Shares of oil marketing companies (OMCs) rose for the third consecutive session on Monday after crude oil prices fell over 1 percent amid stalling demand and fears of a global economic slowdown due to trade wars.
In intra-day deals, Indian Oil Corporation (IOC) rose 2.9 percent to Rs 170.40 per share on BSE, while Hindustan Petroleum Corporation (HPCL) gained 2.8 percent to Rs 333.45 per share and Bharat Petroleum Corporation Limited (BPCL) advanced 2.5 percent to Rs 419.50 per share. In May, IOC gained 4.7 percent, while BPCL surged 7.7 percent and HPCL added 11.3 percent.
The crude prices fell over 3 percent on Friday, when crude markets racked up their biggest monthly losses in six months. In May, crude oil prices were down more than 10 percent, which was the worst May performance in the last seven years. Since peaking in late April, prices have fallen off about 17 percent as the US-China trade dispute intensified.
The sentiment was weakened on trade worries after the US President Donald Trump threatened tariffs on Mexico, which is one of the largest US trade partners and a major supplier of crude oil. A jump in US gasoline stockpiles disclosed in a government report this week also contributed to the fall in demand.
At 11:20 am, IOC was up 1.9 percent at Rs 168.65 per share on BSE. Meanwhile, BPCL was trading 1.2 percent higher at Rs 414 per share and HPCL rose 1 percent at Rs 327.60 per share.
BSE Sensex gained 0.56 percent (224 points) at 39,938.
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