OMC, paint stocks in focus as crude falls to its lowest level in nine months

OMC (oil marketing companies) are in focus in Wednesday's session (September 4) as the crude oil prices were knocked down sharply. In the previous trading session, crude oil prices decreased by a sharp 4 per cent. 

Today, oil prices fell further, extending their previous day's over 4 per cent losses, amid expectations that the political turmoil that stopped Libyan exports may now be resolved. Also, lower global demand concerns are weighing on the commodity.

WTI crude price at the last count was trading at $69.81 per barrel, while Brent crude was at $73.24 per barrel.

Crude prices amid the sharp fall are trading at their lowest level in nine months.

The fall in crude price is a positive for Indian equities as it reduces import costs. India reduces a major portion of its total oil requirement.

Also, paint stocks will see traction as crude is the major raw material used by the industry.