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4 months ago
BUZZ-India's oil explorers fall; refiners, airlines rise as oil prices pinned near 5-mth low
May 5, 2017 / 4:41 AM / 4 months ago

BUZZ-India's oil explorers fall; refiners, airlines rise as oil prices pinned near 5-mth low

** Indian oil explorers fall with Oil and Natural Gas Corp down as much as 2.73 pct, while Oil India declines as much as 2.36 pct

** Oil plunged to five-month lows on Thursday amid record trading volume in Brent crude, as OPEC and other producers appeared to rule out deeper supply cuts to reduce the world's persistent glut of crude.

** However, oil refiners rise as weaker crude prices lower input cost. Indian Oil Corp climbs 2.10 pct, Hindustan Petroleum Corp rises 1.48 pct, Bharat Petroleum Corp gains 1.85 pct

** Airlines stocks also rose as jet fuel is the biggest cost for low-budget carriers. Spicejet Ltd up 8.36 pct, Jet Airways was up 4.84 pct and InterGlobe Aviation rose 4.11 pct

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