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Oil Company Stock Fall As Crude Oil Jumps In Global Markets

Crude Oil Rises On Iran Sanctions risk,

Led by rise in the crude oil prices, shares of Oil Marketing companies (OMCs) were showing declines in Monday morning session.  This is because of the rise in crude oil rpices.   In the global markets crude oil prices spurted up to an extent of 2pc.

As per Bloomberg, Brent crude oil climbed 2.56% at USD73.81 per bbl and WTI crude rose 2.34pc at USD65.50.

Prices of CrudeOil slumped after news-reports suggested that the U.S. is probably to announce that all buyers of IranianOil will have to discontinue their imports.

Accordingly, shares of Hindustan Petroleum Corp (HPCL) fell 6.11pc, Bharat Petroleum Corp (BPCL) declined 5.56pc, and Indian Oil Corp (IOC) slumped 4pc as of 11.10 am, Monday.

At the same time, BSE benchmark Sensex cracked 230points lower at 38901-mark and the NSE Nifty50 showed at 11665.70, down 87 points.