Shares of Oil Marketing Companies (OMCs) gained in the morning session on Friday as Brent oil slipped below its key level of $60 per barrel. Accordingly, shares of Bharat Petroleum
, Hindustan Petroleum
, and Indian Oil
rose 2% intraday.
The fall in crude oil prices was on the back of the Organization of the Petroleum Exporting Countries (OPEC)'s failure to reach a consensus on the oil output cut deal. On Thursday, OPEC talks ended in Vienna with the group failing to decide on an oil supply cut deal, with the size of Russia’s contribution to the cut remaining uncertain. Meanwhile, the talks will continue between OPEC and non-OPEC allies on Friday, an outcome of which, could drive crude oil prices in coming days.
Meanwhile, equity benchmark indices were trading in the green on Friday after the US Federal Reserve signaled a pause in rate hikes. The Sensex was up 197 points or 0.56% at 35,509, and the Nifty was up 34 points or 0.32% at 10,644. Both the indices fell by over 1.5% in the previous session.