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OMCs, airlines stocks rise as brent crude price falls to two-year low

US crude oil prices too fell 5% to $70.38 a barrel - their worst one-day fall in a year. The fall follows a months-long rally that saw oil prices rising to record highs in recent years.

twitter-logo BusinessToday.In        Last Updated: July 12, 2018  | 11:06 IST
OMCs, airlines stocks rise as brent crude price falls to two-year low

Airline stocks rose in morning trade after crude oil prices fell after Libya said it would raise supply amid cap on demand seen on US-China trade tensions. Brent crude oil prices crashed 6.9% to two-year low level to close at $73.40 a barrel for the global benchmark.

US crude oil prices too fell 5% to $70.38 a barrel - their worst one-day fall in a year.

The fall follows a months-long rally that saw oil prices rising to record highs in recent years.

Reacting to the positive development, stocks of IndiGo operator InterGlobe Aviation, Jet Airways and SpiceJet rose in morning trade.

While the InterGlobe Aviation stock was trading 1.83% or 20 points higher at 1093 level, the SpiceJet stock was up 3.80% to 114 level on BSE.

The Jet Airways stock was trading 4.52% or 15 points higher at 353 level on BSE.

Meanwhile, shares of Bharat Petroleum Corp (3.82%) and Hindustan Petroleum Corp (4.79%) and Indian Oil Corp (3.38%) rose amid fall in international crude oil prices.

Brent crude recouped some losses on Thursday, trading up 1.7 per cent at $74.6 as on 0355 GMT.

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