Crude at 31-month high, oil marketing companies likely to be under pressure - News Summed Up

Crude at 31-month high, oil marketing companies likely to be under pressure


BSE Oil & Gas index gained 9.71% and benchmark Sensex index jumped 8.86%, while Indian Oil Corp. (IOC) lost 2.91% in the three months ending December. Photo: BloombergMumbai: Increase in Brent crude price is likely to hurt profitability of Indian oil marketing companies (OMCs), according to analysts. Prices of Brent crude touched a 31-month high on Tuesday, hitting over $67.29 per barrel. Crude oil prices have increased by 40% to $67 per barrel in December 2017 from $48 per barrel in November 2016-end, when the Organisation of the Petroleum Exporting Countries (Opec) decided to cut back on crude oil production. BSE Oil & Gas index gained 9.71% and benchmark Sensex index jumped 8.86%, while Indian Oil Corp. (IOC) lost 2.91% and Hindustan Petroleum Corp. Ltd (HPCL) slipped 2.39%, but Bharat Petroleum Corp. Ltd (BPCL) was up 9.87% in the last three months ending December.


Source: Mint January 03, 2018 05:15 UTC


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