Oil marketing stocks spike as crude dips

With global crude oil prices tanking, its happy days for oil marketing companies (OMCs) as well as airline operators. OMC and aviation stocks were buzzing for the second day in a row on Tuesday.

Supply disruptions in the international oil markets have eased with the rise of production in Libya and increase of outputs from Russia and Saudi Arabia. Also, the slowing of economic activity in China and the worries arising out of US-China trade war are pulling down oil prices. At 4:06 IST, Brent crude was trading at US$71.58 per barrel, down by 0.36 per cent on Tuesday.

Among OMCs, the stock of Hindustan Petroleum Corporation (HPCL) was trading at Rs. 281.30 per share, up by Rs. 16.70 or 6.31 per cent, Bharat Petroleum Corporation (BPCL) was at Rs. 393.30, up Rs. 11.35 or 2.97 per cent and Indian Oil Corporation (IOC) was at Rs. 164.05, up Rs. 6.70 or 4.26 per cent, on Tuesday.

Meanwhile aviation stocks, InterGlobe Aviation was at Rs. 1,119.70 per share, up by Rs. 22.20 or 2.02 per cent and Jet Airways was at Rs. 315.05, up by Rs. 9.05 or 2.96 per cent, when the benchmark index BSE Sensex was at 36,519.96, up 196.19 points or 0.54 per cent.