Shares of oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum rallied after crude oil prices drop again on the back of growing concerns of a sharp economic downfall. At 10:20 AM, the Brent crude were at $66.33 per barrel down by 42 cents, from their last close while WTI crude was at $58.60 per barrel down by 44 cents, from its previous close.
IOCL shares rose 3.18 percent, HPCL shares 1.86 percent and BPCL's stock price increased 1.58 percent intraday on the NSE.
The crude oil prices have dropped as concerns of a sharp economic slowdown outweighed supply disruptions from OPEC's production cutbacks and US sanctions on Iran and Venezuela, said Reuters.
It further added that the concerns are revolving around a potential US recession after US Federal Reserve gave bearish remarks and sent 10-year treasury yields to their lowest since early 2018.
In response, 10-year treasury yields slipped below the three-month rate for the first time since 2007. Historically, an inverted yield curve - where long-term rates fall below short-term - has signalled an upcoming recession.
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First Published: Mar 25, 2019 11:03 AM IST
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