Shares of Oil Marketing Companies declined in Monday’s morning trade after crude oil prices spurted ~2% in global markets.
International crude oil benchmark indices Brent climbed 2.56% at $73.81/bbl and WTI rose 2.34% at $65.50/$, Bloomberg data showed.
Accordingly, Hindustan Petroleum Corporation (HPCL)
dropped 5%, Bharat Petroleum Corporation (BPCL)
slumped 4%, and Indian Oil Corporation (IOC)
Prices of oil spurted after media reports suggested that the United States is likely to announce that all buyers of Iranian oil will have to stop their imports shortly, or be subject to US sanctions.
Further, the Indian rupee also depreciated 45 paise to trade at 69.80 against the dollar compared to its previous close of 69.35/$.