Stocks in OMCs end lower today as Brent spikes

Shares in Oil Market Companies (OMC) closed in negative circuit on Wednesday as Brent crude oil surged about 1 percent at USD 60 a barrel. The rise in crude oil prices was on the back of buoyancy concerning the truce in the trade war with the US and China.

In addition, a decrease in supply started at the end of 2018 by the OPEC plus non-OPEC member Russia which kept crude oil prices put on a pedestal.

OMC’s shares such as of Hindustan Petroleum Corp (HPCL) declined 3.95 percent at Rs. 238.15 per share, Bharat Petroleum Corp (BPCL) plunged an extent of 3.40 percent at Rs. 340 per share and Indian Oil Corp (IOC) fell 1.49 percent to Rs. 132 per share, in trade today.

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