Oil marketing companies slip 2% to 4%, HPCL, BPCL hit 52-week lows

Shares of oil marketing companies (OMCs) were trading lower in the range of 2% to 4% on the MARKET in early morning trade on Thursday after global crude oil prices hit 3-year high on Wednesday.
Hindustan Petroleum Corporation or HPCL (down 4% at Rs 308), Bharat Petroleum Corporation or BPCL (down 3.7% at Rs 390) and Mangalore Refinery & Petrochemicals or MRPL (down 3% at Rs 104) have hit their respective 52-week lows on the BSE in intra-day trade today.

Indian Oil Corporation (IOC) trading 2% lower at Rs 161, too quoting close to its 52-week low of Rs 159 touched on April 12, 2018.

Oil futures jumped nearly 3% on Wednesday on a decline in US crude inventories and after sources signalled top exporter Saudi Arabia wants to see the crude price closer to $100 a barrel, the Reuters report suggested.

Brent crude futures settled at $73.48 a barrel, up $1.90, or 2.7%. U.S. West Texas Intermediate crude futures gained $1.95, or 2.9%, to settle at $68.47 a barrel, their highest since late 2014, added report.