Indian Oil Corporation was trading in the green, up close to a percent along with GAIL India while Reliance Industries shed 1.5 percent. HPCL shed 0.5 percent while BPCL and ONGC were trading marginally in the red.
Oil & gas stocks are trading mixed with Nifty Energy down over half a percent largely dragged by Reliance Industries which shed 1 percent.
Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.
Brent crude futures were at USD 71.75 per barrel at 0131 GMT, down 29 cents, or 0.4 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at USD 63.35 per barrel, down 15 cents, or 0.2 percent from their previous settlement.
Oil prices surged by around 40 percent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as by US sanctions on producers Iran and Venezuela.
Bank of America Merrill Lynch said “Iranian oil production will fall to 1.9 million barrels per day in 2H19 from 3.6 million barrels per day in 3Q18 as US sanctions kick in and waivers eventually expire”.
From the oil & gas space, Indian Oil Corporation was trading in the green, up close to a percent along with GAIL India while Reliance Industries shed 1.5 percent. HPCL shed 0.5 percent while BPCL and ONGC were trading marginally in the red.
The S&P BSE Oil & Gas index was trading marginally in the red with Castrol India, Reliance Industries, Indraprastha Gas, HPCL, Oil India and Petronet LNG trading in the negative territory. On the other hand, IOC, GAIL India, BPCL and ONGC were trading in the green.
Castrol India reported its Q4 numbers with net profit at Rs 185 crore against Rs 181.8 crore (YoY) while its revenue stood at Rs 976.2 crore against Rs 927.1 crore (YoY).
