Oil prices surge in global market amid escalating Iran-Israel tensions
The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.
Indian oil marketing stocks stick witnesses a sharp fall on Monday, led by Hindustan Petroleum Corporation, amid surge in crude oil prices.
“Indian market is reacting more negatively than other emerging markets due to crude oil impact. Since our dependence on crude imports as a percentage of consumption is the highest, the impact on economy and markets is also higher,” said Rusmik Oza, Senior VP (Head of Fundamental Research-PCG), Kotak Securities.
HPCL shares dropped 7.24 per cent to close at Rs 244.70 on the BSE, followed by the Bharat Petroleum Corporation Indian Oil Corporation at 2.73 per cent and 1.50 per cent respectively.
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Brent crude oil futures surged nearly 2 per cent to USD 69.81.
Sensex on Monday fell by 787.98 points at 40,676.63, as investors were on edge due to increased tension in the Middle East.
(With input from agencies)
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