In weak market, Shares of oil marketing companies (OMCs) – Bharat Petroleum Corporation Ltd ( BPCL), Hindustan Petroleum Corporation Ltd ( HPCL) and Indian Oil Corporation ( IOC) are trading higher by 1-2% after Brent crude touches its lowest level in more than three months.
“Brent crude lost $1.38 to $111.80 a barrel, after touching a low of $110.34, its lowest since late January. The benchmark contract fell 2.5% on Friday (May 04, 2012),” the report said.
Crude oil accounts for about 95% of the cost of producing petroleum products as a result of which the oil companies start piling up losses the moment imports turn costlier.
....more info
“Brent crude lost $1.38 to $111.80 a barrel, after touching a low of $110.34, its lowest since late January. The benchmark contract fell 2.5% on Friday (May 04, 2012),” the report said.
Crude oil accounts for about 95% of the cost of producing petroleum products as a result of which the oil companies start piling up losses the moment imports turn costlier.
....more info