Concerns like supply disruptions in Libya and Canada, US officials statement saying all countries should stop Iranian crude imports from November pushed crude oil prices higher.

The share prices of oil marketing companies traded sharply lower on Wednesday after crude oil prices started trading above $76 a barrel.

Indian Oil CorporationHindustan Petroleum Corporation and Bharat Petroleum Corporation declined 5 percent each while Chennai Petroleum Corporation and Mangalore Refinery and Petrochemicals were down 2 percent each.

The rise in crude oil prices is always a concern for PSU oil marketing companies as these firms can not pass any increase immediately. They have to do it in a gradual manner and can increase to some extent only so that consumers should not affect.

Concerns like supply disruptions in Libya and Canada, US officials statement saying all countries should stop Iranian crude imports from November pushed crude oil prices higher.

Brent crude futures were at $76.58 per barrel, up 0.35 percent, from their last close while US West Texas Intermediate (WTI) crude futures were at $70.74 a barrel, up 0.30 percent.

The United States has told countries to cut imports of Iranian oil to zero from November, a senior State Department official said on Tuesday, reports Reuters.

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source : Money Control

 

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