The prices of crude oil have seen a significant surge in recent past, as the benchmark of Brent Crude has rocketed to the USD 78 per barrel mark from its previous state, when it hovered around the USD 70 mark. This is largely being attributed to the escalating nature of the tension in West Asia as Israel and Iran (and its proxy Hezbollah) continue to attack each other, directly and indirectly.
As of October 4, the price of the Brent Crude reached the mark of USD 77.46 per barrel. When it comes to the West Texas Index or WTI, here again, there was a rise in the numbers. The WTI rose to USD 73.55 per barrel.
This has also impacted the fossil fuel majors in India. The company shares that closed in red on Thursday continued to trade in red even on Friday, with relatively lower losses. The public-owned oil PSUs were deeply affected.
Bharat Petroleum Corporation Ltd
The shares of BPCL saw a decline, as the company was one of the biggest losers on in the intraday trade on Friday. The BPCL shares dropped by a further 1.13 per cent or Rs 3.95, on Friday.
In the past 5 trading session alone, BPCL has lost 1.58 per cent of its value. This has taken the value of each individual share to Rs 344.90.
Indian Oil Corporation Ltd
Then, we go to another PSU, the Indian Oil Corp or IOC. The company shares also observed a decline in the intraday trade on Friday.
IOC shares declined by 0.79 per cent or Rs 1.35. This took the overall value of IOC shares to Rs 169.98 per share.
Hindustan Petroleum Corp Ltd
The Hindustan Petroleum Corp Ltd or HPCL, also continued the day's trade with expanding losses.
HPCL shares dipped in value by 0.48 per cent or Rs 2.00. This took the overall value of the company shares to Rs 413.05.
There was, however, an outlier in this PSU Red Sea. The shares of both Oil Indian Limited and ONGC rose sharply on a day when the markets stuttered.
Oil India Ltd & ONGC In Green
Oil India, or OIL, made major gains on Friday, as the company shares rose by 4.60 per cent or Rs 24.80. This took the overall value of the company shares to Rs 563.60 per share.
OIL |
ONGC |
In addition, the shares of Oil and Natural Gas Corporation also saw an uptick. This PSU rose by 1.68 per cent or Rs 4.90 per share. This took the overall value of the stock price to Rs 296.95.
