After a quiet end to 2024, the prices of crude oil have once again hit the headlines. The benchmark Brent Crude and West Texas Index or WTI, has witnessed a surge in the recent past. This surge in the prices of black gold appears to have had an impact on the prices of oil companies listed in the Indian equity markets.
Crude Oil Prices Surge
Shares of all major PSUs including Oil India Ltd, ONGC, HPCL, BPCL and IOC, dipped in the intraday trade on Monday, January 6,
When we look at the crude oil prices themselves, the price of the benchmark Brent Crude stood at USD 76.17 a barrel, well past the USD 75 mark. When it comes to the WTI Index, the price of this benchmark stood at USD 73.85 per barrel.
The shares of the aforementioned oil companies, however, travelled in a different direction.
Oil India Ltd
The shares of Oil India Limited dropped 4.33 per cent or Rs 20.85 on Monday.
Oil and Natural Gas Corporation Ltd
This decline took the overall value of the shares of OIL to Rs 460.25 per share.
The shares of ONGC were not far behind in the story of decline. The ONGC shares dipped by a cumulative of 2.48 per cent or Rs 6.43. This decline in value took the overall value of the ONGC shares to Rs 252.46.
Bharat Petroleum Corporation Ltd
The shares of BPCL or Bharat Petroleum Corporation Ltd also lost out in this industry-wide decline in the prospects.
The shares of BPCL dropped in excess of 3 per cent. The BPCL shares dipped to Rs 285.85 per share. This came to pass after a decline of 3.54 per cent or Rs 10.55 in its overall value.
Hindustan Petroleum Corp Ltd
The 1974-founded Hindustan Petroleum Corp Ltd was one of the biggest losers. The company shares dipped 5.05 per cent or Rs 20.85.
This took the overall of the Mumbai-based company shares to Rs 392.20 per piece.
Indian Oil Corporation Ltd
The shares of Indian Oil Corporation Ltd or IOC also dipped in value. The IOC shares stumbled by 3.90 per cent or Rs 5.39.
This took the overall of the company shares to Rs 132.75 per piece on Monday.
