Global crude oil prices set a decline on Monday with International Brent crude & US WTI crude futures trading 1% down each. In addition, Brent crude plunged one percent.
The Crude oil price benchmarks have fallen by about 3% since last week, hitting their 5-month highest from November last year.
The fall is led by re-emerging concerns about a potential US recession. In addition, the slump in manufacturing activity in Germany, kept oil prices under strain. In reaction, US WTI crude and Brent crude dropped 1% each.
In the stock markets, shares of Oil Marketing Companies (OMCs) were on higher side on Monday as benchmarks for global crude oil prices fall.
Accordingly, shares of Indian Oil Corporation (IOCL) were trading up 1.97%, Hindustan Petroleum Corp (HPCL) rose 1.79% and Bharat Petroleum Corp (BPCL) gained 1.07%, during mid-market session.