BPCL, HPCL Make Gains; Major Energy PSU Stocks React To Crude Oil Price Dipping Below $75

After a sudden surge in prices of crude oil about a week and a half ago, the prices of the dino-juice has seen a steady decline over the past few days. The price of the benchmarks declined significantly.

Crude Oil Prices Dip

This also appears to have placed the performance of the Indian government-owned energy companies at the equity markets.

The price of the benchmark Brent Crude dipped below the USD 75 mark, falling to USD 74.38 per barrel on October 16. When we come to the WTI benchmark, the prices were even lower, as the rate dropped to USD 70.77 a barrel.

Hindustan Petroleum Corp Ltd

Coming to the previously mentioned PSU stocks, Hindustan Petroleum Corp Ltd or HPCL, was one of the biggest gainers, with a rise of a massive 2.33 per cent or Rs 9.85.

This took the overall value of the shares to Rs 432.75.

Bharat Petroleum Corporation Ltd

The shares of this PSU also made gains. The BPCL shares traded in green with gains of 0.23 per cent or Rs 0.80.

This took the overall value of the shares to Rs 349.55 per piece.

Indian Oil Corporation Ltd

The shares IOC were trading in red; however, this comes after a rise in the value earlier on in the day's trading session.

It needs to be noted that this current decline is marginal in nature. The IOC shares dropped by 0.0060 per cent or Rs 0.0100. This took the stock price to Rs 167.92 per share.

Oil and Natural Gas Corporation Ltd

ONGC was another company that was trading on the day with a decline in its value. The shares of this energy PSU dipped in red, with wavering values.

At the time of writing, the shares of ONGC declined by 0.72 per cent or Rs 2.05. The decline resulted in taking the value to Rs 281.65 per piece.