oil inventory build of 401,000 barrels for the week ending August 29, compared to analyst expectations of a 3.50-mn barrel draw.
The BSE Oil & Gas index climbed 2.6% at 13,286 led by BPCL, ONGC, IOC and HPCL.
On the flip side, Reliance Industries and Petronet were trading in the negative zone.
Oil prices fell giving up some of the strong gains of the previous session, after an industry report showed US crude stockpiles rose last week, against analyst expectations of a decline. Brent crude was down 0.51% at $60.39/barrel. West Texas Intermediate (WTI) was down 0.66% at $58.89/barrel.
On Wednesday, the American Petroleum Institute (API) reported a surprise crude oil inventory build of 401,000 barrels for the week ending August 29, compared to analyst expectations of a 3.50-mn barrel draw.
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