OMC stocks gain on lower global crude oil prices
Shares of oil marketing companies (OMCs) were trading up in the afternoon session on Thursday as Brent crude slipped below key levels of $83 per barrel.
Shares of Hindustan Petroleum Corporation surged 11.50%, while those of Bharat Petroleum Corporation and Indian Oil Corporation were trading ~5% up, each.
International benchmark Brent crude oil futures were down 1% at $82.17 barrels per day, while US West Texas Intermediate (WTI) crude futures were down 1% at $72.37 per barrels.
Crude oil prices are trading down after reports indicated that the US crude inventories have risen more than expected. The American Petroleum Institute (API), in its report on Wednesday, said that crude oil inventories in the US during the week ending October 06 grew to 9.750mn barrels vs. a growth of 0.907mn barrels in the previous week. Additionally, the US Energy Information Administration (EIA), in its monthly forecast report, also said that the US oil output may rise by 1.39mn barrels per day to a record 10.74mn barrels per day.
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