Oil Marketing Companies (OMCs) are seeing gains this morning after crude oil prices dropped 2.5% overnight. The price drop follows OPEC’s decision to cut global demand estimates, revising expected demand for 2024 to +1.93 million barrels per day (mbpd) and for 2025 to +1.65 mbpd.
At 9:29 AM, key OMC stocks are performing as follows:
- Hindustan Petroleum: ₹422.30, up by 4.05%
- BPCL: ₹347.25, up by 1.91%
- IOC: ₹168.25, up by 1.68%
Falling crude prices have eased cost concerns, providing a boost to OMC stocks today.
Disclaimer: This information is for informational purposes only and should not be considered investment advice. Always seek independent financial advice before making any investment decisions.
