Share price of BPCL, Indian Oil and HPCL rose in early trade today after global oil prices fell 31% on Saudi Arabia cutting prices and eyeing a big increase in crude production in April. India imports 84% of its oil needs and nearly 60% of them from the Middle East.
BPCL share price gained 12.72% or 51.25 points to Rs 454.10 compared to the previous close of Rs 402.85 on BSE. The share has fallen 9.3% in last one month amid crash in domestic market.
Indian Oil share price rose 4.41% to Rs 105.25 compared to the previous close of Rs 100.80 on BSE. The stock has lost 11.79% during the last one month.
Similarly, HPCL stock climbed up to 12.82% to Rs 226.6 on BSE. However, the stock is down 9.6% during last one month.
Oil prices fell crashed 31% as Saudi Arabia started a price war after Russia balked at making the further steep output cuts proposed by OPEC to stabilise oil markets hit by worries over the global spread of the coronavirus.
Brent crude futures fell $11.31, or 25%, at $33.96 a barrel by 0319 GMT, after earlier falling to $31.02, their lowest since February 12, 2016. Brent futures were on track for their biggest daily decline since January 17, 1991, at the start of the first Gulf War.
US West Texas Intermediate (WTI) crude lost $10.73, or 26%, to $30.55 a barrel, after touching $30, its lowest since February 22, 2016. The US benchmark is also heading for its biggest falling since January 1991.
Meanwhile, Sensex crashed 1,650 points, or 4.36% to 35,937.61. The NSE Nifty 50-share index cracked 451 points, or 4.10%, to trade at 10,537.40.
By Aseem Thapliyal