Oil-linked stocks climb as crude oil prices tumble to four-month low; BPCL, HPCL notch fresh 52-week high
Stock market today, oil prices: Crude oil prices dropped around 5 per cent to their lowest in four months on Thursday as investors worried about global oil demand following weak data from the U.S. and Asia.
Stock market today, stock market news, oil prices: OMC stocks gained in Friday’s trade (November 17) after crude oil prices dropped around 5 per cent to their lowest in four months on Thursday as investors worried about global oil demand following weak data from the U.S. and Asia.
Brent futures settled down $3.76, or 4.6 per cent, to $77.42 a barrel. US West Texas Intermediate crude (WTI) shed $3.76, or 4.9 per cent, to $72.90. Both Brent and WTI earlier traded at their lowest since July 7, at $76.60 and $72.16, respectively.
At the open, BPCL surged by nearly 2 per cent to hit a fresh 52-week high of Rs 405.35, while IOC climbed over 1 per cent to the day's high of Rs 105.3, nearing its 52-week high of Rs 106.9. HPCL even surged over 3 per cent to hit a new 52-week high of Rs 334.35 per share.
On the sidelines, the centre back home has slashed the windfall tax on crude oil from Rs 9,800 per tonne to Rs 6,300 per tonne. The windfall tax on diesel is reduced to Rs 1 per litre from Rs 2 earlier.
In the previous session, most OMC stocks ended 2 per cent higher. HPCL gained 2 per cent, IOC surged 2 per cent, and BPCL also ended 1 per cent higher. The decline in windfall tax is also a positive development for oil marketing companies.
Among oil exploration companies, Petronet LNG ended in negative territory, while Oil India ended around 3 per cent higher on the previous day.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.