Shares of oil companies surge after Brent falls to 27-month low

Shares of oil companies surged on Wednesday after Brent fell to 27-month low on global growth, oil glut concerns.

Refiners benefitted from lower oil because of higher margins, while explorers benefitted from reduced subsidy burdens.

Hindustan Petroleum shares surged 4.22 per cent, while shares of Indian Oil rose 3.51 per cent and Bharat Petroleum 2.86 per cent.

Shares of Oil and Natural Gas Corporation gained 5.85 per cent, while Oil India was trading 0.37 per cent higher on Bombay Stock Exchange (BSE) at 12:30 pm.

(Reuters)