November 27, 2017 / 5:43 AM / 4 months ago

BUZZ-India's oil marketing companies fall as crude prices hit 2-yr high

** Shares of oil marketing companies are among the top pct losers on the NSE index

** Hindustan Petroleum Corp Ltd shares fall as much as 2.3 pct to 420 rupees, lowest since Nov. 23, while Bharat Petroleum Corp Ltd and Indian Oil Corp Ltd slip as much as 1.8 pct and 1.7 pct, respectively

** U.S. oil prices hit their highest levels in more than two years on Friday following the continued shutdown of the Keystone pipeline; the prices eased on Monday on the prospect of increased U.S. output

** “Crude oil prices are moving up, which is negative for the oil marketing companies and that’s pushing the stocks of OMCs down” – Sudeep Anand, IDBI Capital

** Meanwhile, oil explorers such as Oil and Natural Gas Corp Ltd rise as much as 1.66 pct to 184 rupees, highest since Nov. 14

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