Shares of oil marketing companies such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) show declines on Wednesday after crude oil prices rose over 1 percent to near USD 63 per barrel in the previous session.
Brent crude futures advanced 1.5 percent to settle at USD 62.42 a barrel on Tuesday, on London’s Inter-continental Exchange while US WTI crude oil futures surged 1.3 percent, to settle at USD 53.10 a barrel in the NY Mercantile Exchange.
The rise in crude oil price reasoned based on statement of Saudi Arabia reportedly said that it would decrease its output in March by an extra 5,00,000 barrels,
However, oil stocks were impacted with declines in share prices. IOC shares fell 1.45 percent, BPCL shares declined 3.39 percent and HPCL shares were down 2.95 percent during the late morning hours of trade on bourses.
Meantime key benchmarks were moving between up and down with the Sensex higher by 93 points at 36,246, and the Nifty up by 24 points at 10,856 at 11.45 am.