Increase in international crude prices drag the local PSU oil marketing companies lower. The conflict in Libya and diplomatic efforts to forge a response has once again raised the crude prices.
Bharat Petroleum Corporation (BPCL) is currently trading at Rs 562.05, down by 11.60 points or 2.02% from its previous closing of Rs 573.65 on the BSE. The scrip opened at Rs 565.00 and has touched a high and low of Rs 567.40 and Rs 561.00 respectively. So far 9895 shares were traded on the counter.
Hindustan Petroleum Corporation (HPCL) is currently trading at Rs 330.20, down by 7.45 points or 2.21 % from its previous closing of Rs 337.65 on the BSE. The scrip opened at Rs 332.00 and has touched a high and low of Rs 333.40 and Rs 329.05 respectively. So far 18576 shares were traded on the counter.
Indian Oil Corporation (IOC) is currently trading at Rs 303.00, down by 3.00 points or 0.98% from its previous closing of Rs 306.00 on the BSE. The scrip opened at Rs 305.00 and has touched a high and low of Rs 305.00 and Rs 302.10 respectively. So far 21310 shares were traded on the counter.
Crude prices surged on Thursday by about 4 percent edging back above $100 a barrel mark on escalating tensions between Libya and governments working on a response at the United Nations and on continuing unrest in the Middle East and Bahrain that kept investors worried about potential supply disruptions. The trading volume remained low and the expiration of the April contract added some volatility to the prices.
The United Nations Security Council authorized military strikes on Libya, and US and European officials said last night that air attacks against Col. Moammar Gadhafi's forces were possible 'within hours'.
Benchmark crude for April rose $3.40 to expire at $101.38 a barrel, after trading in a range from $96.60 to $101.99 on the New York Mercantile Exchange. In London, ICE Brent crude for May rose $4.30, or 3.89 percent, to settle at $114.90 a barrel on the ICE.
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