Oil marketing companies gain as crude prices fall; BPCL hits new high
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Shares of oil marketing companies (OMCs) were trading higher on the bourses in an otherwise weak market as oil prices fell on fears of a Greek debt default.
Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) were up 1%-2% on the BSE compared to a 1.7% decline in the S&P BSE Sensex at 0939 hours.
A decline in crude oil prices is beneficial for these companies as it will help in boosting their profit margins.
BPCL, the largest gainer among the pack, was up 2% at Rs 876. The stock had hit a new high of Rs 881 on the BSE in early morning trades.
US benchmark West Texas Intermediate for August delivery fell 82 cents to $58.81 while Brent crude for August eased 70 cents to $62.56 in late-morning trades, according to media reports.
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