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Crude-linked Indian stocks rise as oil prices fall
Oil-linked shares including IOC, HPCL, BPCL and GAIL gained as Brent hovered near $103 a barrel and upstream names like ONGC and Oil India fell.
Shares of oil and gas companies climbed as much as 3% on the BSE on Wednesday, 30 September, with Indian Oil Corporation, Hindustan Petroleum Corporation, Bharat Petroleum Corporation and GAIL among the gainers. LiveMint Markets also cited gains in companies such as Petronet LNG, Indraprastha Gas, and Reliance Industries during the session.
The rise came even as crude oil prices fell, with oil prices suffering their biggest drop in more than a week and dropping 2.5% on Tuesday amid signs that Middle East supply has risen toward near pre-war levels. LiveMint Markets said Saudi Arabia resumed shipments from its Red Sea port of Yanbu, which avoids the Strait of Hormuz.
Brent Crude traded near $103 per barrel on Wednesday morning, according to LiveMint Markets. The outlet added that while crude-price declines tended to support so-called crude-linked stocks, upstream exploration and production firms were weaker, with ONGC down 1% and Oil India down 3% during the session.
Latest closeWTI crude $93.42 ▲1.1%|Brent $98.85 ▼5.2%