OMC stocks in focus as crude oil falls below $77 per bbl; HPCL hits new all-time high

Shares of oil marketing companies (OMCs) are in focus in Monday's session as crude oil has fallen below $77 per barrel level. The sharp decline in the commodity has come as investors weigh a higher OPEC + production in September as output from Libya drops on the back of sluggish demand in China as well as the US. 

Brent crude last traded lower at $76.26, down 0.87 per cent, while the WTI benchmark traded at $72.95, weak by 0.82 per cent.

Reportedly, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are planning to envisage a path of higher outlook from October. Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day in October.

This is in a bid to end their most latest output cuts to the tune of 2.2 million barrel per day.

At the last count, HPCL shares were up 0.5 per cent, after hitting a fresh all-time high of Rs 426 per shares. HPCL shares in the last one year have climbed 153 per cent.

BPCL and IOC, meanwhile were up around 1 per cent, with BPCL at day's high trading close to its 52-week high price of Rs 365.5 per share.