Shares of most Oil Marketing Companies declined through mid-session Wednesday as Brent Crude oil is trading near its key level of USD63per-barrel.
Crude oil prices were quoting higher after the Institute of AmericanPetroleum or API on Tuesday (18-June) reported a fall of 8,12,000-barrels in the crude oil inventories of the United States, for the week ending 14-June, showing supply constrict. Additionally, the U.S-China trade outlook in their deal also kept crude oil prices heightened.
Consequently, shares Oil marketing companies viz Hindustan Petroleum Corp (HPCL) were down 2.89pc Indian Oil Corp (IOC) down 2.82pc and and Bharat Petroleum Coro (BPCL) declined upto 2.07pc during the first afternoon hours of trade..
Meanwhile, stock benchmark indices pared its morning gains with the Sensex falling 58 points at 38.988 levels and the Nifty sliped 46 points to trade at 11,644-level at 2.43pm.