News > HPCL, BPCL, Indian Oil gain after Brent crude oil price drops

HPCL, BPCL, Indian Oil gain after Brent crude oil price drops

Expectations that the political turmoil may soon resolve, leading to the resumption of exports from Libya coupled with lingering concerns over lower global demand growth, caused oil prices to drop 4%. Oil has now given up almost all of its gains this year, and is down over 15% since the start of July. OMCs are significant beneficiaries when crude oil prices decline. Their earnings primarily rely on two segments: refining and marketing.