Oil stocks fall up to 8% on crude price uptick. IOC dragged most
Fri, Feb 9, 2024 2:38 PM

Oil stocks fall up to 8% on crude price uptick. IOC dragged most

A Flip by Avya Verma
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Stocks of oil marketing companies (OMCs) plummeted up to 8% after a spike in crude oil prices in the global market. Indian Oil Corporation (IOC) saw the biggest drop with a 8% fall, followed by Hindustan Petroleum Corporation (HPCL) with a 7% decline. Bharat Petroleum Corporation (BPCL) also saw a 4.5% dip. Rising crude oil prices negatively impact OMCs' margins.

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