Stocks of oil marketing company have tumbled in trade in the afternoon hours on Wednesday. The global crude oil prices slipped down in Wednesday’s trade. The US crude data indicates a further rise in the inventories and oil supply across world.
On Indian Multi commodity exchange, the crude oil futures contract for May series was trading lower by 0.13% at Rs. 3179 per barrel.
The oil companies including Hindustan Petroleum Corp Ltd (HPCL), Bharat Petroleum Corp Limited (BCPL) Oil India Limited and Indian Oil Corpn (IOC) are losing their splendour in the afternoon hours on Wednesday. HPCL is the biggest laggard in the BSE O&G index trading lower by 3% at Rs. 543 per share in the afternoon hours. BPCL was trading lower by 1.2% at Rs 730.25 per share, IOC is trading lower by 1% at Rs. 432 per share.
The crude oil prices are rolling stressed due to the increase in doubts whether OPEC would be able to reduce the oil productions. OPEC and a group of other producers had decided to cut the output by 1.8 mn, bpd during the first half of 2017.