HPCL, BPCL, IOCL Shares Rally 3% As Brent Crude Falls To $86/Barrel
Brent crude fell nearly 2% at the open to $88.79 a barrel after ending the previous session at a two-month low, and is now trading at $86.70. US benchmark West Texas Intermediate traded near $89 a barrel.
Impacted Stocks
BPCL — B P C L
▲ Bullish +3.1149%As a primary oil marketing and refining public sector undertaking, its profitability is heavily sensitive to global crude volatility. The current drop to a two-month low alleviates fears of near-term under-recoveries and triggers structural re-rating inflows. Swing traders are aggressively buying the stock, expecting short-to-medium term margin recovery.
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