Oil Companies Surge After Brent falls to 27-month Low
Shares of oil companies surged on Wednesday after Brent falls to 27-month low on global growth, oil glut concerns.
Refiners benefit from lower oil because of higher margins, while explorers benefit from reduced subsidy burdens.
Hindustan Petroleum Corp surged 4.4 per cent, Indian Oil Corp rose 3.7 per cent while Bharat Petroleum Corp was up 3.6 per cent.
Oil and Natural Gas Corp gained 1.7 per cent, while Oil India was up 0.3 per cent.
Copyright: Thomson Reuters 2014
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