Falls In Global Crude Oil Prices Led Gains In OMCs

Global crude oil prices set a decline on Monday, 6-May, with International Brent crude & US WTI crude futures traded below is key level of USD70 per barrel.

Led by falls in crude oil, Shares of Oil Marketing Companies or OMCs gained over 2pc intraday high in trade. Accordingly, Shares of Bharat Petroleum Corp rose 2.28pc Hindustan Petroleum Corp added 1.64pc , and Indian Oil Corp gained 0.38% during the first afternoon hours of trade.

Brent crude oil futures today were at USD69.32/per barrel, down 2.1%, while WTI crude futures dropped 2.28% from its previous close at USD60.52/per barrel.

Crude Oil prices were on track for sharp weekly falls on weekend Friday as rising U.S output offset production losses in sanctions-hit Iran & Venezuela. Moreover, US crude oil production recorded the level of 12.3 barrel per day last week, rising by about 2 million barrel per day over the past year.

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